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Unaudited Financial Statements for the 1st Quarter Ended 30 September 2018

Financials Archive

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Profit and Loss Statements

Profit and Loss

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Balance sheet

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Review of Performance

First quarter ended 30 September 2018 ("1Q19") vs first quarter ended 30 September 2017 ("1Q18")

Group revenue of USD 64.17 million was 24.2% lower than USD 84.69 million in 1Q18. Revenue from electronics manufacturing services was lower by 20.5% due to weaker market demand. Revenue from property sales was lower mainly due to lower revenue from Concerto project.

Profit after tax of USD 3.71 million was 16.5% lower than USD 4.44 million in 1Q18. Profit contribution from electronics manufacturing services was lower in line with the lower revenue. Profit from property sales had decreased as the remaining Unison on Tenth units were fully sold and settled in 1Q19 and fewer Concerto units were sold in 1Q19, partially offset by the gain on sale of land at lot 389, 187 Adelaide Terrace, East Perth.

Employee benefits expense of USD 3.77 million had decreased 7.1% due to lower provision for staff cost. Depreciation had increased due to factory equipment acquired in the previous financial year. Other gain was substantially offset by foreign exchange loss on the back of a weaker Australian dollar against US dollar. Finance costs related to investments in leveraged unquoted fund.

Other comprehensive income of USD 2.76 million comprises mainly foreign exchange translation loss that resulted from a weaker Australian dollar against US dollar, and mark-to-market losses on financial assets at fair value through other comprehensive income.

Earnings per share was US cents 0.31, lower than US cents 0.37 in 1Q18.

Share of results of associate

Share of results of associate recorded a loss of USD 0.22 million. This comprised share of Pacific Star Development Limited's results for the current quarter. Share of Finbar Group Limited's results was not recorded in 1Q19 as its financial results are only available for periods ended 31 December and 30 June when the related announcements are made on the Australian Stock Exchange.

Review of financial position and cash flow

As at 30 September 2018, the Group continued to be in a healthy position. Net assets attributable to equity holders of the Company increased by 4.2% to USD 297.45 million. The increase was mainly attributable to accumulated profits in 1Q19, and fair value gains on financial assets at fair value through other comprehensive income.

Cash and cash equivalents had increased 4.1% to USD 121.70 million from the previous year end. Net cash inflow from operating and investing activities of USD 5.16 million and USD 0.48 million respectively were partially used to repay bank borrowings.

Group total assets of USD 410.56 million as at 30 September 2018 had increased by USD 4.90 million from 30 June 2018. The increase in non-current assets of USD 16.96 million was mainly due to the recognition of fair value uplift to investment securities (unquoted equity securities) arising from the adoption of SFRS(I) 9 and a reclassification of loan receivable from current assets after the borrower exercised its option to extend the loan tenure by one year. The decrease in current assets of USD 12.05 million was mainly due to reduced level of inventory and trade receivables in relation to the electronics manufacturing services business segment, as well as the reclassification of loan receivable to non-current assets.

Group total liabilities of USD 88.96 million as at 30 September 2018 had decreased by USD 7.64 million from 30 June 2018, due to a decrease in trade and other payables in relation to the electronics manufacturing services business segment and lower accrual for property development costs.

Net asset value per share was US cents 32.04, higher than US cents 30.77 as at 30 June 2018.

Commentary

With the escalating trade tensions between the US and China, and the prospect of rising interest rates, the Group maintains a cautious business outlook for the next 12 months.

The directors will continue to exercise prudence when considering new investments. Save as disclosed herein, there are no known material factors or events which may affect the earnings of the Group between this date up to which the report refers and the date on which the report is issued.


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