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First Quarter Results Financial Statement And Related Announcement

Financials Archive

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UNAUDITED RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2017

 
Group
First Quarter Ended 31 March
2017
2016
+ / (-)
S$'000
S$'000
%
Revenue
16,166
15,219
6.2
Cost of sales
(6,888)
(7,063)
(2.5)
Gross profit
9,278
8,156
13.8
Other income
386
349
10.6
Distribution costs
(290)
(140)
>100
Administrative expenses
(3,392)
(3,827)
(11.4)
Other expenses
(938)
(498)
88.4
Finance costs
(1,076)
(1,269)
(15.2)
Profit before income tax
3,968
2,771
43.2
Income tax expense
(783)
(592)
32.3
Profit for the period attributable to owners of the Company
3,185
2,179
46.2

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
for the first quarter ended 31 March

 
Group
First Quarter Ended 31 March
2017
2016
+ / (-)
S$'000
S$'000
%
Profit for the period
3,185
2,179
46.2
Other comprehensive income:
Items that will not be reclassified subsequently to profit or loss
Available-for-sale investments:
Fair value gain recognised in fair value reserve
654
12
>100
Transfer from fair value reserve to profit or loss
upon disposal of available-for-sale investments
137
25
>100
Exchange loss on translation of foreign operations
(1,290)
(312)
>100
Total
(499)
(275)
81.5
Total comprehensive income for the period attributable to owners of the Company
2,686
1,904
41.1

Balance Sheets

 
The Group
31 Mar 17
31 Dec 16
S$'000
S$'000
ASSETS
Current assets
Cash and bank balances
17,155
14,721
Held-for-trading investments
7,237
6,268
Available-for-sale investments
9,404
8,119
Trade receivables
3,166
3,629
Other receivables, deposits and
prepaid expenses
2,138
1,363
Inventories
928
770
Income tax recoverable
13
4
Total current assets
40,041
34,874
Non-current assets
Subsidiaries
-
-
Available-for-sale investments
3,727
3,435
Other assets
1,058
1,147
Goodwill
1,874
1,829
Property, plant and equipment
594,647
590,216
Investment properties
92,257
94,390
Total non-current assets
693,563
691,017
Total assets
733,604
725,891
LIABILITIES AND EQUITY
Current liabilities
Bank loans
13,018
13,805
Trade payables
4,918
3,587
Other payables
4,456
4,580
Current portion of finance lease
24
42
Income tax payable
2,787
2,591
Total current liabilities
25,203
24,605
Non-current liabilities
Long-term bank loans
140,965
137,858
Other payables
1,671
95
Retirement benefits obligations
687
663
Deferred tax liabilities
19,525
19,803
Total non-current liabilities
162,848
158,419
Capital and reserves
Share capital
100,438
100,438
Asset revaluation reserve
354,185
354,185
Employee benefit reserve
198
198
Fair value reserve
2,866
2,075
Translation reserve
(14,250)
(12,960)
Retained earnings
102,116
98,931
Total equity
545,553
542,867
Total liabilities and equity
733,604
725,891

Review Of Group Performance

The Group's revenue increased by 6.2% to S$16.166 million in first quarter 2017 from S$15.219 million in first quarter 2016. This was mainly due to higher room revenue, food and beverage sales and rental income from investment properties. The strengthened Thai baht and New Zealand dollar against Singapore dollar also contributed to the increase.

The Group's profit after income tax increased by 46.2% for first quarter 2017 as compared to first quarter 2016. This was due mainly to higher revenue and lower finance costs.

In the opinion of the Directors, no transaction has arisen between 31 March 2017 and the date of this report which would materially affect the results of the Group and the Company for the quarter just ended.

Outlook

The hospitality industry in Singapore, Malaysia and Thailand continues to be very competitive and the Group expects more challenges in the year ahead. The Group willcontinue to focus on improving our service quality and enhancing the customers' experience, so as to improve our room occupancy and room rates.

The Group will continue to actively upgrade the properties in New Zealand to maximize their rental income through improved occupancy and average rental rate.

The Group's managed fund portfolio will be affected by world events such as the concerns over the impact of Brexit and increase in interest rate.

In addition to the above, the Group's profitability will continue to be influenced by fluctuations in exchange rates of currencies such as the New Zealand dollar, United States dollar, Malaysian ringgit and Thai baht against Singapore dollar; mark-to-market gains or losses in our investment portfolio and increase in interest rate.