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Third Quarter Results Financial Statement And Related Announcement

Financials Archive

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UNAUDITED RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2017

 
Group
Third Quarter Ended 30 Sep
Nine Months Ended 30 Sep
2017
2016
+ / (-)
2017
2016
+ / (-)
S$'000
S$'000
%
S$'000
S$'000
%
Revenue
15,700
15,090
4.0
45,993
43,600
5.5
Cost of sales
(7,068)
(6,534)
8.2
(20,971)
(20,528)
2.2
Gross profit
8,632
8,556
0.9
25,022
23,072
8.5
Other income
459
454
1.1
1,302
854
52.5
Distribution costs
(598)
(443)
35.0
(1,193)
(771)
54.7
Administrative expenses
(3,925)
(3,954)
(0.7)
(11,647)
(11,569)
0.7
Other expenses
-
(186)
(100)
(483)
(968)
(50.1)
Finance cost
(1,154)
(1,104)
4.5
(3,348)
(3,538)
(5.4)
Profit before income tax
3,414
3,323
2.7
9,653
7,080
36.3
Income tax expense
(526)
(1,089)
(51.7)
(2,296)
(2,198)
4.5
Profit for the period attributable to owners of the Company
2,888
2,234
29.3
7,357
4,882
50.7

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
for the third quarter and nine months ended 30 September

 
Group
Third Quarter Ended 30 Sep
Nine Months Ended 30 Sep
2017
2016
+/(-)
2017
2016
+/(-)
S$'000
S$'000
%
S$'000
S$'000
%
Profit for the period
2,888
2,234
29.3
7,357
4,882
50.7
Other comprehensive income (loss):
 
 
 
 
 
 
Items that may be reclassified subsequently to profit or loss
Available-for-sale investments:            
Fair value (loss) gain recognised in fair value reserve
(175)
451
n.m.
739
275
>100
Transfer from fair value reserve to profit or loss upon disposal of available-for-sale investments
274
(6)
n.m.
592
21
>100
Exchange (loss) gain on translation of foreign operations
(974)
1,654
n.m.
79
992
(92.0)
Total
(875)
2,099
n.m.
1,410
1,288
9.5
Total comprehensive income for the period attributable to owners of the Company
2,013
4,333
(53.5)
8,767
6,170
42.1

Balance Sheets

 
The Group
30 Sep 17
31 Dec 16
S$'000
S$'000
ASSETS
Current assets
Cash and bank balances
17,128
14,721
Held-for-trading investments
7,801
6,268
Available-for-sale investments
8,682
8,119
Trade receivables
3,430
3,629
Other receivables, deposits and
prepaid expenses
1,565
1,363
Inventories
944
770
Income tax recoverable
17
4
Total current assets
39,567
34,874
Non-current assets
Subsidiaries
-
-
Available-for-sale investments
4,006
3,435
Other assets
1,298
1,147
Goodwill
1,874
1,829
Property, plant and equipment
594,464
590,216
Investment properties
92,212
94,390
Total non-current assets
693,854
691,017
Total assets
733,421
725,891
LIABILITIES AND EQUITY
Current liabilities
Bank loans
9,196
13,805
Trade payables
4,643
3,587
Other payables
3,828
4,580
Current portion of finance lease
-
42
Income tax payable
1,669
2,591
Total current liabilities
19,336
24,605
Non-current liabilities
Long-term bank loans
144,664
137,858
Retirement benefit obligations
726
663
Deferred tax liabilities
19,626
19,803
Other payables
1,635
95
Total non-current liabilities
166,651
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
3,406
2,075
Translation reserve
(12,881)
(12,960)
Retained earnings
102,088
98,931
Total equity
547,434
542,867
Total liabilities and equity
733,421
725,891

Review Of Group Performance

Third quarter 2017 vs. Third quarter 2016

The Group's revenue for third quarter 2017 increased by 4.0% to S$15.700 million from S$15.090 million in 2016. This was mainly due to higher contribution by Hotel Royal Bangkok @ Chinatown resulted from higher room revenue and higher food and beverage sales.

The Group's profit after income tax for third quarter 2017 increased by 29.3% or S$0.654 million as compared to third quarter 2016 mainly due to higher revenue and lower income tax expense.

Nine months ended 2017 vs. Nine months ended 2016

The Group's revenue for nine months ended 30 September 2017 increased by 5.5% to S$45.993 million from 43.600 million in 2016. This was mainly due to higher contribution by Hotel Royal Bangkok @ Chinatown resulted from higher room revenue and higher food and beverage sales.

The Group's profit after income tax for nine months ended 30 September 2017 increased by 50.7% to S$7.357 million from S$4.882 million in 2016. This was mainly due to higher revenue.

In the opinion of the Directors, no transaction has arisen between 30 September 2017 and the date of this report which would materially affect the results of the Group and the Company for the period just ended.

Outlook

In view of the highly competitive hospitality industry in Singapore, Malaysia and Thailand, the Group expects to meet more challenges ahead. Going forward, we will continue to explore opportunities to deepen our presence in the existing markets, enhance our hotel assets and monitor our room occupancy and room rates, in order to enlarge our asset base, customer base and market share.

The Group will continue to actively upgrade our investment properties in New Zealand so as to maximize our rental income.

The Group's managed fund portfolio will be affected by global events arose from political uncertainties, economical uncertainties and terrorism threats.

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, as well as changes in the market values of the investments in our investment portfolio.