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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 2016

 
Group
Third Quarter Ended 30 Sep
Nine Months Ended 30 Sep
2016
2015
+ / (-)
2016
2015
+ / (-)
S$'000
S$'000
%
S$'000
S$'000
%
Revenue
15,090
14,107
7.0
43,600
43,268
0.8
Cost of sales
(6,534)
(7,456)
(12.4)
(20,528)
(22,125)
(7.2)
Gross profit
8,556
6,651
28.6
23,072
21,143
9.1
Other income
454
188
>100
854
1,096
(22.1)
Distribution costs
(443)
(463)
(4.3)
(771)
(1,065)
(27.6)
Administrative expenses
(3,954)
(3,308)
19.5
(11,569)
(11,090)
4.3
Other expenses
(186)
(1,190)
(84.4)
(968)
(1,804)
(46.3)
Finance cost
(1,104)
(1,116)
(1.1)
(3,538)
(3,740)
(5.4)
Profit before income tax
3,323
762
>100
7,080
4,540
55.9
Income tax expense
(1,089)
(509)
>100
(2,198)
(1,408)
56.1
Profit for the period attributable to owners of the Company
2,234
253
>100
4,882
3,132
55.9

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
2016
2015
+/(-)
2016
2015
+/(-)
S$'000
S$'000
%
S$'000
S$'000
%
Profit for the period
2,234
253
>100
4,882
3,132
55.9
Other Comprehensive income:
 
 
 
 
 
 
Items that may be reclassified subsequently to profit or loss
Available-for-sale investments:            
Fair value gain (loss) recognised in fair value reserve
451
(1,366)
>100
275
(1,919)
>100
Transfer from fair value reserve to profit or loss upon disposal of available-for-sale investments
(6)
5
(>100)
21
377
(94.4)
Exchange gain (loss) on translation of foreign operations
1,654
(7,294)
>100
992
(16,275)
>100
Total
2,099
(8,655)
>100
1,288
(17,817)
>100
Total comprehensive income (loss) for the period attributable to owners of the Company
4,333
(8,402)
>100
6,170
(14,685)
>100

Balance Sheets

 
The Group
30 Sep 16
31 Dec 15
S$'000
S$'000
ASSETS
Current assets
Cash and bank balances
13,819
17,037
Held-for-trading investments
6,296
3,743
Available-for-sale investments
7,916
8,230
Trade receivables
3,040
4,022
Other receivables, deposits and
prepaid expenses
1,803
1,584
Inventories
727
772
Tax recoverable
11
7
Total current assets
33,612
35,395
Non-current assets
Subsidiaries
-
-
Available-for-sale investments
3,409
3,434
Other assets
1,159
1,129
Goodwill
1,783
1,783
Property, plant and equipment
587,342
588,808
Investment properties
94,224
93,492
Total non-current assets
687,917
688,646
Total assets
721,529
724,041
LIABILITIES AND EQUITY
Current liabilities
Bank loans
31,955
19,814
Trade payables
4,324
4,927
Other payables
3,756
3,823
Current portion of finance lease
60
20
Income tax payable
1,229
2,369
Total current liabilities
41,324
30,953
Non-current liabilities
Long-term bank loans
122,180
137,345
Retirement benefits obligations
669
598
Finance lease
-
14
Deferred tax liabilities
19,835
19,549
Other payables
79
110
Total non-current liabilities
142,763
157,616
Capital and reserves
Share capital
100,438
100,438
Asset revaluation reserve
352,360
352,360
Employee benefit reserve
171
171
Fair value reserve
2,026
1,730
Translation reserve
(13,631)
(14,623)
Retained earnings
96,078
95,396
Total equity
537,442
535,472
Total liabilities and equity
721,529
724,041

Review Of Group Performance

Third quarter 2016 vs. Third quarter 2015

The Group's revenue for the third quarter increased by 7.0% or S$0.983 million from S$14.107 million in 2015 to S$15.090 million in 2016 mainly due to improved room occupancy in some of the Group's hotels. The higher rental income from investment properties and higher food and beverage sales also contributed to the increase.

Group profit after income tax for the third quarter increased by S$1.981 million as compared to third quarter 2015 mainly due to higher revenue and lower operating expenses.

Nine months ended 2016 vs. Nine months ended 2015

The Group's revenue for nine months ended 30 September 2016 increased to S$43.600 million from S$$43.268 million in 2015.

The Group made a profit after income tax of S$4.882 million for nine months ended 30 September 2016 as compared to S$3.132 million for corresponding period in 2015 mainly due to lower operating expenses and higher revenue.

In the opinion of the Directors, no transaction has arisen between 30 September 2016 and the date of this report which would materially affect the results of the Group and the Company for the period just ended.

Outlook

With the increased competition in the hospitality industry in Singapore, Malaysia and Thailand, the Group expects more challenges in the year ahead. We will monitor our room occupancy and room rates in order to expand our customer base and enlarge our share of tourist arrivals.

The Group will continue to actively upgrade the properties in New Zealand to maximize their rental income so as to protect market share and grow its revenue base.

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

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.