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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 2018

 
Group
First Quarter Ended 31 March
2018
2017
+ / (-)
S$'000
S$'000
%
Revenue
16,689
16,166
3.2
Cost of sales
(7,861)
(6,888)
14.1
Gross profit
8,828
9,278
(4.9)
Other income
593
386
53.6
Distribution costs
(349)
(290)
20.3
Administrative expenses
(3,279)
(3,392)
(3.3)
Other expenses
(810)
(938)
(13.6)
Finance costs
(1,139)
(1,076)
5.9
Profit before income tax
3,844
3,968
(3.1)
Income tax expense
(1,315)
(783)
67.9
Profit for the period attributable to owners
of the Company
2,529
3,185
(20.6)

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

 
Group
First Quarter Ended 31 March
2018
2017
+ / (-)
S$'000
S$'000
%
Profit for the period
2,529
3,185
(20.6)
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Available-for-sale investments:
Fair value gain recognised in fair value reserve
(216)
654
n.m.
Transfer from fair value reserve to profit or loss
upon disposal of available-for-sale investments
-
137
(100.0)
Transfer from fair value reserve to other comprehensive
income upon disposal of available-for-sale investments
216
-
100.0
Re-measurement of defined benefit obligation
18
-
100.0
Exchange differences on translation of foreign operations
2,806
(1,290)
n.m.
Total
2,824
(499)
n.m
Total comprehensive income for the period
attributable to owners of the Company
5,353
2,686
99.3

Balance Sheets

 
The Group
31 Mar 18
31 Dec 17
(Restated)
S$'000
S$'000
ASSETS
Current assets
Cash and bank balances
19,454
18,328
Held-for-trading investments
7,657
7,706
Available-for-sale investments
8,351
9,053
Trade receivables
3,772
3,542
Other receivables, deposits and
prepaid expenses
1,764
1,449
Inventories
848
861
Income tax recoverable
8
11
Total current assets
41,854
40,950
Non-current assets
Subsidiaries
-
-
Available-for-sale investments
4,359
4,268
Other assets
728
830
Goodwill
1,920
1,875
Property, plant and equipment
608,986
605,718
Investment properties
91,310
91,222
Total non-current assets
707,303
703,913
Total assets
749,157
744,863
LIABILITIES AND EQUITY
Current liabilities
Bank loans
7,248
16,929
Trade payables
3,359
3,274
Other payables
6,252
5,964
Income tax payable
2,856
2,564
Total current liabilities
19,715
28,731
Non-current liabilities
Other payables
450
1,733
Retirement benefit obligations
819
773
Long-term bank loans
144,131
135,842
Deferred tax liabilities
20,355
19,450
Total non-current liabilities
165,755
157,798
Capital and reserves
Share capital
100,438
100,438
Asset revaluation reserve
364,577
364,577
Employee benefit reserve
198
180
Fair value reserve
2,988
3,707
Translation reserve
2,896
90
Retained earnings
92,590
89,342
Total equity
563,687
558,334
Total liabilities and equity
749,157
744,863

Review Of Group Performance

The Group's revenue increased by 3.2% to S$16.689 million for first quarter 2018 as compared to S$16.166 million for first quarter 2017. This was mainly due to higher room revenue resulted from higher room occupancy and upward adjustment of room rates in some of the Group's hotels.

The Group's profit after income tax decreased by 20.6% for first quarter 2018 as compared to first quarter 2017 mainly due to higher operating expenses, higher finance costs and higher income tax expense.

In the opinion of the Directors, no transaction has arisen between 31 March 2018 and the date of this report which would materially affect the results of the Group and the Company for the quarter just ended.

Outlook

With positive growth prospects in global economy and world tourism, the hospitality industry in Singapore, Malaysia and Thailand will remain highly competitive, the Group expects to meet more challenges in the year ahead. Moving forward, we will continue to monitor our room occupancy and room rates, enhance our customer experiences, upgrade our hotel properties and explore more investment opportunities, in order to maximize our shareholder income and enlarge our 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 continue to be affected by the increased protectionism and rising geopolitical tensions.

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.