Full Year Financial Statements And Dividend Announcement For The Year Ended 31 March 2017
Profit & Loss
Statement of Comprehensive Income
Review of Performance
PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY
- The off-hire due to dry-docking resulted in lower revenue/operating profit in FY2017;
- Agency & logistics segment suffered lower revenue. However, this segment was able to maintain its operating profit for FY2017;
- Despite (2) above, a one time impairment loss was made owing to operating losses from a joint venture;
- Consistent with the previous period, we booked in higher unallocated items mainly due to higher corporate expenses; and
- Exchange differences in FY2017 relate to unrealised gain on translation of deposits and receivables.
STATEMENT OF FINANCIAL POSITION
Reduced value of property, plant and equipment was due to depreciation of vessels, partially offset by capitalisation of dry-docking expenses and purchase of vessel equipment.
Reduced bank borrowings due to early full repayment of one bank loan and progressive repayments made during the financial year.
STATEMENT OF CASH FLOWS
Overall decrease of US$1.7 million in cash and cash equivalents in FY2017 mainly due to utilsation of operating cash inflows for:
- Repayment of bank borrowings; and
- Dividends paid to the shareholders.
- The Group performed well in FY2017 with stable recurring income steadily building up its cash hoard from long-term charters.
- Owing to the current depressed shipping industry in general, agency & logistics business continues to face rates and cargo volume challenges.
- With its increasing cash position, the Group continues to evaluate acquisition opportunities.
- Barring unforeseen circumstances, the Group expects its overall performance in FY2018 to be profitable.