Condensed Interim Financial Statements For The six months ended 30 September 2021
Profit & Loss
Statement of Comprehensive Income
Review of Performance
PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY
- Unallocated items refer to corporate costs, finance and investment income and taxation.
- Off-hire (drydocking) resulted in lower ship owning revenue in the six months ended 30 September 2020.
- Agency and logistics reported higher revenue due to improvement in business volume.
- The increase in crew costs due to flight disruptions caused by the pandemic and the absence of wage subsidies are factors that contributed to higher operating expenses for both segments.
- Reduced value of property, plant and equipment was due to depreciation of vessels.
- Reduced bank borrowings due to progressive repayments made during the period.
STATEMENT OF CASH FLOWS
Overall increase of US$4.2 million in cash and cash equivalents due to operating cash inflows.
This is in spite of:
- Repayment of bank borrowings;
- Payment of dividends to shareholders; and
- Purchase of treasury shares.
- The Group continues to record stable results in its ship owning segment.
- Agency and logistics segment recorded an improvement in its business volume since the
last financial year. While the global shipping industry has generally improved, it is uncertain
when the pre-pandemic levels will return.
- The Group continues to evaluate acquisition opportunities. Net of cash, we have nominal