Unaudited Third Quarter Financial Statements For The Period Ended 31 December 2016
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 income/operating profit for 9M FY2017;
- Agency & logistics segment suffered lower revenue/operating profits in Q3 FY2017.
However, 9M FY2017 results are consistent with the corresponding period last year;
- Higher unallocated items due mainly higher corporate expenses accrued and incurred; and
- Exchange differences in Q3 FY2017 & 9M 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 period.
The Group’s current liabilities exceed current assets by US$2.1 million. However, the Group
maintains positive operating cash flows of US$17.2 million for 9M FY2017.
Statement of Cash Flows
Overall decrease of US$5.8 million in cash and cash equivalents for 9M FY2017 mainly due to
utilisation of operating cash inflows for:
- Repayment of bank borrowings; and
- Dividends paid to the shareholders.
- By virtue of its long-term contracts, the Group continues to be profitable for Q3 FY2017.
- Agency & logistics business continues to face challenges due to compression of rates and
cargo volume. However, it remains profitable.
- Given its surplus cash position, the Group continues to evaluate acquisition opportunities.
- Barring any unforeseen circumstances, the Group expects to remain profitable for FY2017.