Unaudited Second Quarter Financial Statements For The Period Ended 30 September 2018
Profit & Loss
Statement of Comprehensive Income
Review of Performance
PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY
- The off-hire due to drydocking resulted in lower revenue/operating profit in 1H FY2019.
- Agency and logistics segment enjoyed higher business volume.
- Due to stronger US$, our S$ functional currency entities recorded a translation gain in 1H FY2019.
- Reduced value of property, plant and equipment was due to depreciation of vessels, partially offset by capitalisation of drydocking expenses.
- Reduced bank borrowings due to progressive repayments made during the financial period.
STATEMENT OF CASH FLOWS
Overall increase of US$2.7 million in cash and cash equivalents during the financial period due to operating cash inflows. This is in spite of:
- Repayment of bank borrowings;
- Payment of dividends to shareholders;
- Purchase of treasury shares; and
- Drydocking expenses.
- The Group performed well in every segment of its business.
- With its surplus cash flows, there will be savings in net interest costs.
- Barring unforeseen circumstances, the Group expects to remain profitable in FY2019.