Financials

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Condensed Interim Financial Statements For The six months ended 30 September 2021

Financials Archive

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Profit & Loss

Statement of Comprehensive Income

Balance Sheet

Review of Performance

INCOME STATEMENT

REVENUE

PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY

  1. 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.

BALANCE SHEET

  • 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.

Commentary

  • 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 gearing.