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Unaudited Third Quarter Financial Statements For The Period Ended 31 December 2017
Profit & Loss
Statement of Comprehensive Income
Review of Performance
PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY
- Lower off-hire (drydocking) in 9M FY2018 resulted in higher revenue/operating profit.
- Agency and logistics segment continued to enjoy higher business volume.
- Due to weaker US$ receivable, our S$ functional currency entities recorded a translation loss.
- Reduced value of property, plant and equipment was due to depreciation of vessels, partially offset by capitalisation of drydocking expenses.
- Increase of financial assets held for trading due to purchase of investments.
- Reduced bank borrowings due to progressive repayments made during the period.
STATEMENT OF CASH FLOWS
Overall increase of US$2.6 million in cash and cash equivalents during the period due to operating cash inflows. This is in spite of:
- Repayment of bank borrowings;
- Dividends paid to shareholders;
- Purchase of financial assets held for trading; and
- Drydocking expenses.
- There were improved trading results in every segment of the Group. We expect to be profitable in FY2018.
- With the Group's liquidity, we are well placed for any investment opportunities in the near term.