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Unaudited First Quarter Financial Statements For The Period Ended 30 June 2017
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 Q1 FY2017.
- Higher revenue from agency and logistics segment due to increase volume. Special projects contributed to most of the increase in profitability.
- The exchange differences in Q1 FY2018 relate to unrealised loss on translation of deposits and receivables.
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 period.
STATEMENT OF CASH FLOWS
Overall increase of US$2.8 million in cash and cash equivalents due to operating cash inflows.
This is in spite:
- Repayment of bank borrowings; and
- Drydocking expenses.
- The Group continues to be profitable.
- Under agency and logistics segment, we performed well due to increase in revenue and contributions from special projects.
- With its increasing accumulated cash flows, the Group continues to evaluate acquisition opportunities, alternatively early repayment of loans.
- Barring unforeseen circumstances, the Group expects to remain profitable in FY2018.