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Condensed Interim Financial Statements For The Six Months Ended 30 September 2023

Financials Archive

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Condensed Interim Consolidated Income Statement For the six months ended 30 September 2023

NM: Not meaningful

Condensed Interim Consolidated Statement of Comprehensive Income For the six months ended 30 September 2023

Condensed Interim Balance Sheets As at 30 September 2023

REVIEW OF PERFORMANCE OF THE GROUP

Condensed interim consolidated income statement

REVENUE

PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY

  • The Ship Owning segment recorded lower revenue and profit in the six months ended 30 September 2023 (“1H FY2024”) mainly due to off-hire due to drydocking.
  • Despite the increase in revenue, the Agency and Logistics segment reported lower operating profits in the absence of high margin special projects
  • Higher finance and investment income arising from higher interest income from funds placed in time deposits with banks.
  • Exchange differences increased mainly due to an appreciation of US Dollar against Singapore Dollar in 1H FY2024.

Condensed interim consolidated balance sheet

  • Reduction in value of property, plant and equipment was due to depreciation of vessels, partially offset by capitalisation of drydocking expenditure.
  • Reduction in bank borrowings was due to progressive repayments made during the financial period.

Condensed interim consolidated statement of cash flows

Overall increase of US$2.1 million in cash and bank balance was mainly due to operating cash inflows. This is in spite of:

  • Repayment of bank borrowings;
  • Payment of dividends to shareholders; and
  • Payment of drydocking expenditure.

Commentary

  • The Group continues to record stable results in both its Ship Owning and Agency and Logistics segments.
  • The Group continues to cautiously evaluate investment opportunities. Net of cash, we have no gearing.