MTQ Corporation Limited

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Unaudited Condensed Interim Financial Statements For The Six-Month Financial Period Ended 30 September 2021

Financials Archive


Income Statement


Balance Sheet


Condensed Interim Balance Sheets

The changes in net assets were mainly due to:

  1. total comprehensive income of S$1.7 million;
  2. payment of S$1.1 million dividends in respect of previous financial year; and
  3. S$0.2 million distributions by a subsidiary (Blossomvale Holdings Ltd) to non-controlling interests.

Further information on certain balance sheet items can be found in notes 11 to 16. Apart from the above, the movement in working capital items were mainly due to timing differences.

Condensed Interim Consolidated Cash Flow Statement

The Group recorded net cash inflows of S$3.2 million from operations before working capital during the period. Working capital movements for the period, however, were negative mainly due to increased activities during the period compared to half a year ago. Within financing activities, the Group paid S$1.1 million cash dividend in respect of previous financial year to its shareholders during the period. Together with the quarterly repayment of a loan facility, the Group's overall cash position was S$19.8 million as at 30 September 2021.

Condensed Interim Consolidated Statement of Comprehensive Income

The Group reported S$24.9 million revenue for the six months period ended 30 September 2021 ("1HFY2022"), a decrease of 4% year-on-year ("yoy") compared to S$26.0 million reported for the six months period ended 30 September 2020 ("1HFY2021"), mainly due to lower revenues from Bahrain. Revenue elsewhere in the Group showed steady improvement, particularly in Singapore as the Group experienced higher activities.

Other income for 1HFY2022 was lower as government grants continued to taper off. Other operating expenses and staff costs decreased due to continuous costs tightening. Finance costs also decreased with lower borrowings during the period.

Overall, the Group recorded a net profit of S$1.0 million in 1HFY2022.


Despite recording a slightly lower revenue than 1HFY2021, it is refreshing to see a positive trend quarter-on-quarter. Bahrain started the year slowly but orders have picked up in recent months. Elsewhere, stronger pipe support orders in LNG projects boosted revenues in the period. Overall, the Group's underlying operating results returned to being profitable notwithstanding government support and this should continue into second half of the year barring any unforeseen circumstances.

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