MTQ Corporation Limited

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Unaudited Financial Statements And Dividend Announcement For The Quarter Ended 31 December 2016

Financials Archive

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STATEMENT OF COMPREHENSIVE INCOME

Income Statement

STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2016

Balance Sheet

REVIEW OF GROUP PERFORMANCE

3 months ended 31 December 2016 ("3QFY2017") vs 3 months ended 31 December 2015 ("3QFY2016")

The Group reported S$31.2 million revenue for 3QFY2017, a decrease of 29% year-on-year ("yoy") due to low activity levels in oilfield and subsea divisions. Activity levels in Bahrain remained healthy with a slight improvement in gross profit margin despite pricing pressures. Overall Group's gross profit margin for 3QFY2017 was lower as a result of an overall decrease in revenue and pricing pressures. The results from our Binder Indonesian joint venture improved on the back of higher orders for Binder pipe support compared to a year ago.

Costs continue to taper off but at a slower pace compared to the decline in revenue.

The Group's profit from discontinued operations was lower yoy due to lower contribution from MTQES as it was disposed on 4 November 2016.

Overall, the Group recorded a net loss of S$4.4 million for the quarter, an increase of 365% from the corresponding period a year ago.

9 months ended 31 December 2016 ("9MFY2017") vs 9 months ended 31 December 2015 ("9MFY2016")

The Group reported S$90.7 million revenue for 9MFY2017, a decrease of 35% year-on-year ("yoy") due to low activity levels in oilfield and subsea divisions. Activity levels in Bahrain remained healthy with a slight improvement in gross profit margin despite pricing pressures. Overall Group's gross profit margin for 9MFY2017 was lower as a result of an overall decrease in revenue and pricing pressures. The results from our Binder Indonesian joint venture improved on the back of higher orders for Binder pipe support compared to a year ago.

Costs continue to taper off but at a slower pace compared to the decline in revenue.

The Group's profit from discontinued operations was lower yoy due to lower contribution from MTQES as it was disposed on 4 November 2016

Overall, the Group recorded a net loss of S$11.2 million for the quarter, an increase of 219% from the corresponding period a year ago.

Commentary

Market sentiment, particularly in Singapore, remained subdued. The Group remains focused on securing revenue opportunities, both in existing markets and also in new areas of growth. In the meantime, our stronger financial position allows us to weather this prolonged downturn.

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