MTQ Corporation Limited

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Unaudited Financial Statements And Dividend Announcement For The Quarter Ended 30 September 2016

Financials Archive

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STATEMENT OF COMPREHENSIVE INCOME

Income Statement

STATEMENTS OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2016

Balance Sheet

REVIEW OF GROUP PERFORMANCE

3 months ended 30 September 2016 ("2QFY2017") vs 3 months ended 30 September 2015 ("2QFY2016")

The Group reported S$24.8 million revenue for 2QFY2017, a decrease of 46% year-on-year ("yoy") due to low activity levels in oilfield and subsea divisions as well as some projects deferrals in 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 2QFY2017 was lower as a result of an overall decrease in revenue and pricing pressures

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

The results from our Binder Indonesian joint venture improved on the back of increased orders from Binder pipe support contracts won last year as well as some urgent jobs contracted in 2QFY2017

The Group recorded a net loss from continuing operations of S$5.5 million for the quarter. Comparative results were affected by insurance claims recorded in 2QFY2016.

6 months ended 30 September 2016 ("6MFY2017") vs 6 months ended 30 September 2015 ("6MFY2016")

The Group reported S$59.5 million revenue for 6MFY2017, a decrease of 38% year-on-year ("yoy") due to low activity levels in oilfield and subsea divisions as well as some projects deferrals in 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 6MFY2017 was low as a result of an overall decrease in revenue and pricing pressures.

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

The results from our Binder Indonesian joint venture improved on the back of increased orders from Binder pipe support contracts won last year as well as some urgent jobs contracted in 6MFY2017.

The Group recorded a net loss from continuing operations of S$8.2 million for the quarter. Comparative results were affected by insurance claims recorded in 6MFY2016.

Commentary

The Group continued to see weak subsea demand in all operating areas except in the Middle East where activity remains robust. While the Group remain attentive to cash conservation and labour utilisation, the disposal of MTQES will help to further improve the balance sheet, weather the current down-turn and capitalise on new opportunities.

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