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Unaudited Financial Statements And Dividend Announcement For The Quarter and Year Ended 31 March 2018

Financials Archive

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STATEMENT OF COMPREHENSIVE INCOME

Income Statement

STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2018

Balance Sheet

REVIEW OF GROUP PERFORMANCE

3 months ended 31 March 2018 ("4QFY2018") vs 3 months ended 31 March 2017 ("4QFY2017")

The Group reported S$22.6 million revenue for 4QFY2018, down 43% year-on-year. The decrease was largely from Neptune segment which recorded several project delays. The Oilfield Engineering segment, on the other hand, saw improved activities particularly in Singapore although lower pipe support and new manufacturing revenues (which command lower margins) resulted in lower overall revenue for the segment in 4QFY2018.

As the Group continues to operate in this challenging environment, it took a prudent approach and made about S$0.9 million doubtful debt provision against some long outstanding debts as well as recognized impairments in goodwill and deferred tax assets totaling S$11.8 million. Excluding these, the Group's staff costs and other operating expenses decreased considerably due to its cost rationalization efforts. Finance costs also declined due to lower borrowings during the year. Share of joint venture results continued to be weaker than the corresponding periods a year ago due to certain tender processes taking longer than expected.

12 months ended 31 March 2018 ("12MFY2018") vs 12 months ended 31 March 2017 ("12MFY2017")

The Group reported S$111.9 million revenue for FY2018, down 14% year-on-year. The decrease was largely from Neptune segment which recorded several project delays. The Oilfield Engineering segment, on the other hand, saw improved activities particularly in Singapore although lower pipe support and new manufacturing revenues (which command lower margins) resulted in lower overall revenue for the segment in FY2018.

As the Group continues to operate in this challenging environment, it took a prudent approach and made about S$0.9 million doubtful debt provision against some long outstanding debts as well as recognized impairments in goodwill and deferred tax assets totaling S$11.8 million. Excluding these, the Group's staff costs and other operating expenses decreased considerably due to its cost rationalization efforts. Finance costs also declined due to lower borrowings during the year. Share of joint venture results continued to be weaker than the corresponding periods a year ago due to certain tender processes taking longer than expected.

Bottom-line, Oilfield Engineering segment recorded a 71% lower loss after taxation but this was negated by the poorer results mainly from Neptune segment

Commentary

Recent market sentiment in the Oilfield Engineering Division is encouraging and the Group's stronger financial position post Rights cum Warrants Issue will enable it to take advantage of opportunities ahead.

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