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Unaudited Financial Statements And Dividend Announcement For The Quarter Ended 30 September 2018

Financials Archive

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STATEMENT OF COMPREHENSIVE INCOME

Income Statement

STATEMENTS OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2018

Balance Sheet

REVIEW OF GROUP PERFORMANCE

3 months ended 30 September 2018 ("2QFY2019") vs 3 months ended 30 September 2017 ("2QFY2018")

The Group reported S$26.9 million overall revenue for 2QFY2019, a decrease of 12% year-on-year ("yoy") largely due to lower revenue from Neptune segment. Oilfield Engineering segment, on the other hand, continued to experience growth with higher utilisation and better job mix. These boosted the Group's gross profit margin for 2QFY2019 to 23.3% from 12.4% in the corresponding quarter a year ago.

Together with a lower operation and staff cost base, the Group's overall loss before tax narrowed from S$5.1 million in 2QFY2018 to S$2.0 million in 2QFY2019

6 months ended 30 September 2018 ("6MFY2019") vs 6 months ended 30 September 2017 ("6MFY2018")

The Group reported S$51.1 million overall revenue for 6MFY2019, a decrease of 16% year-on-year ("yoy") largely due to lower revenue from Neptune segment. Oilfield Engineering segment, on the other hand, continued to experience growth with higher utilisation and better job mix. These boosted the Group's gross profit margin for 6MFY2019 to 21.2% from 15.3% in the corresponding period a year ago.

Together with a lower operation and staff cost base, the Group's overall loss before tax narrowed from S$8.6 million in 6MFY2018 to S$5.6 million in 6MFY2019.

Commentary

The outlook for recovery is encouraging and steady progress is expected. The Group will remain patient and continue to be focused on enhancing our business fundamentals to drive further operating improvements.

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