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Unaudited Financial Statements And Dividend Announcement For The Quarter Ended 30 September 2017

Financials Archive

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STATEMENT OF COMPREHENSIVE INCOME

Income Statement

STATEMENTS OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2017

Balance Sheet

REVIEW OF GROUP PERFORMANCE

3 months ended 30 September 2017 ("2QFY2018") vs 3 months ended 30 September 2016 ("2QFY2017")

The Group reported S$30.6 million overall revenue for 2QFY2018, bringing the year-to-date revenue slightly higher than the corresponding period a year ago. In 2QFY2018, the Group deferred S$0.7 million of revenue from a customer whose holding company went into voluntary liquidation recently. Excluding this item, the Group's gross profit margin for 2QFY2018 would have been 14.7% instead of the headline 12.4%.

The other operating expenses also included S$0.4 million loss arising from reclassification of historical foreign currency translation reserves upon winding-up of a dormant subsidiary. This has no impact to the net assets of the Group.

Other operating, staff and finance expenses continued to show positive variances as a result of the Group's continuous effort to rationalize costs. Share of joint venture results was weaker due to a lower level of sales in the period.

Overall, loss before tax from continuing operations narrowed from S$6.0 million in 2QFY2017 to S$5.5 million in 2QFY2018.

6 months ended 30 September 2017 ("6MFY2018") vs 6 months ended 30 September 2016 ("6MFY2017")

The Group reported S$61.1 million overall revenue for 6MFY2018, slightly higher than the corresponding period a year ago. In 6MFY2018, the Group deferred S$0.7 million of revenue from a customer whose holding company went into voluntary liquidation recently. Excluding this item, the Group's gross profit margin for 6MFY2018 would have been 16.4% instead of the headline 15.3%.

The other operating expenses also included S$0.4 million loss arising from reclassification of historical foreign currency translation reserves upon winding-up of a dormant subsidiary. This has no impact to the net assets of the Group.

Other operating, staff and finance expenses continued to show positive variances as a result of the Group's continuous effort to rationalize costs. Share of joint venture results was weaker due to a lower level of sales in the period.

Overall, loss before tax from continuing operations narrowed from S$9.2 million in 6MFY2017 to S$9.0 million in 6MFY2018.

Commentary

The industry is still in the early stages of a slow recovery and this is expected to persist into 2018. Nonetheless, the Group sees significant interest by oil companies to plan ahead for new projects as depletion of existing resources continues and costs fall. The Group's financial position and net debt gearing remain sound as it continue to maximize opportunities and boost utilisation.

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