Investor Relations - News
Half Year Financial Statement And Dividend Announcement
Half-year financial statement on consolidated results for the six months ended 30 September 2001.
These figures have not been audited.
| - | - |
Group |
Company | ||||
| -- | -- |
S$'000 |
% |
S$'000 |
% | ||
| - | - |
30/9/2001 |
30/9/2000 Restated (#) |
Change |
30/9/2001 |
30/9/2000 Restated (#) |
Change |
| 1.(a) | Turnover |
21,292 |
26,769 |
(20.5) |
1,681 |
6,019 |
(72.1) |
 |
|
|
|
|
|
|
|
| 1.(b) | Investment income |
0 |
6 |
NM |
0 |
2 |
NM |
|
|
|
|
|
|
|
|
| 1.(c) | Other income including interest income |
145 |
82 |
76.8 |
27 |
135 |
(80.0) |
|
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|
|
|
|
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|
|
|
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|
|
|
| 2.(a) | Operating profit before income tax, minority interests, extraordinary items, interest on borrowings, depreciation and amortisation, foreign exchange (loss)/gain and exceptional items |
2,042 |
2,278 |
(10.4) |
373 |
1,081 |
(65.5) |
|
|
|
|
|
|
|
|
| 2.(b)(i) | Interest on borrowings |
(183) |
(223) |
(17.9) |
(12) |
(31) |
(61.3) |
|
|
|
|
|
|
|
|
| 2.(b)(ii) | Depreciation and amortisation |
(957) |
(1,181) |
(19.0) |
(344) |
(688) |
(50.0) |
|
|
|
|
|
|
|
|
| 2.(b)(iii) | Foreign exchange (loss)/gain |
(87) |
39 |
NM |
(10) |
16 |
NM |
|
|
|
|
|
|
|
|
| 2.(c) | Exceptional items |
(217) |
0 |
NM |
(1,404) |
0 |
NM |
|
|
|
|
|
|
|
|
| 2.(d) | Operating profit/(loss) before income tax, minority interests and extraordinary items but after interest on borrowings, depreciation and amortisation, foreign exchange (loss)/gain and exceptional items |
598 |
913 |
(34.5) |
(1,397) |
378 |
NM |
|
|
|
|
|
|
|
|
| 2.(e) | Income derived from associated companies |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(f) | Less income tax |
(442) |
(373) |
18.5 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(g)(i) | Operating profit/(loss) after tax before deducting minority interests |
156 |
540 |
(71.1) |
(1,397) |
378 |
NM |
|
|
|
|
|
|
|
|
| 2.(g)(ii) | Less minority interests |
79 |
13 |
507.7 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(h) | Operating profit/(loss) after tax attributable to members of the company |
235 |
553 |
(57.5) |
(1,397) |
378 |
NM |
|
|
|
|
|
|
|
|
| 2.(i)(i) | Extraordinary items |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(ii) | Less minority interests |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(iii) | Extraordinary items attributable to members of the company |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(iv) | Transfer to/from Exchange Reserve |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(v) | Transfer to Capital Reserve |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(vi) | Transfer to Reserve Fund |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(j) | Operating profit/(loss) after tax and extraordinary items attributable to members of the company |
235 |
553 |
(57.5) |
(1,397) |
378 |
NM |
Notes:
(#) Prior year adjustment arises from the implementation of the new SAS 17 (Employee Benefits). With effect from 1 April 2001, accrual was made for unconsumed annual leave on an earned basis instead of on a consumed basis. This change in accounting policy has the effect of reducing current year's Group and Company profit before tax by about S$0.02m and S$0.01m respectively. The accumulative change for prior years has been made against opening revenue reserves of the Group and the Company by approximately S$0.18m and S$0.04m respectively.
NM - Not Meaningful
|
Group Figures | |||
|
|
30/9/2001 |
30/9/2000 Restated (#) |
| 3.(a) | Earnings per share based on 2(h) above after deducting any provision for preference dividends:- |
. |
. |
|
|
|
|
| 3.(a)(i) | Based on existing issued share capital |
0.30 cents |
0.70 cents |
|
|
|
|
| 3.(a)(ii) | On a fully diluted basis |
0.29 cents |
NA |
|
|
|
|
| 3.(b) | Earnings per share based on 2(j) above:- | |
|
|
(i) Based on existing issued share capital |
0.30 cents |
0.70 cents |
|
|
|
|
|
(ii) On a fully diluted basis |
0.29 cents |
NA |
|
|
|
|
| 3.(c) | Net tangible asset backing per ordinary share |
33.64 cents |
32.36 cents |
4.(a) Amount of any adjustment for under or overprovision of tax in respect of prior years
NIL
4.(b) Amount of any pre-acquisition profits
NIL
4.(c) Amount of profits on any sale of investments and/or properties
| Sale of investments/properties |
$Profit/(Loss) |
| Profit on sale of quoted equity investment |
$1,800.00 |
4.(d) Any other comments relating to Paragraph 4
NIL
5.(a) Review of the performance of the company and its principal subsidiaries
The Company became an investment holding company providing various corporate services to the Group with effect from 1 April 2001. It registered a turnover of S$1.68m from management fees and rental income compared to a turnover of S$6.02m from operations in the previous half year. The loss before tax of S$1.40m compared to a profit before tax of S$0.38m in the previous half year was due to the exceptional items of S$1.40m relating mainly to a provision for diminution in the value of the Company's investment in its Foundry operations in Metalock Castings Sdn Bhd which ceased operations in June 2001.
The Group's turnover for the six months declined 20.5% from the previous half year to S$21.29m following the disposal of its Trading business (Aqua-Terra Supply Co. Pte Ltd) in March 2001.
Notwithstanding the above, performance of the Group's Oilfield division continued to improve in the current year. In addition, MTQ Subsea Technology Pte Ltd (formerly known as Osea Investments Pte Ltd), incorporated in the previous year, started contributing to the Group's turnover with the launch of its first two eyeball remotely operated subsea vehicles (ROVs) in May/June 2001.
The Group's net profit after tax and minority interests of S$0.24m was lower compared to a profit of S$0.55m in the previous half year due to lower contribution from the Group's Australian operations and the following non-recurring charges:
1. A loss of S$0.29m recorded by MTQ Subsea Technology Pte Ltd mainly due to start-up costs associated with its ROV operations in the United Kingdom and unfavourable exchange rate movements; and
2. Exceptional items of S$0.22m arising from retrenchment costs.
The taxation of S$0.44m corresponds to the improved performance of the Group's Oilfield division which could not be set-off against the losses of some of the Group's other subsidiaries.
5.(b) A statement by the Directors of the Company on whether "any item or event of a material
or unusual nature which would have affected materially the results of operations of the
Group and Company has occurred between the date to which the report refers and the
date on which the report is issued". If none, to include a negative statement.
In the opinion of the Directors, no item, transaction or event of a material or unusual nature has arisen in the interval between 30 September 2001 and the date of this announcement that would materially affect the results of the Company and the Group.
6. Commentary on current year prospects
Competition in the marine industry is unlikely to ease in the foreseeable future. Inspite of the cost cutting measures put in place which would generate benefits for the marine operations, the Group will continue to leverage on its engineering capabilities with less reliance on the marine sector.
Positive contributions from the Oilfield and Australian operations are expected to continue in the second half-year. MTQ Subsea Technology Pte Ltd launched its first work-class ROV on 30 November 2001 and the ROV is expected to be deployed in early 2002.
With the absence of further losses from the Foundry operations, and barring unforeseen circumstances, the Group is expected to perform better in the second half of the financial year.
7. Dividend
(a) Any dividend declared for the present financial period? None
(b) Any dividend declared for the previous corresponding period? None
(c) Date payable
NIL
(d) Books closing date
Nil
(e) Any other comments relating to Paragraph 7
NIL
8. Details of any changes in the company's issued share capital
There has been no changes in the Company's issued share capital.
9. Comparative figures of the group's borrowings and debt securities
(a) Amount repayable in one year or less, or on demand
|
As at 30/9/2001 |
As at 31/3/2001 |
|
Secured |
Unsecured |
Secured |
Unsecured |
|
|
|
|
|
S$'000 3,242 |
S$'000 - |
S$'000 1,203 |
S$'000 1,857 |
(b) Amount repayable after one year
|
As at 30/9/2001 |
As at 31/3/2001 |
|
Secured |
Unsecured |
Secured |
Unsecured |
|
|
|
|
|
S$'000 2,032 |
S$'000 - |
S$'000 2,666 |
S$'000 - |
(c) Any other comments relating to Paragraph 9
NIL
10. Balance sheet
|
Group |
Company | ||
|
30.9.2001 |
31.3.2001 Restated (#) |
30.9.2001 |
31.3.2001 Restated (#) |
|
S$'000 |
S$'000 |
S$'000 |
S$'000 |
|
|
|
|
|
| Share Capital |
19,800 |
19,800 |
19,800 |
19,800 |
| Share Premium Account |
1,944 |
1,944 |
1,944 |
1,944 |
| Reserves |
4,895 |
4,672 |
13,531 |
14,928 |
|
|
|
|
|
| Share capital & reserves |
26,639 |
26,416 |
35,275 |
36,672 |
| Minority interests |
958 |
309 |
- |
- |
|
|
|
|
|
| Capital employed |
27,597 |
26,725 |
35,275 |
36,672 |
|
|
|
|
|
| Represented by: | |
|
|
|
| Non current assets | |
|
|
|
| Fixed assets |
17,426 |
17,996 |
4,801 |
6,698 |
| Investments |
517 |
390 |
26,515 |
28,152 |
| Other receivables |
516 |
368 |
204 |
250 |
|
18,459 |
18,754 |
31,520 |
35,100 |
|
|
|
|
|
| Current Assets |
24,336 |
26,704 |
4,846 |
6,301 |
|
|
|
|
|
| Term loans & overdraft |
(3,242) |
(3,060) |
- |
(1,230) |
| Other current liabilities |
(9,805) |
(12,857) |
(1,091) |
(3,499) |
|
|
|
|
|
| Net current assets |
11,289 |
10,787 |
3,755 |
1,572 |
|
|
|
|
|
| Term loans |
(2,032) |
(2,666) |
- |
- |
| Hire Purchase creditors |
(119) |
(150) |
- |
- |
|
|
|
|
|
| Non-current liabilities |
(2,151) |
(2,816) |
- |
- |
|
|
|
|
|
| Net assets |
27,597 |
26,725 |
35,275 |
36,672 |
11. Segmental results
| BY INDUSTRY SEGMENTS |
Marine & Oilfield |
Turbocharger |
Trading |
Foundry |
Subsea Robotics |
Eliminations |
Group |
| 30 September 2001 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
|
|
|
|
|
|
|
|
| Revenue | |
|
|
|
|
|
|
| External sales |
12,473 |
7,333 |
- |
449 |
1,037 |
- |
21,292 |
| Inter-segment sales |
519 |
- |
- |
75 |
- |
(594) |
- |
| Total sales |
12,992 |
7,333 |
- |
524 |
1,037 |
(594) |
21,292 |
|
|
|
|
|
|
|
|
| Segment results |
736 |
419 |
(102) |
(450) |
(291) |
286 |
598 |
| Taxation |
(278) |
(164) |
- |
- |
- |
- |
(442) |
| Minority interest |
- |
- |
- |
- |
- |
79 |
79 |
|
|
|
|
|
|
|
|
| Net profit/(loss) attributable to members of the Company |
458 |
255 |
(102) |
(450) |
(291) |
365 |
235 |
|
|
|
|
|
|
|
|
| Assets and Liabilities | |
|
|
|
|
|
|
| Segment assets |
18,518 |
10,818 |
11,095 |
226 |
7,247 |
(5,109) |
42,795 |
| Segment liabilities |
(5,443) |
(5,565) |
(754) |
(242) |
(3,701) |
507 |
(15,198) |
| BY GEOGRAPHICAL SEGMENTS |
Singapore |
Australia |
Malaysia |
United Kingdom |
Total |
| 30 September 2001 |
S$'000 |
S$'000 |
S$'000 |
S'000 |
S$'000 |
| External sales |
12,473 |
7,333 |
449 |
1,037 |
21,292 |
| Segment assets |
31,207 |
6,818 |
1,089 |
3,681 |
42,795 |
| Capital expenditure |
2,407 |
119 |
- |
2,745 |
5,271 |
| BY INDUSTRY SEGMENTS |
Marine & Oilfield |
Turbocharger |
Trading |
Foundry |
Subsea Robotics |
Eliminations |
Group |
| 30 September 2000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
|
|
|
|
|
|
|
|
| Revenue | |
|
|
|
|
|
|
| External sales |
11,251 |
8,139 |
6,985 |
394 |
- |
- |
26,769 |
| Inter-segment sales |
482 |
39 |
69 |
455 |
- |
(1,045) |
- |
| Total sales |
11,733 |
8,178 |
7,054 |
849 |
- |
(1,045) |
26,769 |
|
|
|
|
|
|
|
|
| Segment results (restated) |
270 |
752 |
(213) |
(48) |
(51) |
203 |
913 |
| Taxation |
- |
(316) |
- |
(1) |
- |
(56) |
(373) |
| Minority interest |
- |
- |
- |
- |
- |
13 |
13 |
|
|
|
|
|
|
|
|
| Net profit/(loss) attributable to members of the Company |
270 |
436 |
(213) |
(49) |
(51) |
160 |
553 |
|
|
|
|
|
|
|
|
| Assets and Liabilities | |
|
|
|
|
|
|
| Segment assets |
17,694 |
12,264 |
14,718 |
1,510 |
754 |
(4,354) |
42,586 |
| Segment liabilities (restated) |
(6,152) |
(6,884) |
(2,321) |
(1,069) |
(166) |
(215) |
(16,807) |
| BY GEOGRAPHICAL SEGMENTS |
Singapore |
Australia |
Malaysia |
Total |
| 30 September 2000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
| External sales |
18,236 |
8,139 |
394 |
26,769 |
| Segment assets |
33,862 |
7,016 |
1,708 |
42,586 |
| Capital expenditure |
792 |
245 |
131 |
1,168 |
12. Summarised Statement of Changes in Equity
| Group |
Share Capital |
Share Premium |
Foreign Currency Translation |
Retained Earnings |
Share Capital & Reserves |
|
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
|
|
|
|
|
|
| Balance as at 1 April 2001 (as previously reported) |
19,800 |
1,944 |
531 |
4,321 |
26,596 |
| Prior year adjustment (#) |
- |
- |
- |
(180) |
(180) |
|
|
|
|
|
|
| Balance as at 1 April 2001 as restated |
19,800 |
1,944 |
531 |
4,141 |
26,416 |
| Net profit attributable to members of the Company for the period |
- |
- |
- |
235 |
235 |
| Exchange difference on translation of overseas subsidiary companies |
- |
- |
(12) |
- |
(12) |
| Balance as at 30 September 2001 |
19,800 |
1,944 |
519 |
4,376 |
26,639 |
| Company |
Share Capital |
Share Premium |
Retained Earnings |
Share Capital & Reserves |
|
S$'000 |
S$'000 |
S$'000 |
S$'000 |
| Balance as at 1 April 2001 (as previously reported) |
19,800 |
1,944 |
14,970 |
36,714 |
| Prior year adjustment (#) |
- |
- |
(42) |
(42) |
|
|
|
|
|
| Balance as at 1 April 2001 as restated |
19,800 |
1,944 |
14,928 |
36,672 |
| Net profit attributable to members of the Company for the period |
- |
- |
(1,397) |
(1,397) |
| Balance as at 30 September 2001 |
19,800 |
1,944 |
(13,531) |
35,275 |
BY ORDER OF THE BOARD
Fong Choon Seng
Company Secretary
30/11/2001