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Quarterly Report For The Financial Period Ended 31 December 2017

Financials Archive

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Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
For The Financial Period Ended 31 December 2017

Income Statement

Condensed Consolidated Statement of Financial Position
As At 31 December 2017

Balance Sheet

Detailed analysis of the performance of all operating segment of the Group

Financial review for current quarter

review_01

Current quarter ("4Q 2017") against preceding year corresponding quarter ("4Q 2016")

For the 4Q 2017, the Group registered revenue of RM34.609 million and loss before tax of RM2.642 million as compared to revenue of RM34.765 million and loss before tax of RM8.056 million reported in the 4Q 2016. Although the revenue is comparable to the previous year, lower loss is reported due to lesser provision for and write off of receivables and provision for foreseeable loss, summarised as below:

review_01

The performance of the respective operating business segments for the 4Q 2017 under review as compared to the 4Q 2016 is analysed as follow:

Trading and services

The trading sector reported a lower revenue of RM17.181 million for the 4Q 2017 as compared to RM30.031 million in 4Q 2016, mainly due to lesser sales volume. The loss before tax of RM0.346 million in 4Q 2017 as compared to profit before tax of RM3.257 million in 4Q 2016 is mainly due to lesser sales volume.

Property development

The increase in profit for the 4Q 2017 is mainly due to reversal of provision for foreseeable loss on affordable housing project for an amount of RM3.908 million.

review_01 Construction

The construction sector registered a higher revenue of RM18.745 million in 4Q 2017 as compared to RM4.585 million in 4Q 2016. The increase in revenue for 4Q 2017 was mainly due to increase in work done for our construction projects. The construction sector recorded loss of RM6.890 million compared to loss before tax of RM11.552 million in 4Q 2016. The lower loss was mainly due to a higher provision of receivables and provision for foreseeable loss in the preceding year corresponding quarter as summarised below:

review_01 Investment property

Revenue for the current quarter increased marginally by 0.4% from RM0.710 million to RM0.713 million. This sector recorded profit before tax of RM0.709 million for the 4Q 2017 compared to profit before tax of RM0.399 million in 4Q 2016 due to gain on disposal of investment property in 4Q 2017.

Financial review for financial year to date

review_02

Current year to date ("YTD 2017") against preceding year to date ("YTD 2016")

For the YTD 2017, the Group recorded revenue of RM140.851 million, an increase of RM11.018 million or 8.5% from RM129.833 million in YTD 2016. The Group also recorded loss before tax of RM9.338 million. The increase in total revenue was mainly due to increase in work done for our construction projects and sale of completed development units. The lower Group's loss before tax by 44.9% in YTD 2017 as compared to YTD 2016 was mainly due to lesser provisions in YTD 2017 as summarised below:

review_02

The performance of the respective operating business segments for the YTD 2017 under review as compared to the YTD 2016 is analysed as follow:

Trading and services

The trading sector reported a lower revenue of RM89.440 million for the YTD 2017 as compared to RM111.005 million in YTD 2016. The decrease in revenue was mainly due to the decrease in demand from existing key customers. The higher loss before tax of RM4.901 million in YTD 2017 as compared to loss before tax of RM0.074 million in YTD 2016 was mainly due to lesser sales volume.

Property development

The property development sector registered a profit before tax of RM3.763 million on the revenue of RM6.671 million, due to sale of completed units during the year, decreased in sales & marketing expenses and non-claimable GST expenses for residential property.

Construction

The construction sector registered a higher revenue of RM49.555 million in YTD 2017 as compared to RM17.570 million in YTD 2016. The sector also registered a lower loss before tax of RM7.907 million was mainly due to decrease in provision for receivables and provision for foreseeable loss as summarised below:

review_02 Investment property

The investment property sector reported an increased revenue by 6.0% from RM2.857 million to RM3.028 million due to new tenancies for certain investment properties. This sector recorded profit before tax of RM1.050 million for the YTD 2017 compared to profit before tax of RM0.588 million in YTD 2016 substantially due to gain on disposal of investment property in YTD 2017.

Prospects

The sluggish outlook for the construction and property development industry where the Group business substantially depends on, is expected to prolong and remain challenging to the Group's performance. Moving forward, the Group expects to increase its construction order book which currently stand at RM83.842 million and enhance its trading activities. The Group will continue to look for new business opportunities in Malaysia and abroad, in its effort to strive for a commendable performance for the next financial year.