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Quarterly Report For The Financial Period Ended 30 June 2018

Financials Archive

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Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
For The Financial Period Ended 30 June 2018

Income Statement

Condensed Consolidated Statement of Financial Position
As At 30 June 2018

Balance Sheet

Detailed analysis of the performance of all operating segment of the Group in 2Q 2018

Financial review for current quarter

review_01

Current quarter ("2Q 2018") against preceding year corresponding quarter ("2Q 2017")

For the 2Q 2018, the Group registered revenue of RM25.911 million and loss before tax of RM16.437 million as compared to revenue of RM41.968 million and loss before tax of RM3.332 million reported in the 2Q 2017. The decrease in the Group revenue was mainly due to decrease in sales volume from our trading sector and property development sector.

The performance of the respective operating business segments for the 2Q 2018 under review as compared to the 2Q 2017 is analysed as follow:

Trading and services

The trading sector reported lower revenue of RM17.184 million in 2Q 2018 as compared to RM24.622 million in 2Q 2017. The decrease in the loss before tax of RM1.385 million in 2Q 2018 as against RM1.611 million in 2Q 2017 is substantially due to non-recurrence expenses incurred for overseas business development in 2Q 2017.

Property development

The property development sector registered a lower revenue of RM0.642 million in 2Q 2018 as compared to RM6.443 million in 2Q 2017, mainly due to lesser units sold in 2Q 2018.

Despite a substantial decrease in the revenue, the loss before tax recorded by property development sector is comparable for both the period, RM1.09 million in 2Q 2018 and RM1.056 million in 2Q 2017, mainly due to amortisation of foreseeable loss on construction of affordable housing projects based on turnover and increase in overhead costs.

Construction

The construction sector registered a lower revenue of RM9.086 million in 2Q 2018 as compared to RM12.223 million in 2Q 2017. The decrease in revenue for 2Q 2018 was mainly due to decrease in work done for our construction projects. The construction sector recorded loss before tax of RM13.733 million compared to loss before tax of RM0.149 million in 2Q 2017 mainly due to recognition of foreseeable losses for a construction project located at Johor in the current quarter of RM12.517 million.

Investment property

Revenue for the current quarter recorded RM0.680 million compared to RM0.849 million in 2Q 2018 and 2Q 2017. Correspondingly, the profit before tax was reduced from RM0.176 million in 2Q 2017 to RM0.145 million in 2Q 2018.

Comparison with preceding quarter results

Current quarter (2Q 2018) against immediate preceding quarter (1Q 2018)

review_02

For 2Q 2018, the Group recorded revenue of RM25.911 million, a decrease of RM1.360 million or 5.0% from RM27.271 million in 1Q 2018. The Group also recorded loss before tax of RM16.437 million as compared to loss before tax of RM3.486 million in 1Q 2018. The decrease in revenue is mainly due to decrease in sales particularly from our property development sector due to current subdue market sentiment. The Group reported higher loss before tax of RM16.437 million compared to RM3.486 million in 1Q 2018, mainly due to recognition of foreseeable losses for a construction project located at Johor in 2Q 2018.

Prospects

The sluggish outlook for the construction and property development industry where the Group business substantially rely on, is expected to prolong and remain challenging to the Group's performance. Moving forward, the Group expect to increase its construction order book, with current book estimated at RM451.2 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 remaining period of the financial year.