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Quarterly Report For The Financial Period Ended 30 September 2018

Financials Archive

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

Income Statement

Condensed Consolidated Statement of Financial Position
As At 30 September 2018

Balance Sheet

Detailed analysis of the performance of all operating segment of the Group in 3Q 2018

Financial review for current quarter

review_01

Current quarter ("3Q 2018") against preceding year corresponding quarter ("3Q 2017")

For the 3Q 2018, the Group registered revenue of RM53.960 million and loss before tax of RM2.707 million as compared to revenue of RM42.283 million and loss before tax of RM3.022 million reported in the 3Q 2017. The increase in the Group revenue was mainly due to increase in work done for our construction activities and increase in sales volume from our trading sector.

The performance of the respective operating business segments for the 3Q 2018 under review as compared to the 3Q 2017 is analysed as follow:

Trading and services

The trading sector reported higher revenue of RM30.910 million in 3Q 2018 as compared to RM21.400 million in 3Q 2017. The decrease in the loss before tax of RM0.058 million in 3Q 2018 as against RM1.112 million in 3Q 2017 is substantially due to non-recurrence expenses incurred for overseas business development in 3Q 2017.

Property development

No revenue was recognised in 3Q 2018 as compared to RM8.031 million in 2Q 2017, mainly due to no new sale of development units in 3Q 2018.

Despite a substantial decrease in the revenue, the loss before tax was decreased from RM1.296 million in 3Q 2017 to RM0.254 million in 3Q 2018, mainly due to amortisation of foreseeable loss on construction of affordable housing projects based on turnover.

Construction

The construction sector registered a higher revenue of RM28.250 million in 3Q 2018 as compared to RM14.350 million in 3Q 2017. The increase in revenue for 3Q 2018 was mainly due to increase in work done for our construction projects. The construction sector recorded loss before tax of RM0.779 million compared to loss before tax of RM0.385 million in 3Q 2017 mainly due to higher overheads in current quarter.

Investment property

Revenue for the current quarter recorded RM0.642 million compared to RM0.761 million in 3Q 2018 and 3Q 2017. Correspondingly, the profit before tax was reduced from RM0.141 million in 3Q 2017 to RM0.05 million in 3Q 2018.

Comparison with preceding quarter results

Current quarter ("3Q 2018") against immediate preceding quarter ("2Q 2018")

review_02

For 3Q 2018, the Group recorded revenue of RM53.960 million, an increase of RM28.049 million or 108.3% from RM25.911 million in 2Q 2018. The Group also recorded loss before tax of RM2.707 million as compared to loss before tax of RM16.437 million in 2Q 2018. The increase in revenue is mainly due to increase in work done for our construction activities and increase in sales volume from our trading sector. The Group reported lower loss before tax of RM2.707 million compared to RM16.437 million in 2Q 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 order book estimated at RM410.5 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.