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Latest Quarterly Result

Quarterly Report For The Financial Period Ended 30 September 2017

Financials Archive

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Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
For The Financial Period Ended 30 September 2017

Income Statement

Condensed Consolidated Statement of Financial Position
As At 30 September 2017

Balance Sheet

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

Financial review for current quarter

review_01

Current quarter ("3Q 2017") against preceding year corresponding quarter ("3Q 2016")

For the 3Q 2017, the Group registered revenue of RM38.284 million and loss before tax of RM2.596 million as compared to revenue of RM31.245 million and loss before tax of RM3.466 million reported in the 3Q 2016. The increase in Group revenue was mainly due to increase in work done for our construction activities and sales of a completed development unit. The loss before tax was lower by 25.1 % mainly due to contribution of RM0.657 from the share of results of a jointly controlled entity involved in construction sector.

The performance of the respective operating business segments for the 3Q 2017 under review as compared to the 3Q 2016 is analysed as follow:

Trading and services

The trading sector reported a lower revenue of RM21.402 million for the 3Q 2017 as compared to RM25.100 million in 3Q 2016, mainly due to the lesser demand. The lower loss before tax of RM1.112 million in 3Q 2017 as compared to loss before tax of RM1.355 million in 3Q 2016 was mainly due to supply of certain products with better gross profit margin in 3Q 2017.

Property development

The improved revenue for the quarter in 3Q 2017 is due to the sale of a completed unit during the period whereas the increased in loss before tax is mainly due to provision for foreseeable loss on a piece of school reserve land to be surrendered to the state government as a condition for approval of development plan.

Construction

The construction sector registered a higher revenue of RM14.348 million in 3Q 2017 as compared to RM5.892 million in 3Q 2016. The increase in revenue for 3Q 2017 was mainly due to increase in work done for our construction projects. The construction sector also recorded lesser loss of RM0.385 million compared to loss before tax of RM 0.636 million in 3Q 2016 due to increase in work done.

Investment property

Revenue for the current quarter reduced marginally by 0.5% from RM0.764 million to RM0.760 million due to termination of tenancy for certain units of Group's investment properties which is exceed the additional new tenancies produce during the period. This sector recorded profit before tax of RM0.141 million for the 3Q 2017 compared to loss before tax of RM0.05 million in 3Q 2016 due to decrease in overhead costs in 3Q 2017.

Financial review for financial year to date

review_02

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

For the YTD 2017, the Group recorded revenue of RM106.242 million, an increase of RM11.174 million or 11.8% from RM95.068 million in YTD 2016. The Group also recorded loss before tax of RM6.696 million. The increase in total revenue was mainly due to increase in work done for our construction projects and sale of completed development unit. The decrease in the Group's loss before tax by 24.6% from 3Q 2016 was mainly due to increase in revenue from our construction and property development segments.

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 RM72.259 million for the YTD 2017 as compared to RM80.974 million in YTD 2016. The decrease in revenue was mainly due to the decrease in demand from our existing key customers. The higher loss before tax of RM 4.555 million in YTD 2017 as compared to loss before tax of RM3.331 million in YTD 2016 was mainly due to lesser demand.

Property development

The property development sector registered a profit before tax of RM0.332 million on the revenue of RM6.671 million, due to sale of completed units during the period, decrease in sales & marketing expenses and non-claimable GST expenses for residential property.

Construction

The construction sector registered a higher revenue of RM30.810 million in YTD 2017 as compared to RM12.985 million in YTD 2016. The sector has also registered a lesser loss before tax of RM1.017 million due to increase in work done.

Investment property

The increase in revenue and profit before tax was due to additional new tenancies for certain units of Group's investment properties.

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 RM61.850 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.


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