CONSOLIDATED INCOME STATEMENT FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2016
GROUP | |||||||
3Q2016 | 3Q2015 | Change | YTD2016 | YTD2015 | Change | ||
$'000 | $'000 | % | $'000 | $'000 | % | ||
Revenue | 35,717 | 40,850 | (12.6) | 110,153 | 137,462 | (19.9) | |
Changes in inventories of finished goods and work-in-progress | 617 | 3,884 | (84.1) | 1,518 | (287) | n.m. | |
Raw materials | (28,140) | (35,279) | 20.2 | (84,468) | (107,084) | 21.1 | |
(Loss)/ gain on disposal of property, plant and equipment | (91) | 39 | n.m. | 320 | 116 | n.m. | |
(Loss)/ gain on disposal of investments | (3) | 45 | n.m. | 3,472 | 56 | n.m. | |
Investment income | 99 | 1 | n.m. | 217 | 107 | n.m. | |
Interest income | 111 | 69 | 60.9 | 762 | 142 | n.m. | |
Dividend income | 48 | 284 | (83.1) | 215 | 447 | (51.9) | |
Other income | 482 | 950 | (49.3) | 2,082 | 4,747 | (56.1) | |
Exchange gain/ (loss) | 539 | 1,181 | (54.4) | (1,255) | 1,177 | n.m. | |
Allowance for doubtful debts and bad debts written off, net | (421) | - | n.m. | (421) | 32 | n.m. | |
Depreciation of property, plant and equipment | (1,167) | (1,136) | (2.7) | (3,344) | (3,635) | 8.0 | |
Amortisation of intangible assets | (17) | - | n.m. | (24) | - | n.m. | |
Impairment loss on property, plant and equipment | - | (537) | n.m. | - | (1,540) | n.m. | |
Allowance for impairment on investments | (96) | (800) | 88.0 | (1,163) | (813) | (43.1) | |
Net change in fair value of financial assets held for trading | 1,099 | (648) | n.m. | (78) | (289) | 73.0 | |
Staff costs | (3,659) | (4,278) | 14.5 | (11,038) | (12,964) | 14.9 | |
Rental expenses | (706) | (792) | 10.9 | (2,234) | (2,123) | (5.2) | |
Other expenses | (4,502) | (5,329) | 15.5 | (13,554) | (17,243) | 21.4 | |
Interest expense | (111) | (106) | (4.7) | (335) | (319) | (5.0) | |
(Loss)/ profit before share of profit of associates and joint ventures | (201) | (1,602) | (87.5) | 825 | (2,011) | n.m. | |
Share of profit/ (loss) of associates and joint ventures, net of tax | 1,780 | (635) | n.m. | 3,218 | 543 | n.m. | |
Profit/ (loss) before tax | 1,579 | (2,237) | n.m. | 4,043 | (1,468) | n.m. | |
Tax expense | (116) | (64) | (81.3) | (704) | (543) | (29.7) | |
Profit/ (loss) for the period | 1,463 | (2,301) | n.m. | 3,339 | (2,011) | n.m. | |
Attributable to: | |||||||
Equity holders of the Company | 1,498 | (2,252) | n.m. | 3,194 | (1,921) | n.m. | |
Non-controlling interests | (35) | (49) | (28.6) | 145 | (90) | n.m. | |
Profit/ (loss) for the period | 1,463 | (2,301) | n.m. | 3,339 | (2,011) | n.m. | |
n.m. - not meaningful |
3Q2016 $'000 | 3Q2015 $'000 | Change % | YTD2016 $'000 | YTD2015 $'000 | Change % |
1,463 | (2,301) | n.m. | 3,339 | (2,011) | n.m. |
744 | 2,371 | (68.6) | (4,449) | 2,591 | n.m. |
493 | 2,167 | (77.2) | (1,389) | 2,758 | n.m. |
99 | 800 | n.m. | (2,309) | 813 | n.m. |
(388) | (203) | (91.1) | (2,291) | 1,069 | n.m. |
948 | 5,135 | (81.5) | (10,438) | 7,231 | n.m. |
2,411 | 2,834 | (14.9) | (7,099) | 5,220 | n.m. |
2,436 | 2,844 | (14.3) | (7,170) | 5,310 | n.m. |
(25) | (10) | 150.0 | 71 | (90) | n.m. |
2,411 | 2,834 | (14.9) | (7,099) | 5,220 | n.m. |
Foreign currency translation differences for
foreign operations
Exchange differences on monetary items forming part of the net investment
Net change in fair value of available-for-sale
financial assets reclassified to profit or loss Net change in fair value of available-for-sale financial assets
Other comprehensive income for the period, net of tax
Total comprehensive income for the period Total comprehensive income attributable to:Equity holders of the Company Non-controlling interests
n.m. - not meaningful
1(c) EARNINGS PER ORDINARY SHARE (EPS) GROUP GROUP Earnings per ordinary shares profit/ (loss) attributable to equity holders of the Company:Based on weighted average number of ordinary shares in issue
On a fully diluted basis
1.26 (1.90) 2.69 (1.62)
1.26 (1.90) 2.69 (1.62)
1(d) BALANCE SHEETS GROUP COMPANY 30 Sept 2016 31 Dec 2015 30 Sept 2016 31 Dec 2015 $'000 $'000 $'000 $'000ASSETS
Property, plant and equipment 13,834 15,199 3,048 2,948
Subsidiaries - - 46,330 47,333
Intangible assets 304 328 - -
Associates and joint ventures 97,233 101,007 60,555 60,243
Other investments 16,514 21,914 1,217 1,217
Other assets 158 172 159 172
Amounts due from associates and a joint venture 1,018 1,607 - - Deferred tax assets 29 29 - -
Non-current assets 129,090 140,256 111,309 111,913
Other investments 20,849 23,611 - -
Inventories 13,609 13,725 7,017 8,170
Trade and other receivables 38,658 51,580 46,804 67,135 Loan to a subsidiary - - 4,888 7,498 Cash and cash equivalents 43,310 33,621 28,264 10,992
Current assets 116,426 122,537 86,973 93,795
TOTAL ASSETS 245,516 262,793 198,282 205,708
Equity
Share capital 85,270 85,270 85,270 85,270 Reserves 127,958 138,181 91,097 95,129
Equity attributable to owners of the Company 213,228 223,451 176,367 180,399Non-controlling interests | 134 62 | - - |
Total equity | 213,362 223,513 | 176,367 180,399 |
LIABILITIES | ||
Loans and borrowings | 7,189 7,291 | 300 433 |
Deferred tax liabilities | 712 655 | - - |
Non-current liabilities | 7,901 7,946 | 300 433 |
Loans and borrowings | 3,556 4,440 | 13,612 11,867 |
Trade and other payables | 20,264 26,685 | 8,003 13,009 |
Current tax liabilities | 433 209 | - - |
Current liabilities | 24,253 31,334 | 21,615 24,876 |
TOTAL LIABILITIES | 32,154 39,280 | 21,915 25,309 |
TOTAL EQUITY AND LIABILITIES | 245,516 262,793 | 198,282 205,708 |
ANALYSIS OF BALANCE SHEETS
Other investments decreased by $8.2 million due to disposal of investment of $6.7 million and fair value movements of $2.5 million on available-for-sale financial assets, offset by capital calls of $1.1 million.
Trade and other receivables decreased by $12.9 million due to slowing down in sales and refund of loan from a joint venture.
Loans and borrowings decreased by $1.0 million due to settlement of short-term borrowings and finance liabilities.
Trade and other payables decreased by $6.4 million due to slow down in raw material purchase in line with weaker demand particularly in Singapore, and settlement of amount owing to a related party.
1(e) GROUP BORROWINGS Amount repayable in one year As at As at 30 Sept 2016 31 Dec 2015 $'000 $'000Secured 2,343 2,569
Unsecured 1,213 1,871
3,556 4,440
Amount repayable after one yearSecured 7,189 7,291
Unsecured - -
7,189 7,291
Total 10,745 11,731 Details of any collateralThe Group's banking facilities are unsecured
The hire purchase facilities of the Group are secured by the Company and its subsidiaries' plant and machinery and motor vehicles.
NET ASSET VALUE
GROUP COMPANY 3Q2016 3Q2015 3Q2016 3Q2015 Cents Cents Cents CentsNet asset value per ordinary share at end of the financial period/year
1.80 1.94 1.49 1.55
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