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SECOND QUARTER FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2017 PART I - INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR ANNOUNCEMENTS1(a) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year.
CONSOLIDATED INCOME STATEMENT | ||||||
2Q 2017 | 2Q 2016 | +/(-) | 1H 2017 | 1H 2016 | +/(-) | |
$'000 | $'000 | % | $'000 | $'000 | % | |
Revenue | 164,762 | 175,661 | (6) | 317,993 | 354,175 | (10) |
Other income | 945 | 1,116 | (15) | 1,727 | 2,443 | (29) |
Raw materials, subcontract cost and other direct costs | (128,974) | (134,516) | (4) | (247,186) | (276,455) | (11) |
Staff costs | (7,937) | (9,741) | (19) | (17,460) | (19,189) | (9) |
Depreciation and amortisation expenses | (5,922) | (5,727) | 3 | (11,973) | (11,550) | 4 |
Other expenses | (13,479) | (13,272) | 2 | (27,616) | (26,484) | 4 |
Finance costs | (3,067) | (3,119) | (2) | (5,965) | (6,360) | (6) |
6,328 | 10,402 | (39) | 9,520 | 16,580 | (43) | |
Share of results of associates | 1,499 | 527 | 184 | 2,772 | 1,007 | 175 |
Profit before income tax from continuing operations | 7,827 | 10,929 | (28) | 12,292 | 17,587 | (30) |
Income tax | (1,715) | (2,574) | (33) | (2,235) | (4,293) | (48) |
Profit from continuing operations, net of tax | 6,112 | 8,355 | (27) | 10,057 | 13,294 | (24) |
Discontinued operations | ||||||
Loss from discontinued operations, net of tax | - | (1,739) | nm | - | (3,537) | nm |
Profit for the period | 6,112 | 6,616 | (8) | 10,057 | 9,757 | 3 |
Attributable to: | ||||||
Equity holders of the Company | ||||||
Profit from continuing operations, net of tax | 5,350 | 6,995 | (24) | 8,476 | 10,836 | (22) |
Loss from discontinued operations, net of tax | - | (1,739) | nm | - | (3,537) | nm |
5,350 | 5,256 | 2 | 8,476 | 7,299 | 16 | |
Non-controlling interests | ||||||
Profit from continuing operations, net of tax | 762 | 1,360 | (44) | 1,581 | 2,458 | (36) |
6,112 | 6,616 | (8) | 10,057 | 9,757 | 3 |
nm: Not meaningful
The Loss from discontinued operations in 1H2016 comprised the results of the tug and barge business which was disposed on 7 December 2016.
1(a) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year. (continued)
A. | Profit before income tax is arrived at after crediting/(charging) the | 2Q 2017 | 2Q 2016 +/(-) | 1H 2017 | 1H 2016 +/(-) |
following: | $'000 | $'000 % | $'000 | $'000 % | |
Interest income | 184 | 111 66 | 311 | 174 79 | |
Interest expense | (2,912) | (3,078) (5) | (5,764) | (6,261) (8) | |
Dividend income from other investments | - | 163 nm | - | 326 nm | |
Reversal of impairment loss on trade receivables | - | 83 nm | 195 | 83 135 | |
Foreign exchange (loss)/gain | (91) | (295) (69) | (90) | 45 nm | |
(Loss)/gain on disposal of property, plant and equipment | (20) | (33) (39) | 26 | 277 (91) | |
Write-off of property, plant and equipment | (1) | - nm | (308) | (36) nm |
2Q 2017 $'000 | 2Q 2016 $'000 | +/(-) % | 1H 2017 $'000 | 1H 2016 $'000 | +/(-) % | |
Profit for the period, net of tax | 6,112 | 6,616 | (8) | 10,057 | 9,757 | 3 |
Other comprehensive income: | ||||||
Foreign currency translation | 520 | (5,108) | (110) | (5,024) | (10,493) | (52) |
Fair value changes of derivatives | (1,056) | - | nm | (4,402) | (2,315) | 90 |
Other comprehensive income for the period, net of tax | (536) | (5,108) | (90) | (9,426) | (12,808) | (26) |
Total comprehensive income for the period | 5,576 | 1,508 | nm | 631 | (3,051) | (121) |
Attributable to: | ||||||
Equity holders of the Company | 4,875 | 853 | nm | (71) | (3,605) | (98) |
Non-controlling interests | 701 | 655 | 7 | 702 | 554 | 27 |
Total comprehensive income for the period | 5,576 | 1,508 | nm | 631 | (3,051) | (121) |
Attributable to Equity holders of the Company: | ||||||
Total comprehensive income from continuing operations, net of tax | 4,875 | 2,577 | 89 | (71) | (117) | (39) |
Total comprehensive income from discontinued operations, net of tax | - | (1,724) | nm | - | (3,488) | nm |
Total comprehensive income for the period attributable to equity | ||||||
holders of the Company | 4,875 | 853 | nm | (71) | (3,605) | (98) |
comparative statement as at the end of the immediately preceding financial year.
BALANCE SHEETS | Group | Company | ||||
Non-current assets Vessels, property, plant and equipment Subsidiaries Associates Other investments Other receivables Goodwill Deferred tax assets Current assets Cash and short-term deposits Trade and other receivables Prepayments Work-in-progress Inventories Derivatives Other assets Current liabilities Loans and borrowings Payables and accruals Deferred income Provisions Income tax payable Derivatives Net current assets Non-current liabilities Loans and borrowings Deferred tax liabilities Deferred income Other liabilities Provisions Derivatives Net assets Equity attributable to equity holders of the Company Share capital Treasury shares Reserves Non-controlling interests Total equity | 30-Jun-17 $'000 450,346 - 8,531 801 767 23,974 1,076 | 31-Dec-16 $'000 455,178 - 9,803 996 933 24,507 831 | 30-Jun-17 $'000 289 181,818 - 774 - - - | 31-Dec-16 $'000 318 180,119 - 930 - - - | ||
485,495 | 492,248 | 182,881 | 181,367 | |||
48,766 146,051 4,520 12 16,018 - 225 | 72,662 146,252 3,322 382 20,193 2,879 1,577 | 24,689 3,300 854 - - - - | 43,270 2,812 580 - - 2,879 - | |||
215,592 | 247,267 | 28,843 | 49,541 | |||
52,234 99,006 433 1,460 2,062 1,368 | 52,381 109,215 558 1,983 3,350 - | 2,000 1,408 - - - 1,368 | 2,000 1,953 - - 2 - | |||
156,563 | 167,487 | 4,776 | 3,955 | |||
59,029 232,973 10,464 863 552 3,048 523 | 79,780 245,936 10,605 893 580 3,000 368 | 24,067 78,000 - - - - 523 | 45,586 78,000 - - - - 368 | |||
248,423 | 261,382 | 78,523 | 78,368 | |||
296,101 | 310,646 | 128,425 | 148,585 | |||
92,052 (957) 167,751 | 92,052 (1,759) 183,394 | 92,052 (957) 37,330 | 92,052 (1,759) 58,292 | |||
258,846 37,255 | 273,687 36,959 | 128,425 - | 148,585 - | |||
296,101 | 310,646 | 128,425 | 148,585 | |||
comparative statement as at the end of the immediately preceding financial year. (continued)
Explanatory Notes to Balance Sheets
The decrease in cash and short term deposits are mainly due to the repayment of bank borrowings and payment of final dividends in 2Q 17.
1(b)(ii) In relation to the aggregate amount of group's borrowings and debts securities, specify the following as at the end of the current financial period reported on with comparative figures as at the end of the immediately preceding financial year.
Amount repayable in one year or less, or on demand | As of 30 Jun 2017 | As of 31 Dec 2016 |
Secured Unsecured | Secured Unsecured | |
$'000 $'000 | $'000 $'000 | |
20,234 32,000 | 20,381 32,000 | |
Amount repayable after one year | 129,973 103,000 | 142,936 103,000 |
Certain short and long-term bank loans are secured by mortgages over certain assets of foreign subsidiaries.
Pan-United Corporation Ltd. published this content on 10 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 11 August 2017 03:20:01 UTC.
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