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Profit & Loss
Review of Performance
Income Statement
The Group registered total revenue of $40.3m for 3Q FY2013 and $124.6m for 9M FY2013 which were 51.2% higher than the corresponding period of the prior 3Q FY2012 and 37.8% higher than 9M FY2012. The increase in total revenue were due to increase in both rental and trading revenues.
Revenue from Equipment Rental business increased by 27.7% to $13.3m for 3Q FY2013 and increased by 40.4% to $39.9m for 9M FY2013 as compared to the respective prior periods, mainly due to expanded fleet size in the Group and the improvement in rental rates.
Revenue from Trading business increased by 66.3% to $27.0m for 3Q FY2013 and increased by 36.6% to $84.8m for 9M FY2013 as compared to the respective prior periods, mainly due to higher volume of cranes traded as a result of increase in demand in the regional markets.
The Group registered total gross profit of $7.2m for 3Q FY2013 which was 67.0% higher than the corresponding period of the prior 3Q FY2012, and total gross profit of $21.6m for 9M FY2013 which was 61.7% higher than the prior 9M FY2012, mainly due to higher revenue from equipment rental and trading.
Gross profit from Equipment Rental business increased by 47.3% to $4.7m for 3Q FY2013 and increased by 74.7% to $14.9m for 9M FY2013 as compared to the respective prior periods. The increase in gross profit were mainly due to expanded fleet size in the Group and improvement in rental rates.
Gross profit from Trading business increased by 123.5% to $2.5m for 3Q FY2013, and increased by 38.6% to $6.7m for 9M FY2013, as compared to the respective prior periods, mainly due to higher volume of cranes traded.
Net Profit
The Group registered net profit after tax of $3.1m for 3Q FY2013 and $9.4m for 9M FY2013, which was 114.0% higher than the corresponding period of the prior 3Q FY2012 and 66.8% higher than 9M FY2012. This was mainly due to the net impact of the following:
- higher gross profit for 3Q FY2013 and 9M FY2013;
- higher other operating income in 3Q FY2013 and 9M FY2013 as compared to corresponding periods, mainly from unrealised foreign exchange gain and the one time receipt of deposit forfeited;
- higher administrative and finance costs which are in line with the increase in revenue and fleet size;
- higher other operating expenses in 9M FY2013 as compared to corresponding period mainly from unrealised fair value loss on forward currency for sales order;
- higher contributions from an associate company; and
- additional income tax expenses paid due to finalisation of prior year tax assessment.
Statement Of Financial Position
Current assets
As at 31 March 2013, total current assets amounted to $78.1m or 38.2% of our total assets. Current assets comprises mostly of cash and bank balances, trade receivables and inventories. Total current assets increased by $21.2m as compared to 30 June 2012, mainly from higher inventories and trade and other receivables. The increased in inventories and trade receivables were mainly due to higher purchase and sales of inventory cranes towards the end of this reporting period.
Non-current assets
As at 31 March 2013, non-current assets amounted to $126.6m or 61.8% of our total assets. Non-current assets comprise mostly of fixed assets and investments. Total non-current assets decreased $7.5m as compared to 30 June 2012, mainly due to partial disposal of equity interest in an associate and depreciation charged.
Current liabilities
As at 31 March 2013, current liabilities amounted to $79.1m or 74.6% of our total liabilities. Current liabilities comprises mostly of trade payables, bills payable, current portion of finance leases and bank loans. Total current liabilities increased $10.3m as compared to 30 June 2012 with higher bills payable, which were mostly in line with the increase in inventories and turnover. Current portion of bank loans comprises of working capital bridging loans and current portion of long term loan, which were drawdown for financing of the group's regional expansion during the period.
Working Capital
As at 31 March 2013, the Group registered a lower negative working capital of $1.1m as compared to that of $12.0m as at 30 June 2012.
Non- current liabilities
As at 31 March 2013, non-current liabilities amounted to $27.0m or 25.4% of our total liabilities. Non-current liabilities comprises mostly of non-current portion of finance leases, bank loans and deferred tax. Total non-current liabilities decreased $3.4m compared to 30 June 2012, mainly as a result of repayment of finance leases and bank loans.
Equity
The Group's equity increased from $91.4 million as at 30 June 2012 to $98.2m as at 31 March 2013 mainly due to the comprehensive income generated for 9M FY2013, after netting off against a dividend payment of $2.5m in December 2012.
Commentary On Current Year Prospects
The Group is cautiously optimistic that the key markets in which the Group operates remain encouraging.
Balance Sheet
