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Financials
Second Quarter Results Financial Statement And Related Announcement
Financials Archive

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Profit & Loss

 

Review of Performance

Income Statement

Revenue

The Group registered total revenue of S$25.3m for 2nd Quarter ended 30 June 2018 ("2Q FY2018") which was 50.6% higher than that of 2nd Quarter ended 30 June 2017 ("2Q FY2017"). Total revenue of S$43.7m for 1H FY2018 was 4.6% higher as compared to 1H FY2017, mainly due to higher trading revenue.

Revenue from Equipment Rental business decreased by 8.1% to S$10.8m in 2Q FY2018 and 4.5% to S$21.6m in 1H FY2018 as compared to the corresponding periods in FY2017 respectively, mainly due to lower rental rates.

Revenue from Trading business increased by 187.1% to S$14.5m in 2Q FY2018 and 15.4% to S$22.1m in 1H FY2018 as compared to the corresponding periods in FY2017 respectively, mainly due to increase in number of cranes delivered in 2Q FY2018.

In 1H FY2018, there was a reclassification for servicing income earned from "Other Operating Income" to "Revenue." Comparative figures in 1H FY2017, were reclassified accordingly.

Gross Profit

The Group registered total gross profit of S$4.7m in 2Q FY2018, which was 21.6% higher than 2Q FY2017. Total gross profit for 1H FY2018 was S$8.1m and 5.6% lower as compared to 1H FY2017.

Gross profit from Equipment Rental business increased by 1.5% to S$3.5m in 2Q FY2018 and 0.8% to S$6.1m in 1H FY2018 as compared to the corresponding periods in FY2017.

Gross profit from Trading business increased by 176.9% to S$1.2m in 2Q FY2018 and decreased by 20.8% to S$2.0m in 1H FY2018 as compared to the corresponding periods in FY2017, mainly due to an increase in number of cranes delivered in 2Q FY2018.

Net (Loss) Profit

The Group registered net profit of S$0.4m in 1H FY2018. This was mainly due to the net impact of the following:

  1. higher gross profit generated from Trading revenue in 2Q FY2018;

  2. higher realised and unrealised foreign exchange gain;

  3. lower selling and administrative expenses;

  4. allowance for doubtful debts made in 2Q FY2018;

  5. higher income tax expenses.as a result of deferred taxation

Statement Of Financial Position

Current assets
As at 30 June 2018, current assets amounted to S$67.0m or 35.0% of total assets. Current assets comprised mainly cash and bank balances, trade and other receivables and inventories. Total current assets increased by S$7.9m as compared to 31 December 2017 mainly due to increase in cash and bank balances, trade and other receivables and inventories.

Non-current assets
As at 30 June 2018, non-current assets amounted to S$124.5m or 65.0% of total assets. Non-current assets comprised mainly property, plant and equipment. Total non-current assets decreased by S$9.3m mainly due to decrease in rental fleet and depreciation charged for the period.

Current liabilities
As at 30 June 2018, current liabilities amounted to S$38.4m or 55.8% of total liabilities. Current liabilities comprised mainly bills payable, trade payable, other payables, current portion of bank loans and finance leases. Total current liabilities increased by S$1.9m as compared to 31 December 2017, mainly due to increase in bills payables.

Non-current liabilities
As at 30 June 2018, non-current liabilities amounted to approximately S$30.3m or 44.2% of total liabilities. Non-current liabilities comprised mainly non-current portion of finance leases and deferred tax. Total non-current liabilities decreased by S$4.5m as compared to 31 December 2017, mainly due to repayment of bank loans and finance leases.

Working Capital
As at 30 June 2018, the Group registered a positive working capital of S$28.6m as compared to S$22.6m as at 31 December 2017.

Equity
As at 30 June 2018, the Group's equity increased by S$1.2m to S$122.8m as compared to S$121.6m as at 31 December 2017, mainly due to total comprehensive income recorded for 1H FY2018.

Commentary On Current Year Prospects

The Group expects the business environment to remain competitive and continues to manage costs.

Balance Sheet

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