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Quarterly Report For The Financial Period Ended 30 September 2018

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Condensed Consolidated Statements Of Profit Or Loss For The Third Quarter Ended 30 September 2018 - Unaudited

Balance Sheet

Condensed Consolidated Statements Of Financial Position At 30 September 2018 - Unaudited

Income Statement

Condensed Consolidated Statement Of Cash Flows For The Third Quarter Ended 30 September 2018 - Unaudited

Cash Flow

Review of Performance of the Company and its Principal Subsidiaries

review_01

For the current financial quarter under review, the Group achieved higher revenue amounting to RM35.27 million as compared to RM18.65 million for the same period in the preceding year or an increase of 89%. Profit before taxation of RM4.61 million was recorded in the current financial quarter as compared to profit before tax of RM1.10 million for the same period in the preceding year.

In the Constructions Division, revenue recorded in the current financial quarter was higher by 142% as compared to the same period in the preceding year due to recognitions of projects. Higher gross profits has resulted the Division to record profit before tax of RM3.23 million as compared to loss before tax of RM310,000 for the same period in the preceding year.

The Property Development Division has recorded revenue of RM1.69 million as compared to nil for the same period in the preceding year. Loss before tax for the current financial quarter was RM1.85 million as compared to loss before tax of RM1.90 million for the same period in the preceding year.

In the Concessions Division, revenue was lower by 4% in current financial quarter as compared to the same period in the preceding year. Profit before tax was RM1.39 million as compared to profit before tax of RM1.54 million for the same period in the preceding year due to lower contributions from associate company in the current financial quarter.

In the Trading and Services Division, revenue was lower by 36% as compared to the same period in the preceding year due to higher sales in solar power in the preceding year quarter. The Division recorded profit before tax of RM2.52 million as compared to loss before tax of RM6.24 million for the same period in the preceding year due to impairment loss on goodwill of RM3.88 million in the preceding year quarter.

In the Discontinued Operations, the Division recorded loss before tax of RM606,000 as compared to profit before tax of RM8.53 million for the same period in the preceding year due to gain from the disposal of 80% equity in Eco World-Salcon Y1 Pty Ltd in the preceding year quarter.

For the cumulative quarter to date, the Group recorded revenue of RM86.67 million as compared to RM59.56 million in the corresponding cumulative quarter in the preceding year. Loss before tax of RM4.73 million was recorded in the cumulative quarter to date as compared to loss before tax of RM17.24 million in the corresponding cumulative quarter in the preceding year. The loss before tax in the current cumulative quarter was reduced mainly attributed to recognitions of projects and the disposal of subsidiaries.

In the Constructions Division, revenue was 60% higher when compared to the corresponding cumulative quarter in the preceding year. The Division profit before tax was RM4.06 million as compared to loss before tax of RM235,000 for the same period in the preceding year due to higher recognitions of projects and management fees in the current cumulative quarter.

In the Property Development Division, it recorded loss before tax of RM8.75 million in the current financial quarter as compared to loss before tax of RM6.18 million for the same period in the preceding year due to unrealised losses on foreign exchange in the current cumulative quarter.

The Concessions Division recorded revenue and profit before tax of RM1.09 million and RM4.10 million as compared to RM1.18 million and RM4.59 million respectively in the corresponding cumulative quarter in the preceding year. The lower profit before tax of 11% was due to lower share of profits from associate company.

The Trading and Services Division recorded revenue of RM14.59 million as compared to RM15.37 million in the corresponding cumulative quarter in the preceding year. The Division recorded profit before tax of RM922,000 as compared to loss before tax of RM10.22 million for the same period in the preceding year. Impairment loss on goodwill of RM3.88 million was recognised in the cumulative quarter of the preceding year.

In the Discontinued Operations, the Division recorded loss before tax of RM606,000 as compared to profit before tax of RM27,000 million for the same period in the preceding year due to gain from the disposal of 80% equity in Eco World-Salcon Y1 Pty Ltd in the cumulative quarter of the preceding year.

Prospect

Despite the challenging economic environment in the country, the Group is intensifying its tendering for water and wastewater projects, both locally and overseas so as to replenish its outstanding order book which stands at RM448 million as at 30 September 2018.

The Group remains optimistic of its medium to long term prospects.