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Quarterly Report For The Financial Period Ended 30 September 2017

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Condensed Consolidated Statements Of Profit Or Loss For The Third Quarter Ended 30 September 2017 - Unaudited

Balance Sheet

Condensed Consolidated Statements Of Financial Position At 30 September 2017 - Unaudited

Income Statement

Condensed Consolidated Statement Of Cash Flows For The Third Quarter Ended 30 September 2017 - 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 lower revenue amounting to RM18.65 million as compared to RM22.95 million for the same period in the preceding year or a decreased of 19%. Loss before taxation of RM8.67 million was recorded in the current financial quarter as compared to profit before tax of RM277,000 for the same period in the preceding year.

In the Constructions Division, revenue recorded in the current financial quarter was lower by 33% as compared to the same period in the preceding year. However, contributions from the share of profit from the joint ventures has increased by 617% as compared to the same period in the preceding year. The Division to incurred loss before tax of RM310,000 as compared to loss before tax of RM1.27 million for the same period in the preceding year.

The Property Development Division has recorded a loss before tax of RM1.90 million as compared to loss before tax of RM2.10 million for the same period in the preceding year due to lower finance costs in the current financial quarter.

In the Concessions Division, revenue was lower by 8% in current financial quarter as compared to the same period in the preceding year. Profit before tax was RM1.54 million as compared to profit before tax of RM1.51 million for the same period in the preceding year.

In the Trading and Services Division, revenue was higher by 39% as compared to the same period in the preceding year due to the higher revenue of solar power business. The Division recorded loss before tax of RM6.24 million as compared to loss before tax of RM446,000 for the same period in the preceding year due to impairment of goodwill in the current financial quarter and operating expenses incurred by the new business ventures.

In the Discontinued Operations, the Division recorded profit before tax of RM8.53 million as compared to loss before tax of RM78,000 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 current financial quarter.

For the cumulative quarter to date, the Group recorded revenue of RM59.56 million as compared to RM60.51 million in the corresponding cumulative quarter in the preceding year. Loss before tax of RM17.24 million was recorded in the cumulative quarter to date as compared to loss before tax of RM13.88 million in the corresponding cumulative quarter in the preceding year.

In the Constructions Division, revenue was 11% lower when compared to the corresponding cumulative quarter in the preceding year. The Division loss before tax was RM235,000 as compared to loss before tax of RM1.14 million for the same period in the preceding year due to higher contributions from the share of profit from the joint ventures in the current cumulative quarter.

In the Property Development Division, it recorded loss before tax of RM6.18 million in the current financial quarter as compared to loss before tax of RM6.46 million due to lower finance cost in the current cumulative quarter.

The Concessions Division recorded revenue and profit before tax of RM1.18 million and RM4.59 million as compared to RM1.20 million and RM4.23 million respectively in the corresponding cumulative quarter in the preceding year. The improvement of 8% in profit before tax was due to higher share of profits from associated companies.

The Trading and Services Division recorded revenue of RM15.37 million as compared to RM10.94 million in the corresponding cumulative quarter in the preceding year. The revenue increased by 40% mainly due to solar power business in the current cumulative quarter. The Division recorded loss before tax of RM10.22 million as compared to loss before tax of RM4.98 million for the same period in the preceding year due to impairment of goodwill in the current cumulative quarter and operating expenses incurred by the new business ventures.

In the Discontinued Operations, the Division recorded profit before tax of RM27,000 as compared to profit before tax of RM38.00 million in the corresponding cumulative quarter in the preceding year due to gain from the disposal of the subsidiaries in the cumulative quarter of the preceding year.

Prospect

The Group expects the positive results from this quarter to continue to the final quarter of the year with the profit recognition on the successful completion and hand-over of vacant possession of the Selayang res280 property project.

The Group is also actively tendering for water projects in Malaysia and the region and look to further replenishing its order books in the water division following the successful procurement of 3 non-revenue water (NRW) projects during the last 3 months.