logo

Salcon HQ : 603 8024 8822

INVESTORS

Email This Print This Latest Quarterly Financial

Quarterly Report For The Financial Period Ended 31 December 2017

Financials Archive

Get Adobe Reader Note: Files are in Adobe (PDF) format.
Please download the free Adobe Acrobat Reader to view these documents.

Condensed Consolidated Statements Of Profit Or Loss For The Fourth Quarter Ended 31 December 2017 - Unaudited

Balance Sheet

Condensed Consolidated Statements Of Financial Position At 31 December 2017 - Unaudited

Income Statement

Condensed Consolidated Statement Of Cash Flows For The Fourth Quarter Ended 31 December 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 higher revenue amounting to RM149.68 million as compared to RM38.47 million for the same period in the preceding year or an increase of 289%. Loss before taxation of RM17.61 million was recorded in the current financial quarter as compared to profit before tax of RM2.20 million for the same period in the preceding year.

In the Constructions Division, revenue recorded in the current financial quarter was higher by 25% as compared to the same period in the preceding year. However, higher cost of sales has resulted the Division to incurred loss before tax of RM4.25 million as compared to profit before tax of RM7.54 million for the same period in the preceding year.

The Property Development Division has recorded a revenue of RM100.70 million due to handover of properties to the buyers of Res 280 at Selayang. However, the Division incurred loss before tax of RM2.46 million in the current financial quarter as compared to loss before tax of RM2.99 million for the same period in the preceding year due to unrealized loss on foreign exchange.

In the Concessions Division, revenue was higher by 20% in the current financial quarter as compared to the same period in the preceding year. Profit before tax was RM1.68 million as compared to profit before tax of RM1.59 million for the same period in the preceding year.

In the Trading and Services Division, revenue was higher by 53% as compared to the same period in the preceding year due to contributions from new investments. However, the Division recorded loss before tax of RM10.61 million as compared to loss before tax of RM2.64 million for the same period in the preceding year due to impairment of goodwill and operating expenses incurred by the new business ventures in the current financial quarter.

In the Discontinued Operations, the Division recorded loss before tax of RM647,000 as compared to loss before tax of RM30,000 million for the same period in the preceding year due to the disposal of a subsidiary in the current financial quarter.

For the cumulative quarter to date, the Group recorded revenue of RM209.24 million as compared to RM98.97 million in the corresponding cumulative quarter in the preceding year. Loss before tax of RM34.85 million was recorded in the cumulative quarter to date as compared to loss before tax of RM11.69 million in the corresponding cumulative quarter in the preceding year.

In the Constructions Division, revenue was 4% higher when compared to the corresponding cumulative quarter in the preceding year. The Division loss before tax was RM4.48 million as compared to profit before tax of RM6.41 million for the same period in the preceding year due to higher cost of sales in the current cumulative quarter.

In the Property Development Division, it recorded revenue of RM100.70 million due to handover of properties to the buyers of Res 280 at Selayang. However, the Division incurred loss before tax of RM8.65 million in the current cumulative quarter as compared to loss before tax of RM9.45 million for the same period in the preceding year due to unrealized loss on foreign exchange and interest expense.

The Concessions Division recorded revenue and profit before tax of RM1.57 million and RM6.27 million as compared to RM1.52 million and RM5.83 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 RM20.57 million as compared to RM14.35 million in the corresponding cumulative quarter in the preceding year. The revenue increased by 43% mainly due to solar power business in the current cumulative quarter. The Division recorded loss before tax of RM20.83 million as compared to loss before tax of RM7.62 million for the same period in the preceding year due to impairment of goodwill and operating expenses incurred by the new business ventures in the current cumulative quarter.

In the Discontinued Operations, the Division recorded loss before tax of RM620,000 as compared to profit before tax of RM37.98 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

Despite strong headwinds and the Group’s lacklustre performance over the past year, the Group maintains a cautiously positive outlook for financial year 2018.

In the coming year, the engineering & construction and concession divisions are expected to be the mainstay of the Group’s profitability. We also expect positive contribution from the technology services division with the increase in the utilization of the infrastructure established.

The challenging economic landscape had prompted us to further review and enhance the Group’s efforts to growing long-term shareholder value.