logo

Salcon HQ : 603 8024 8822

INVESTORS

Email This Print This Latest Quarterly Financial

Quarterly Report For The Financial Period Ended 30 June 2018

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 Second Quarter Ended 30 June 2018 - Unaudited

Balance Sheet

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

Income Statement

Condensed Consolidated Statement Of Cash Flows For The Second Quarter Ended 30 June 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 RM30.02 million as compared to RM21.49 million for the same period in the preceding year or an increase of 40%. Loss before taxation of RM1.36 million was recorded in the current financial quarter as compared to loss before tax of RM4.33 million for the same period in the preceding year.

In the Constructions Division, revenue recorded in the current financial quarter was higher by 40% as compared to the same period in the preceding year. Higher gross profits has resulted the Division to record profit before tax of RM2.01 million as compared to loss before tax of RM1.62 million for the same period in the preceding year.

The Property Development Division has recorded a loss before tax of RM2.24 million as compared to loss before tax of RM2.07 million for the same period in the preceding year due to higher 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 RM1.42 million as compared to profit before tax of RM1.54 million for the same period in the preceding year due to lower contributions from the associated companies in the current financial quarter.

In the Trading and Services Division, revenue was higher by 31% as compared to the same period in the preceding year. The Division recorded loss before tax of RM712,000 as compared to loss before tax of RM2.36 million for the same period in the preceding year due to higher operating expenses in the preceding year quarter.

For the cumulative quarter to date, the Group recorded revenue of RM51.40 million as compared to RM40.91 million in the corresponding cumulative quarter in the preceding year. Loss before tax of RM10.03 million was recorded in the cumulative quarter to date as compared to loss before tax of RM8.57 million in the corresponding cumulative quarter in the preceding year attributed by the higher unrealised losses on foreign exchange in the current cumulative quarter.

In the Constructions Division, revenue was 28% higher when compared to the corresponding cumulative quarter in the preceding year. The Division profit before tax was RM835,000 as compared to profit before tax of RM75,000 for the same period in the preceding year due to higher management fees earned in the current cumulative quarter.

In the Property Development Division, it recorded loss before tax of RM6.90 million in the current financial quarter as compared to loss before tax of RM4.29 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 RM712,000 and RM2.72 million as compared to RM795,000 and RM3.05 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 associated company.

The Trading and Services Division recorded revenue of RM10.66 million as compared to RM9.22 million in the corresponding cumulative quarter in the preceding year. The revenue increased by 16% mainly due to transportation business in the current cumulative quarter. The Division recorded loss before tax of RM1.60 million as compared to loss before tax of RM3.98 million for the same period in the preceding year due to gain on disposal of assets RM897,000 in the current cumulative quarter.

Prospect

The Group remains positive with its medium to long term prospects with the successful procurement of several new contracts in the year domestically and overseas. The projects include Ambathale storm water pumping station in Sri Lanka and four sewage treatment plant jobs. The Group is also participating in the 1st water BOT tender in Sri Lanka and is expected to finalise the bid submission in the 4th quarter of the year.

With the formation of the Ministry of Water, Land and Natural Resources of Malaysia, the Group believes the ministry will actively improve and upgrade the water and wastewater facilities in the country to provide better living standards for the Rakyat. Following the Selangor water restructuring exercise, the Group foresee more opportunities especially in the area of Non Revenue Water (NRW) reduction where the government has set a target to reduce NRW to 25% by 2020 and to 15% by 2030. With our proven expertise in NRW reduction and management, we look forward to tap on these government initiatives to reduce NRW rates in Malaysia.