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Quarterly Report For The Financial Period Ended 30 June 2017

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Condensed Consolidated Statements Of Profit Or Loss For The Second Quarter Ended 30 June 2017 - Unaudited

Balance Sheet

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

Income Statement

Condensed Consolidated Statement Of Cash Flows For The Second Quarter Ended 30 June 2017 - Unaudited

Cash Flow
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Review of Performance of the Company and its Principal Subsidiaries

For the current financial quarter under review, the Group achieved lower revenue amounting to RM21.49 million as compared to RM21.70 million for the same period in the preceding year or a decreased of 1%. Loss before taxation of RM4.33 million was recorded in the current financial quarter as compared to profit before tax of RM485,000 for the same period in the preceding year.

In the Constructions Division, revenue recorded in the current financial quarter was lower by 6% as compared to the same period in the preceding year. Lower gross profits has resulted the Division to incurred loss before tax of RM1.62 million as compared to profit before tax of RM26,000 for the same period in the preceding year.

The Property Development Division has recorded a loss before tax of RM2.07 million as compared to loss before tax of RM2.50 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 2% 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 RM1.46 million for the same period in the preceding year due to higher contributions from the associated companies in the current financial quarter.

In the Trading and Services Division, revenue was higher by 27% as compared to the same period in the preceding year. The Division recorded loss before tax of RM2.36 million as compared to loss before tax of RM2.19 million for the same period in the preceding year due to higher operating expenses in the current financial quarter.

In the Discontinued Operations, the Division recorded loss before tax of RM8.50 million as compared to profit before tax of RM43.19 million for the same period in the preceding year due to gain from the disposal of the subsidiaries for the same period in the preceding year.

For the cumulative quarter to date, the Group recorded revenue of RM40.91 million as compared to RM37.56 million in the corresponding cumulative quarter in the preceding year. Loss before tax of RM8.57 million was recorded in the cumulative quarter to date as compared to loss before tax of RM14.16 million in the corresponding cumulative quarter in the preceding year attributed by the higher unrealised losses on foreign exchange in the cumulative quarter of the preceding year.

In the Constructions Division, revenue was 2% higher when compared to the corresponding cumulative quarter in the preceding year. The Division profit before tax was RM75,000 as compared to profit before tax of RM135,000 for the same period in the preceding year due to higher operating expenses in the current cumulative quarter.

In the Property Development Division, it recorded loss before tax of RM4.29 million in the current financial quarter as compared to loss before tax of RM4.36 million due to lower finance cost in the current cumulative quarter.

The Concessions Division recorded revenue and profit before tax of RM795,000 and RM3.05 million as compared to RM778,000 and RM2.72 million respectively in the corresponding cumulative quarter in the preceding year. The improvement of 12% in profit before tax was due to higher share of profits from associated company.

The Trading and Services Division recorded revenue of RM9.22 million as compared to RM6.52 million in the corresponding cumulative quarter in the preceding year. The revenue increased by 41% mainly due to solar power business in the current cumulative quarter. The Division recorded loss before tax of RM3.98 million as compared to loss before tax of RM4.53 million for the same period in the preceding year due to higher operating expenses in the current cumulative quarter.

In the Discontinued Operations, the Division recorded loss before tax of RM8.50 million as compared to profit before tax of RM38.08 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 the negative results for the first half of the year, the Group expects to recover its position with the completion of the Selayang res280 property project and write back of the expenses relating to the Australia Yarra One project upon completion of the sale. Both are expected to be completed and finalized during the second half of this year.

The Group also expects some good news from its water division through the replenishment of its order books in non-revenue water whilst its e-commerce business (online to offline business) will be kept busy towards the China Golden Week during October 1st week with the expected increase of China tourist to Malaysia .