In S$'000 | 1Q2017 | 1Q2016 | +/- % |
Revenue | 113,434 | 133,936 | -15.3% |
Cost of sales | (105,972) | (124,911) | -15.2% |
Gross profit (Note 1a) | 7,462 | 9,025 | -17.3% |
Gross margin % (Note 1b) | 6.6% | 6.7% | -0.1ppt |
Other income (Note 2) | 181 | 419 | -56.8% |
Selling and marketing expenses | (2,612) | (2,847) | -8.3% |
Administrative expenses | (4,181) | (4,298) | -2.7% |
Other expenses (Note 3) | (83) | (265) | -68.7% |
Net finance costs (Note 4) | (151) | (179) | -15.6% |
Operating profit before income tax | 616 | 1,855 | -66.8% |
% of revenue | 0.5% | 1.4% | -0.9ppt |
Share of profit of an associate (net of tax) (Note 5) | 22 | - | nm |
Profit before income tax | 638 | 1,855 | -65.6% |
% of revenue | 0.6% | 1.4% | -0.8ppt |
Income tax expense (Note 6) | (252) | (661) | -61.9% |
Profit for the period | 386 | 1,194 | -67.7% |
Attributable to: | |||
Equity holders of the Company | 387 | 1,195 | -67.6% |
% of revenue | 0.3% | 0.9% | -0.6ppt |
Non-controlling interests | (1) | (1) | - |
386 | 1,194 | -67.7% | |
Weighted average number of shares (in '000) | 455,945 | 454,422 | |
Earnings per share (in cents) | |||
Basic | 0.08 | 0.26 | |
Diluted | 0.08 | 0.26 |
In S$'000 | 1Q2017 | 1Q2016 | +/- % |
Profit for the period | 386 | 1,194 | -67.7% |
Items that may be reclassified subsequently to profit or loss: | |||
Translation differences relating to financial statements of foreign | |||
subsidiaries | (286) | 285 | nm |
Share of foreign currency translation differences of associate | (15) | - | nm |
Exchange differences on monetary items forming part of net | |||
investment in foreign operations | (183) | (78) | 134.6% |
Total comprehensive income for the period | (98) | 1,401 | -107.0% |
Attributable to: | (97) | 1,402 | -106.9% |
Equity holders of the Company | |||
Non-controlling interests | (1) | (1) | - |
Total comprehensive income for the period | (98) | 1,401 | -107.0% |
nm - not meaningful
1(a)(ii) PROFIT AFTER TAXATION HAS BEEN ARRIVED AT AFTER CHARGING/(CREDITING):In S$'000 | 1Q2017 | 1Q2016 | +/- % |
Staff costs | 12,265 | 11,545 | 6.2% |
Provision of directors' remuneration, included in staff costs | 130 | 130 | - |
Depreciation of property, plant and equipment | 556 | 522 | 6.5% |
Amortisation of intangible assets (Note 7) | 127 | 149 | -14.8% |
Provision for bad debts and bad debts written off/(back) (Note 8) | (38) | 10 | nm |
Exchange loss/(gain) (Note 9) | - | 193 | nm |
Write (back)/down of inventories to net realisable value (Note 10) | 87 | (386) | - 122.5% |
Adjustments for under provision of tax in respect of prior years (Note | |||
11) | 5 | 28 | -82.1% |
Notes:
(1a) In 1Q2017, all business divisions reported lower gross profit against previous period. (1b) In 1Q2017, Engineering division reported lower gross margins against previous period.
Lower other income in 1Q2017 was attributed to lower government grants under the wage credit scheme.
Lower other expenses were due to lower net exchange losses in 1Q2017.
Lower net finance cost in 1Q2017 was mainly due to lower level of borrowings resulting in lower interest expenses.
The Company's wholly-owned subsidiary, NxGen Communications Pte Ltd ("NxGen"), had on 16 May 2016 acquired an approximate 25.19% stake in MVI. MVI became an associate of NxGen with effect from 16 May 2016.
Lower income tax expense in 1Q2017 was due to lower profits.
Lower amortisation in 1Q2017 was due to lower purchases of intangible assets.
Write back of bad debts in 1Q2017 was attributed to ICT customers.
In 1Q2017, exchange gain due to the weakening of USD against SGD on USD payables was offset by the exchange loss due to the weakening of Ringgit against SGD on Ringgit receivables. Net exchange loss in 1Q2016 arose mainly from USD receivables and bank balances due to the weakening of USD against SGD.
In 1Q2017 there were higher inventories provision due to higher stock balances held. In 1Q2016, there were reversal of inventories provision for mobile phones which have been sold.
Adjustments for the under provision of tax in 1Q2017 and 1Q2016 were due to the differences in final tax assessment and tax estimates made in prior year.
In S$'000 | Group | Company | ||
31/03/2017 | 31/12/2016 | 31/03/2017 | 31/12/2016 | |
Non-current assets Subsidiaries Associate Property, plant and equipment Intangible assets Deferred tax assets Trade and other receivables Current assets Inventories Work-in-progress Trade and other receivables Cash and cash equivalents Total assets Equity Share capital Other reserves Accumulated profits Equity attributable to equity holders of the Company Non-controlling interests Total equity Non-current liabilities Deferred tax liabilities Loans and borrowings Trade and other payables Current liabilities Trade and other payables Excess of progress billings over work- in-progress Provision for warranties Current tax payable Loans and borrowings Deferred revenue Total liabilities Total equity and liabilities | - | - | 37,991 | 37,659 |
2,238 | 2,231 | - | - | |
3,431 | 3,639 | 354 | 415 | |
12,404 | 12,448 | 80 | 122 | |
810 | 600 | - | - | |
4,317 | 4,422 | - | - | |
23,200 | 23,340 | 38,425 | 38,196 | |
21,961 | 15,874 | 19,136 | 12,904 | |
22,895 | 24,972 | - | - | |
63,615 | 58,862 | 25,112 | 21,628 | |
41,140 | 48,870 | 17,151 | 19,693 | |
149,611 | 148,578 | 61,399 | 54,225 | |
172,811 | 171,918 | 99,824 | 92,421 | |
21,987 | 21,987 | 21,987 | 21,987 | |
8,668 | 9,053 | 13,476 | 13,377 | |
44,631 | 44,244 | 14,878 | 14,236 | |
75,286 | 75,284 | 50,341 | 49,600 | |
299 | 6 | - | - | |
75,585 | 75,290 | 50,341 | 49,600 | |
- | - | 45 | 45 | |
4,993 | 4,992 | 4,993 | 4,992 | |
3,170 | 3,354 | - | - | |
8,163 | 8,346 | 5,038 | 5,037 | |
72,062 | 75,575 | 44,266 | 37,517 | |
126 | 51 | - | - | |
204 | 205 | 3 | 3 | |
833 | 781 | 176 | 264 | |
9,775 | 7,116 | - | - | |
6,063 | 4,554 | - | - | |
89,063 | 88,282 | 44,445 | 37,784 | |
97,226 | 96,628 | 49,483 | 42,821 | |
172,811 | 171,918 | 99,824 | 92,421 |
1(b)(ii) GROUP BORROWING In S$'000 | As at 31/03/2017 | As at 31/12/2016 |
Amount repayable in one year or less | ||
Bank loan - unsecured | 9,775 | 7,116 |
Amount repayable after one year Bank loan - unsecured | 4,993 | 4,992 |
Total | 14,768 | 12,108 |
Details of any collateral | ||
Nil |
TeleChoice International Ltd. published this content on 15 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 15 May 2017 09:27:17 UTC.
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