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Financials Archive

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Profit & Loss

Statement of Comprehensive Income

Balance Sheet

Review of Performance

6 months 2018 compared with 6 months 2017 Performance and segmental review


Revenue increased by 105% to $94.7 million, contributed mainly from the much higher construction activities for the Joint Venture Changi Airport project. No contribution from the Property Development and the revenue from Investment property segment remained insignificant.

Gross Profit

Gross profit increased by $3.1 million (91%) to $6.5 million mainly due to the higher revenue, however, gross margin was lower for the current financial period.

Administrative expenses was $2.9 million, about 23% higher than same period last year mainly due to the share of litigation expenses for the on-going arbitration hearing for the Jalan Gali Batu Deport joint venture project which amonted to about $420,000.

Other income reduced by $116,000 (-6%), as the interest income was $400,000 lower, offset by the foreign exchange gain of about $300,000 recognized for the USD holdings.

Impairment loss on investment securities of $250,000 was relating to default payment of a fixed rate bond due for redemption.

The share of expenses was related to the administrative cost incurred for a joint venture.

The effective tax rate was lower than the effective tax rate of 17% of Singapore corporate tax rate mainly due to about $280,000 excess tax provision for previous years written off in current financial period.

Profit before taxation increased by $2.2 million to $4.9 million, resulting mainly from the higher revenue, offset by the higher administration cost and impairment in investment securities.

Financial position and cash flow review

The main movements are:

  • Increase in property, plant & equipment was related the additional construction cost incurred for the central workshop for the group which is due for completion by end of 2018.
  • Decrease in investment securities (total of current and non-current) by $2.2 million, was mainly due to the $4.8 million redemption of the bonds, offset by the $3.0 million new bonds investment and $0.2 million impairment loss.
  • Increase in development properties by $4.0 million mainly due to the additional construction cost incurred for the Tuas development project (Shine@TuasSouth).
  • Increase in contract asset mainly due to the June progress billing pending for certification.
  • Increase in other receivable was mainly due to the advance payment relating to the Mattar Road site which the land sale is scheduled to complete in August and advance payment to subcontractors for material purchased.
  • Bank's borrowing of $14.1 million was reclassified as current liability as the loan is due for repayment by Feb 2019.
  • Net decrease of cash and short term deposits of $43 million for the current financial period was mainly due to down payment and stamp duty for the Mattar Road site which amount to about $30 million, payment of dividend of $9.2 million and other advance payment of material on behalf of subcontractors.


As at 30 June 2018, the Group's order book for on-going projects of civil engineering segment was approximately $736 million ( based on new revenue, SFRS(I)15, recognition standard) for the Maxwell station, the two Changi Airport projects and Stabling at Gali Batu Depot.

The Group's industrial development property at Tuas (Shine@Tuas South) has obtain TOP on 1 August 2018.

The management will continue to tender for infrastructure projects competitively and explore other business opportunities in property related segment to enhance the shareholders' value.