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Revenue decreased by $4.0 million ( -7%) as current ongoing projects has lower billing in 2Q 2017 and the contribution from the new Changi Airport JV project is not yet significant. No contribution from the Property Development and the revenue from Investment property segment remained insignificant.
Gross profit increased by $0.6 million ( 19%) to $3.6 million for the current financial period mainly due to gains from the additional billings for the completed projects.
Administrative expenses was $2.4 million, $0.1 million higher than the same period last year mainly due to the higher staff costs and share of administration costs of the Changi Airport JV project.
Other income was $0.4 million lower mainly due to the reduction in interest income.
There is no share of profits from the joint venture as residential project has been fully recognized in previous years. The share of expenses relates to the administrative cost incurred for the joint venture.
Profit before taxation decreased by $9.9 million to $2.9 million, resulting mainly from absence of share of profit from Joint Venture partially offset by the higher gross profit from the civil engineering projects.
Financial position and cash flow review
The main movements are:
As at 30 June 2017, the Group's order book for on-going projects of civil engineering segment was approximately $890 million for the Maxwell station, the two Changi Airport projects and Stabling at Gali Batu Depot. The construction of the Group's new industrial development property at Tuas (Shine@Tuas South) has commenced and is expected to be completed in 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.