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Financials Archive

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Profit & Loss

Statement of Comprehensive Income

Balance Sheet

Review of Performance

3 months 2018 compared with 3 months 2017 Performance and segmental review


Revenue increased by 98% to $40.9 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 $0.4 million (21%) to $2.5 million despite of much higher revenue in view of the lower gross margin for the on hand projects.

Administrative expenses was $1.2 million, similar to the same period last year.

Other income reduced by $582,000 (-52%), as the interest income was $300,000 lower and gain on disposal of plant and equipment was $200,000 lesser for the current financial period.

Other operating cost was $300,000 higher, mainly due to the additional foreign exchange loss recognized for the USD holdings for committed material purchase.

The share of expenses was relate to the administrative cost incurred for the Joint venture.

Income tax was negative for the current financial period due to the finalization of the tax assessed for previous years and the excess tax provision was reversed.

Profit before taxation decreased by $0.2 million to $1.6 million, resulting mainly from the lower interest income, foreign currency loss, reversal of excess previous year tax provision offset by the higher gross profit.

Financial position and cash flow review

The main movements are:

  • Decrease in investment securities (total of current and non-current) by $2.8 million, was mainly due to the $4 million redemption of the bonds upon maturity, offset by the $1.2 million new bonds investment.
  • Increase in development properties by $3.2 million mainly due to the additional construction cost incurred for the Tuas development project (Shine@TuasSouth) in Q1 2018.
  • Decrease in trade receivable as the progress billings certified in March 2018 was lower compare to December 2017.
  • Bank's borrowing of $15.1 million was reclassified as current liability as the loan is due for repayment by Feb 2019.
  • Net increase of cash and short term deposits of $5.7 million for the current financial period was mainly due to the cash generated from operations of $4.6 million and net inflow of $2.8 million from the bond redemption/ investment.


As at 31 March 2018, the Group's order book for on-going projects of civil engineering segment was approximately $790 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 construction of the Group's new industrial development property at Tuas (Shine@Tuas South) has commenced and is expected by June 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.