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Second Quarter Unaudited Financial Statements for the Period Ended 31 December 2016

Financials Archive

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Income Statement

  3-Month
Period
Ended
31-Dec-16
$'000
3-Month
Period
Ended
31-Dcc-15
$'000
Inc / (Dec)
%
Revenue 12,576 11,386 10.5
Cost of sales (9,947) (8,582) 15.9
Gross Profit 2,629 2,804 (6.2)
Selling and marketing expenses (1,249) (1,275) (2.0)
Administrative expenses (1,076) (960) 12.1
Other operating expense (110) (248) (55.6)
Total operating expenses (2,435) (2,483) (1.9)
Profit from operations 194 321 (39.6)
Other non-operating (expense)/income, net (72) (208) (65.4)
Finance costs (40) - N.m
Profit before tax 82 113 (27.4)
Tax credit/(expense) 335 251 33.5
Net profit for the period 417 364 14.6


  6-Month
Period
Ended
31-Dec-16
$'000
6-Month
Period
Ended
31-Dcc-15
$'000
Inc / (Dec)
%
Revenue 25,608 25,432 0.7
Cost of sales (20,721) (19,192) 8.0
Gross Profit 4,887 6,240 (21.7)
Selling and marketing expenses (2,582) (1,987) 29.9
Administrative expenses (2,021) (2,146) (5.8)
Other operating expense (237) (475) (50.1)
Total operating expenses (4,840) (4,608) 5.0
Profit from operations 47 1,632 (97.1)
Other non-operating (expense)/income, net 143 494 (71.1)
Finance costs (70) - N.m
Profit before tax 120 2,126 (94.4)
Tax credit/(expense) 498 (538) (192.6)
Net profit for the period 618 1,588 (61.1)

N.m - Percentage / Computation not meaningful

Balance Sheet

  31-Dec-16
$'000
30-Jun-16
$'000
Non-current assets    
Property, plant and equipment 19,679 19,080
Subsidiaries - -
Goodwill 6,998 6,725
Intangible assets 1,803 1,870
Deferred tax assets 1,869 1,438
  30,349 29,113
     
Current assets    
Inventories 16,117 16,318
Trade and other receivables 852 1,527
Prepayments 1,958 1,480
Current tax recoverable 158 -
Investment held-for-trading - 302
Cash and cash equivalents 14,559 16,350
  33,644 35,977
     
Total assets 63,993 65,090
     
Current liabilities    
Trade and other payables 12,887 13,412
Hire purchase payable - 20
Provision for warranty claims 1,085 1,181
Interest bearing loans and borrowings 386 752
Current tax payables 109 315
  14,467 15,680
Non-current liabilities    
Deferred tax liabilities 991 1,105
Interest bearing loans and borrowings 2,565 2,830
  3,556 3,935
     
Total liabilities 18,023 19,615
     
Capital and reserves    
Share capital 42,999 42,999
Share-based compensation reserve 391 323
Accumulated profits/(losses) 29,485 28,867
Foreign currency translation reserve (26,905) (26,714)
Total equity 45,970 45,475
     
Total equity and liabilities 63,993 65,090

Cash Flow

  3-Month
Period
Ended
31-Dec-16
$'000
3-Month
Period
Ended
31-Dec-15
$'000
Operating activities    
Profit after taxation 417 364
Adjustments for:-    
Depreciation of property, plant and equipment 517 775
Amortisation of intangible assets 34 55
Gain on disposal of property, plant and equipment (1) -
Property, plant and equipment written off - -
Allowance of inventory obsolescence 20 9
Interest income (10) (8)
Provision for warranty claims 202 172
Fair valuation loss on quoted debt securities held-for-trading - -
Equity-settled share based expense 34 22
Tax (credit)/expense (335) (251)
Unrealised foreign exchange loss/(gain) 148 (18)
  1,026 1,120
     
Changes in working capital:    
Decrease/(Increase) in inventories 132 1,930
(Increase)/Decrease in trade and other receivables (232) 2,367
(Increase)/Decrease in prepayments (88) 108
(Decrease)/Increase in trade and other payables (4,063) (2,275)
Net cash(used in)/from operations (3,225) 3,250
Net income tax paid (184) (16)
Warranty claims paid (220) (87)
Cash flows (used in)/from operating activities (3,629) 3,147
     
Investing activities    
Interest received 15 5
Proceeds from matured debt securities held-for-trading - -
Acquisition of a subsidiary - (3,985)
Purchase of property, plant and equipment (1,367) (1,604)
Proceeds from previously restricted cash - 4,800
Cash flows used in investing activities (1,352) (784)
     
Financing activities    
Repayment of hire purchase liability (19) (1)
Interest paid (40) -
Repayment of loan (149) -
Cash flows used in financing activities (208) (1)
   
Net increase in cash and cash equivalents (5,189) 2,362
Cash and cash equivalents at beginning of period 19,065 17,719
Effect of exchange rate changes on balances held in foreign currency 552 (123)
Cash and cash equivalents at end of period 14,428 19,958


  6-Month
Period
Ended
31-Dec-16
$'000
6-Month
Period
Ended
31-Dec-15
$'000
Operating activities    
Profit after taxation 618 1,588
Adjustments for:-    
Depreciation of property, plant and equipment 1,257 1,294
Amortisation of intangible assets 67 156
Gain on disposal of property, plant and equipment (1) -
Property, plant and equipment written off 1 -
Allowance of inventory obsolescence 42 42
Interest income (32) (22)
Provision for warranty claims 385 406
Fair valuation loss on quoted debt securities held-for-trading 2 4
Equity-settled share based expense 68 58
Tax (credit)/expense (498) 538
Unrealised foreign exchange loss/(gain) (299) (906)
  1,610 3,158
     
Changes in working capital:    
Decrease/(Increase) in inventories 79 (359)
(Increase)/Decrease in trade and other receivables 782 (1,219)
(Increase)/Decrease in prepayments (509) (234)
(Decrease)/Increase in trade and other payables (1,208) 3,518
Net cash(used in)/from operations 754 4,864
Net income tax paid (448) (32)
Warranty claims paid (439) (264)
Cash flows (used in)/from operating activities (133) 4,568
     
Investing activities    
Interest received 27 10
Proceeds from matured debt securities held-for-trading 300 -
Acquisition of a subsidiary - (3,985)
Purchase of property, plant and equipment (2,475) (2,973)
Proceeds from previously restricted cash - 4,800
Cash flows used in investing activities (2,148) (2,148)
     
Financing activities    
Repayment of hire purchase liability (20) (2)
Interest paid (70) -
Repayment of loan (594) -
Cash flows used in financing activities (684) (2)
   
Net increase in cash and cash equivalents (2,965) 2,418
Cash and cash equivalents at beginning of period 16,214 16,754
Effect of exchange rate changes on balances held in foreign currency 1,179 786
Cash and cash equivalents at end of period 14,428 19,958