|
|||||
2Q 2003 |
2Q 2002 |
+ / (-) | |||
S$'000 |
S$'000 |
% | |||
Turnover |
126,258 |
125,007 |
1.0 | ||
Cost of services |
(116,440) |
(119,298) |
(2.4) | ||
Gross profit |
9,818 |
5,709 |
72.0 | ||
Marketing expenses |
(2,171) |
(1,320) |
64.5 | ||
Administrative expenses |
(2,769) |
(2,151) |
28.7 | ||
Other operating income |
57 |
179 |
(68.2) | ||
Profit from operations |
4,935 |
2,417 |
n.m. | ||
Finance income |
278 |
104 |
n.m. | ||
Finance expense |
(909) |
(1,090) |
(16.6) | ||
Foreign exchange loss |
(232) |
(2,517) |
(90.8) | ||
Operating profit / (loss) |
4,072 |
(1,086) |
n.m. | ||
Share of results of associated company |
41 |
252 |
(83.7) | ||
Profit / (loss) before tax |
4,113 |
(834) |
|||
Tax |
(55) |
(173) |
(68.2) | ||
Profit / (loss) after tax |
4,058 |
(1,007) |
n.m. | ||
Minority interests |
(10) |
(33) |
(69.7) | ||
Net profit / (loss) attributable to shareholders |
4,048 |
(1,040) |
n.m. |
|
|||||
2Q 2003 |
2Q 2002 |
+ / (-) | |||
S$'000 |
S$'000 |
||||
Other income including interest income |
335 |
283 |
18.4 | ||
Interest on borrowings |
(909) |
(1,090) |
(16.6) | ||
Depreciation and amortisation |
(4,741) |
(3,977) |
19.2 | ||
Provision for doubtful debts and bad debts written off, net |
(167) |
0 |
n.m. | ||
Foreign exchange loss |
(232) |
(2,517) |
(90.8) |
|
| |||||||
30/6/2003 |
31/12/2002 |
30/6/2003 |
31/12/2002 | |||||
S$'000 |
S$'000 |
S$'000 |
S$'000 | |||||
Share capital and reserves | ||||||||
Share capital (457,675,000 shares @ S$0.10 each) |
45,768 |
45,768 |
45,768 |
45,768 | ||||
Share premium |
53,432 |
53,432 |
53,432 |
53,432 | ||||
Share redemption reserve |
504 |
504 |
504 |
504 | ||||
Capital reserve |
267 |
267 |
- |
- | ||||
Translation reserve |
6,860 |
5,788 |
23 |
- | ||||
Accumulated profits |
92,641 |
85,920 |
65,720 |
63,055 | ||||
199,472 |
191,679 |
165,447 |
162,759 | |||||
Minority interests |
1,700 |
1,368 |
- |
- | ||||
201,172 |
193,047 |
165,447 |
162,759 | |||||
Subsidiaries |
- |
- |
67,210 |
64,582 | ||||
Associated company |
335 |
- |
335 |
- | ||||
Fixed assets |
171,529 |
163,584 |
20,338 |
21,486 | ||||
Deferred charges |
5,606 |
2,547 |
1,752 |
497 | ||||
Other non-current assets |
60 |
59 |
54 |
54 | ||||
Current assets | ||||||||
Stocks, less provision for stock obsolescence |
1,109 |
1,013 |
- |
- | ||||
Trade debtors |
74,905 |
70,261 |
69,931 |
68,440 | ||||
Other debtors, deposits and prepayments |
9,832 |
6,022 |
7,819 |
5,296 | ||||
Due from immediate holding company (trade) |
1,731 |
2,599 |
1,454 |
2,478 | ||||
Due from subsidiaries (trade) |
- |
- |
- |
379 | ||||
Due from subsidiaries (non-trade) |
- |
- |
8,874 |
2,123 | ||||
Due from associated company |
283 |
- |
283 |
- | ||||
Due from related companies |
423 |
- |
- |
- | ||||
Due from affiliated company (trade) |
- |
80 |
- |
- | ||||
Investment in securities |
10,201 |
4,505 |
10,201 |
4,505 | ||||
Call and fixed deposits |
22,716 |
33,663 |
17,008 |
32,176 | ||||
Cash and bank balances |
12,640 |
18,508 |
10,309 |
10,273 | ||||
133,840 |
136,651 |
125,879 |
125,670 | |||||
Current liabilities | ||||||||
Trade creditors |
33,052 |
30,911 |
28,682 |
27,438 | ||||
Other creditors and accruals |
12,352 |
12,582 |
10,905 |
11,023 | ||||
Due to immediate holding company (non-trade) |
76 |
5 |
- |
- | ||||
Due to affiliated company (trade) |
- |
65 |
- |
53 | ||||
Due to subsidiary |
- |
- |
424 |
- | ||||
Due to related companies |
1,655 |
804 |
47 |
- | ||||
Due to minority shareholders of a subsidiary (non-trade) |
349 |
224 |
- |
- | ||||
Hire purchase creditors, current portion |
84 |
55 |
66 |
39 | ||||
Bank term loans (secured), current portion |
14,715 |
15,200 |
1,226 |
2,423 | ||||
Provision for tax |
564 |
308 |
321 |
234 | ||||
62,847 |
60,154 |
41,671 |
41,210 | |||||
Net current assets |
70,993 |
76,497 |
84,208 |
84,460 | ||||
Non-current liabilities | ||||||||
Due to subsidiary (non-trade) |
- |
- |
8,146 |
8,143 | ||||
Hire purchase creditors, non-current portion |
414 |
203 |
304 |
177 | ||||
Bank term loans (secured), non-current portion |
46,937 |
49,437 |
- |
- | ||||
201,172 |
193,047 |
165,447 |
162,759 |
As at 30/06/03 |
As at 31/12/02 | ||
Secured |
Unsecured |
Secured |
Unsecured |
S$ 14.80 mil |
0 |
S$ 15.26 mil |
0 |
As at 30/06/03 |
As at 31/12/02 | ||
Secured |
Unsecured |
Secured |
Unsecured |
S$ 47.35 mil |
0 |
S$ 49.64 mil |
0 |
2003 |
2002 | |
S$'000 |
S$'000 | |
Cash flows from operating activities | ||
Profit / (loss) before tax |
4,113 |
(834) |
Adjustments: | ||
![]() |
1,433 |
730 |
![]() |
3,308 |
3,247 |
![]() |
- |
(11) |
![]() |
909 |
1,090 |
![]() |
(278) |
(104) |
![]() |
167 |
- |
![]() |
70 |
- |
![]() |
(41) |
(252) |
Operating profit before working capital changes |
9,681 |
3,866 |
(Increase) / decrease in: | ||
![]() |
(176) |
(134) |
![]() |
(8,112) |
521 |
![]() |
1,086 |
7,134 |
![]() |
(1,213) |
(39) |
![]() |
(319) |
214 |
![]() |
(283) |
- |
Increase / (decrease) in: | ||
![]() |
5,050 |
(823) |
![]() |
1,680 |
2,459 |
![]() |
1,120 |
1,680 |
![]() |
- |
(938) |
![]() |
67 |
1,306 |
Cash generated from operations |
8,581 |
15,246 |
Interest paid |
(909) |
(1,090) |
Tax refund / (paid) |
103 |
(155) |
Net cash generated from operating activities |
7,775 |
14,001 |
Cash flows used in investing activities | ||
Interest income received |
278 |
104 |
Proceeds from disposal of fixed assets |
- |
135 |
Acquisition of fixed assets |
(6,537) |
(207) |
Additions to deferred charges |
(3,396) |
(948) |
Purchase of investment in securities |
(4,562) |
- |
Investment in associated company |
(283) |
- |
Proceeds from disposal of associated company |
- |
- |
Dividend received from associated company |
- |
27 |
Cash and cash equivalents subject to restriction |
2,119 |
(578) |
Net cash used in investing activities |
(12,381) |
(1,467) |
Cash flows used in financing activities | ||
Proceeds from / (repayment of) hire purchase liabilities, net |
22 |
(11) |
Proceeds from bank term loans |
3,938 |
- |
Repayment of bank term loans |
(4,167) |
(3,115) |
Dividend paid |
(2,288) |
(1,373) |
Proceeds from issue of shares to minority shareholders of subsidiaries |
- |
645 |
Net cash used in financing activities |
(2,495) |
(3,854) |
Net (decrease) / increase in cash and cash equivalents |
(7,101) |
8,680 |
Effect of exchange rate changes on cash and cash equivalents |
97 |
46 |
Cash and cash equivalents at the beginning of the year |
38,877 |
32,434 |
Cash and cash equivalents at the end of the year before cash and cash equivalents subject to restriction |
31,873 |
41,160 |
Cash and cash equivalents subject to restriction |
3,483 |
3,303 |
Cash and cash equivalents at the end of the year |
35,356 |
44,463 |
GROUP 2Q 2003 |
Share capital |
Share premium |
Share redemption reserve |
Capital reserve |
Translation reserve |
Accumulated profits |
TOTAL |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 | |
Balance as at 1 Apr 2003 |
45,768 |
53,432 |
504 |
267 |
7,311 |
90,881 |
198,163 |
Currency translation |
- |
- |
- |
- |
(451) |
- |
(451) |
Net profit for the period |
- |
- |
- |
- |
4,048 |
4,048 | |
Dividend |
- |
- |
- |
- |
(2,288) |
(2,288) | |
Balance as at 30 Jun 2003 |
45,768 |
53,432 |
504 |
267 |
6,860 |
92,641 |
199,472 |
2Q 2002 |
Share capital |
Share premium |
Share redemption reserve |
Capital reserve |
Translation reserve |
Accumulated profits |
TOTAL |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 | |
Balance as at 1 Apr 2002 |
45,768 |
53,432 |
504 |
267 |
10,760 |
76,508 |
187,239 |
Currency translation |
- |
- |
- |
- |
(3,411) |
- |
(3,411) |
Net loss for the period |
- |
- |
- |
- |
- |
(1,040) |
(1,040) |
Dividend |
- |
- |
- |
- |
- |
(1,373) |
(1,373) |
Balance as at 30 Jun 2002 |
45,768 |
53,432 |
504 |
267 |
7,349 |
74,095 |
181,415 |
COMPANY 2Q 2003 |
Share capital |
Share premium |
Share redemption reserve |
Translation reserve |
Accumulated profits |
TOTAL | |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 | ||
Balance as at 1 Apr 2003 |
45,768 |
53,432 |
504 |
- |
65,766 |
165,470 | |
Currency translation |
- |
- |
- |
23 |
23 | ||
Net profit for the period |
- |
- |
- |
- |
2,242 |
2,242 | |
Dividend |
- |
- |
- |
- |
(2,288) |
(2,288) | |
Balance as at 30 Jun 2003 |
45,768 |
53,432 |
504 |
23 |
65,720 |
165,447 | |
2Q 2002 |
Share capital |
Share premium |
Share redemption reserve |
Accumulated profits |
TOTAL | ||
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 | |||
Balance as at 1 Apr 2002 |
45,768 |
53,432 |
504 |
61,154 |
160,858 | ||
Net loss for the period |
- |
- |
- |
(2,412) |
(2,412) | ||
Dividend |
- |
- |
- |
(1,373) |
(1,373) | ||
Balance as at 30 June 2002 |
45,768 |
53,432 |
504 |
57,369 |
157,073 |
Group Figures | ||
2nd Quarter of 2003 |
2nd Quarter of 2002 | |
Earnings per ordinary share for the three months based on net profits attributable to shareholders | ||
(i) Based on weighted average number of ordinary shares in issue (cents) |
0.88 |
(0.23) |
(ii) On a fully diluted basis (cents) |
0.88 |
(0.23) |
Group |
Company | |||
30 Jun 2003 |
31 Dec 2002 |
30 Jun 2003 |
31 Dec 2002 | |
Net asset value backing per ordinary share based on existing issued share capital as at the end of the period reported on: | ||||
Based on weighted average number of ordinary shares in issue (cents) |
43.58 |
41.88 |
36.15 |
35.56 |
(a) | establishment and operation of new subsidiaries, namely, Galaxy for general shipping agency in Malaysia and Silkargo for logistics services in the United Arab Emirates; |
(b) | provision for doubtful debts; and |
(c) | recruiting additional employees in the Industrial Shipping following from the operation of additional ships from the subsidiaries of PT. Samudera Indonesia Tbk, a substantial shareholder of the Company. Loan repayment led to 16.6% decrease in interest expense, while the lower appreciation of Singapore Dollars against US Dollars in Q2-2003 as compared with Q2-2002 resulted in a decrease in foreign exchange loss of the Group. In Q2-2003, the Group purchased additional investment in securities of $4.49 million which resulted in ending balance of $10.2 million. The investment in securities consisted of bonds and unit trusts. |
Latest Full Year () |
Previous Full Year () | |
Ordinary | ||
Preference |
0 |
0 |
Total: |
Name of Interested Person | Aggregate value of all interested person transactions during the financial year under review | Aggregate value of all interested person transactions conducted under a shareholders' mandate pursuant to Rule 920 of the SGX Listing Manual | ||
2nd Qtr of 2003 |
2nd Qtr of 2002 |
2nd Qtr of 2003 |
2nd Qtr of 2002 | |
Provision of services (by Holding Company) | ||||
Management fee |
- |
- |
174,150 |
173,362 |
Agency commission |
- |
- |
853,797 |
925,119 |
Provision of services (by Related Companies) | ||||
Management fee (PT Takindo Perdana) |
- |
- |
12,360 |
14,808 |
Charter hire (PT TSK Samudera Indonesia) |
- |
- |
17,221 |
393,546 |
Ship Management fees |
- |
- |
301,457 |
282,795 |
Investment in Joint Venture, PT Jardine Tangguh Transport Services) | ||||
Investment in Equity |
283,200 |
- |
- |
- |
Shareholders' Loan |
283,200 |
- |
- |
- |