PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS 1(a) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year. 1 (a)(i) Income Statements for the three months ended 31 March |
![]() |
The Group | ||
![]() |
1Q 2004 |
1Q 2003 |
+/ (-) |
![]() |
S$'000 |
S$'000 |
% |
![]() |
![]() |
![]() |
![]() |
Turnover |
130,861 |
113,212 |
15.6 |
Cost of services |
(123,785) |
(103,625) |
19.5 |
Gross profit |
7,076 |
9,587 |
(26.2) |
![]() |
![]() |
![]() |
![]() |
Marketing expenses |
(1,396) |
(1,244) |
12.2 |
Administrative expenses |
(2,962) |
(2,420) |
22.4 |
Other operating income |
3,293 |
125 |
n.m. |
Profit from operations |
6,011 |
6,048 |
(0.6) |
![]() |
![]() |
![]() |
![]() |
Finance expenses, net |
(1,043) |
(951) |
9.7 |
Operating profit |
4,968 |
5,097 |
(2.5) |
![]() |
![]() |
![]() |
![]() |
Share of results of associated company |
89 |
- |
n.m. |
Profit before tax |
5,057 |
5,097 |
(0.8) |
![]() |
![]() |
![]() |
![]() |
Tax |
(118) |
(82) |
43.9 |
Profit after tax |
4,939 |
5,015 |
(1.5) |
Minority interests |
(10) |
(54) |
(81.5) |
![]() |
![]() |
![]() |
![]() |
Net profit attributable to shareholders |
4,929 |
4,961 |
(0.6) |
![]() |
![]() |
![]() |
![]() |
n.m. = not meaningful | ![]() |
![]() |
![]() |
1 (a)(ii) Notes to the Income Statements
![]() |
The Group | |||
![]() |
1Q 2004 |
![]() |
1Q 2003 |
+ / (-) |
![]() |
S$'000 |
![]() |
S$'000 |
% |
![]() |
![]() |
![]() |
![]() |
![]() |
Other operating income before disposal of assets including interest income |
678 |
![]() |
396 |
71.2 |
Interest on borrowings |
(782) |
![]() |
(942) |
(17.0) |
Depreciation and amortisation |
(4,173) |
![]() |
(3,724) |
12.1 |
Provision for doubtful trade debts and bad trade debts written off |
- |
![]() |
(182) |
n.m. |
Write back of provision for doubtful trade debts |
106 |
![]() |
- |
n.m. |
Foreign exchange losses, net |
(523) |
![]() |
(280) |
86.8 |
Gain on disposal of fixed assets |
2,975 |
![]() |
- |
n.m. |
Loss on disposal of investment securities |
(98) |
![]() |
- |
n.m. |
![]() |
The Group |
![]() |
The Company | ||||
![]() |
31/3/2004 |
![]() |
31/12/2003 |
![]() |
31/3/2004 |
![]() |
31/12/2003 |
![]() |
S$'000 |
![]() |
S$'000 |
![]() |
S$'000 |
![]() |
S$'000 |
Share capital and reserves | ![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
Share capital (457,675,000 shares @ $0.10) |
45,768 |
![]() |
45,768 |
![]() |
45,768 |
![]() |
45,768 |
Share premium |
53,432 |
![]() |
53,432 |
![]() |
53,432 |
![]() |
53,432 |
Share redemption reserves |
504 |
![]() |
504 |
![]() |
504 |
![]() |
504 |
Capital reserve |
267 |
![]() |
267 |
![]() |
- |
![]() |
- |
Translation reserve |
3,065 |
![]() |
3,635 |
![]() |
- |
![]() |
- |
Accumulated profits |
97,102 |
![]() |
92,173 |
![]() |
66,513 |
![]() |
62,852 |
![]() |
200,138 |
![]() |
195,779 |
![]() |
166,217 |
![]() |
162,556 |
Minority interests |
1,430 |
![]() |
1,429 |
![]() |
- |
![]() |
- |
![]() |
201,568 |
![]() |
197,208 |
![]() |
166,217 |
![]() |
162,556 |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
Subsidiaries |
- |
![]() |
- |
![]() |
71,275 |
![]() |
71,275 |
Associated company |
494 |
![]() |
445 |
![]() |
283 |
![]() |
283 |
Fixed assets |
157,707 |
![]() |
177,636 |
![]() |
1,216 |
![]() |
19,133 |
Deferred charges |
8,340 |
![]() |
6,646 |
![]() |
- |
![]() |
- |
Other non-current assets |
59 |
![]() |
59 |
![]() |
54 |
![]() |
54 |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
Current assets | ![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
Stocks |
1,881 |
![]() |
1,887 |
![]() |
- |
![]() |
- |
Trade debtors |
71,914 |
![]() |
72,024 |
![]() |
66,928 |
![]() |
66,634 |
Other debtors, deposits and prepayments |
14,094 |
![]() |
12,463 |
![]() |
12,314 |
![]() |
11,155 |
Due from immediate holding company (trade) |
955 |
![]() |
623 |
![]() |
- |
![]() |
623 |
Due from subsidiaries (trade) |
- |
![]() |
- |
![]() |
1,973 |
![]() |
508 |
Due from subsidiaries (non-trade) |
- |
![]() |
- |
![]() |
9,556 |
![]() |
9,484 |
Due from related companies (trade) |
- |
![]() |
552 |
![]() |
- |
![]() |
- |
Due from associated company (non-trade) |
283 |
![]() |
283 |
![]() |
283 |
![]() |
283 |
Investment securities |
11,949 |
![]() |
10,725 |
![]() |
11,949 |
![]() |
10,725 |
Call and fixed deposits |
30,151 |
![]() |
12,667 |
![]() |
27,034 |
![]() |
9,588 |
Cash and bank balances |
16,926 |
![]() |
19,784 |
![]() |
11,040 |
![]() |
11,954 |
![]() |
148,153 |
![]() |
131,008 |
![]() |
141,077 |
![]() |
120,954 |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
Current liabilities | ![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
Trade creditors |
38,653 |
![]() |
37,903 |
![]() |
30,577 |
![]() |
31,705 |
Other creditors and accruals |
9,960 |
![]() |
13,666 |
![]() |
7,292 |
![]() |
8,552 |
Due to immediate holding company (non-trade) |
938 |
![]() |
486 |
![]() |
938 |
![]() |
- |
Due to subsidiaries (trade) |
- |
![]() |
- |
![]() |
20 |
![]() |
- |
Due to related companies (trade) |
2,365 |
![]() |
1,404 |
![]() |
42 |
![]() |
84 |
Hire purchase creditors, current portion |
114 |
![]() |
104 |
![]() |
66 |
![]() |
66 |
Bank term loans (secured), current portion |
14,324 |
![]() |
14,961 |
![]() |
- |
![]() |
- |
Provision for tax |
915 |
![]() |
697 |
![]() |
348 |
![]() |
312 |
![]() |
67,269 |
![]() |
69,221 |
![]() |
39,283 |
![]() |
40,719 |
Net current assets |
80,884 |
![]() |
61,787 |
![]() |
101,794 |
![]() |
80,235 |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
Non-current liabilities | ![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
Due to subsidiary (non-trade) |
- |
![]() |
- |
![]() |
8,151 |
![]() |
8,153 |
Deferred tax |
368 |
![]() |
344 |
![]() |
- |
![]() |
- |
Hire purchase creditors, non-current portion |
440 |
![]() |
458 |
![]() |
254 |
![]() |
271 |
Bank term loans (secured), non-current portion |
45,108 |
![]() |
48,563 |
![]() |
- |
![]() |
- |
![]() |
201,568 |
![]() |
197,208 |
![]() |
166,217 |
![]() |
162,556 |
As at 31/3/2004 |
As at 31/12/2003 | ||
Secured |
Unsecured |
Secured |
Unsecured |
S$ 14.44 mil |
0 |
S$ 15.07 mil |
0 |
As at 31/3/2004 |
As at 31/12/2003 | ||
Secured |
Unsecured |
Secured |
Unsecured |
S$ 45.55 mil |
0 |
S$ 49.02 mil |
0 |
![]() |
1Q 2004 |
![]() |
1Q 2003 |
![]() |
S$'000 |
![]() |
S$'000 |
Cash flows from operating activities | ![]() |
![]() |
![]() |
Profit before tax |
5,057 |
![]() |
5,097 |
Adjustments: | ![]() |
![]() |
![]() |
Amortisation of deferred charges |
1,139 |
![]() |
592 |
Depreciation of fixed assets |
3,034 |
![]() |
3,132 |
Interest expenses |
782 |
![]() |
942 |
Interest income |
(262) |
![]() |
(271) |
Provision for doubtful trade debts and bad trade debts written off |
- |
![]() |
182 |
Write back of provision for doubtful trade debts |
(106) |
![]() |
- |
Gain on disposal of fixed assets |
(2,975) |
![]() |
- |
Loss on disposal of investment securities |
98 |
![]() |
- |
Unrealised gain on fair value of investment sercurities |
(47) |
![]() |
- |
Share of results of associated company |
(89) |
![]() |
- |
![]() |
![]() |
![]() |
![]() |
Operating profit before working capital changes |
6,631 |
![]() |
9,674 |
(Increase) decrease in: | ![]() |
![]() |
![]() |
Stocks |
6 |
![]() |
79 |
Trade debtors |
87 |
![]() |
5,712 |
Other debtors, deposits and prepayments |
(1,632) |
![]() |
(4,539) |
Due from immediate holding company |
(332) |
![]() |
2,085 |
Due from affiliated company |
- |
![]() |
(25) |
Increase (decrease) in: | ![]() |
![]() |
![]() |
Trade creditors |
679 |
![]() |
(1,772) |
Other creditors and accruals |
(3,707) |
![]() |
(1,485) |
Due to related companies, net |
1,515 |
![]() |
(269) |
Due to immediate holding company |
452 |
![]() |
- |
Due to affiliated company |
- |
![]() |
(65) |
Due to minority shareholders of a subsidiary |
- |
![]() |
126 |
![]() |
![]() |
![]() |
![]() |
Cash generated from operations |
3,699 |
![]() |
9,521 |
![]() |
![]() |
![]() |
![]() |
Interest paid |
(782) |
![]() |
(942) |
Tax refund |
135 |
![]() |
28 |
![]() |
![]() |
![]() |
![]() |
Net cash generated from operating activities |
3,052 |
![]() |
8,607 |
![]() |
![]() |
![]() |
![]() |
Cash flows from investing activities | ![]() |
![]() |
![]() |
Interest income received |
262 |
![]() |
271 |
Purchase of fixed assets |
(1,775) |
![]() |
(11,353) |
Additions to deferred charges |
(2,738) |
![]() |
(1,459) |
Procceds from disposal of fixed assets |
21,193 |
![]() |
- |
Procceds from disposal of investment securities |
940 |
![]() |
- |
Purchase of investment securities |
(2,197) |
![]() |
(1,204) |
Cash and cash equivalents subject to restriction |
1,055 |
![]() |
1,101 |
![]() |
![]() |
![]() |
![]() |
Net cash generated from (used in) investing activities |
16,740 |
![]() |
(12,644) |
![]() |
![]() |
![]() |
![]() |
Cash flows from financing activities | ![]() |
![]() |
![]() |
Repayment of hire purchase liabilities |
(9) |
![]() |
(86) |
Proceeds from hire purchase liabilities |
- |
![]() |
273 |
Repayment of bank term loans |
(4,092) |
![]() |
(2,755) |
![]() |
![]() |
![]() |
![]() |
Net cash used in financing activities |
(4,101) |
![]() |
(2,568) |
![]() |
![]() |
![]() |
![]() |
Net increase (decrease) in cash and cash equivalents |
15,691 |
![]() |
(6,605) |
Effect of exchange rates changes on cash and cash equivalents |
(9) |
![]() |
14 |
Cash and cash equivalents at the beginning of period |
25,568 |
![]() |
45,468 |
![]() |
![]() |
![]() |
![]() |
Cash and cash equivalents at the end of the period |
41,250 |
![]() |
38,877 |
Cash and cash equivalents at the end of the period per balance sheet before cash and cash equivalents subject to restriction |
47,077 |
![]() |
44,479 |
![]() |
![]() |
![]() |
![]() |
Cash and cash equivalents subject to restriction |
5,827 |
![]() |
5,602 |
Cash and cash equivalents at the end of the period |
41,250 |
![]() |
38,877 |
GROUP 1Q 2004 |
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$'000 |
Balance as at 31 Dec 2003 |
45,768 |
53,432 |
504 |
267 |
3,635 |
92,173 |
195,779 |
Currency translation |
- |
- |
- |
- |
(570) |
- |
(570) |
Net profit for the period |
- |
- |
- |
- |
- |
4,929 |
4,929 |
Balance as at 31 Mar 2004 |
45,768 |
53,432 |
504 |
267 |
3,065 |
97,102 |
200,138 |
GROUP 1Q 2003 |
Share capital |
Share premium |
Share redemption reserve |
Capital reserve |
Translation reserve |
Accumulated profits |
TOTAL |
![]() |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
Balance as at 31 Dec 2002 |
45,768 |
53,432 |
504 |
267 |
5,788 |
85,920 |
191,679 |
Currency translation |
- |
- |
- |
- |
1,523 |
- |
1,523 |
Net profit for the period |
- |
- |
- |
- |
- |
4,961 |
4,961 |
Balance as at 31 Mar 2003 |
45,768 |
53,432 |
504 |
267 |
7,311 |
90,881 |
198,163 |
COMPANY 1Q 2004 |
![]() |
![]() |
Share capital |
Share premium |
Share redemption reserve |
Accumulated profits |
TOTAL |
![]() |
![]() |
![]() |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
Balance as at 31 Dec 2003 | ![]() |
![]() |
45,768 |
53,432 |
504 |
62,852 |
162,556 |
Net profit for the period | ![]() |
![]() |
- |
- |
- |
3,661 |
3,661 |
Balance as at 31 Mar 2004 | ![]() |
![]() |
45,768 |
53,432 |
504 |
66,513 |
166,217 |
COMPANY 1Q 2003 |
![]() |
![]() |
Share capital |
Share premium |
Share redemption reserve |
Accumulated profits |
TOTAL |
![]() |
![]() |
![]() |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
Balance as at 31 Dec 2002 | ![]() |
![]() |
45,768 |
53,432 |
504 |
63,055 |
162,759 |
Net profit for the period | ![]() |
![]() |
- |
- |
- |
2,711 |
2,711 |
Balance as at 31 Mar 2003 | ![]() |
![]() |
45,768 |
53,432 |
504 |
65,766 |
165,470 |
Group Figures | ||
1 Q 2004 |
1 Q 2003 | |
Earnings per ordinary share for the period based on net profit attributable to shareholders: | ||
(i) Based on weighted average number of ordinary shares in issue |
1.08 cents |
1.08 cents |
(ii) On a fully diluted basis |
1.08 cents |
1.08 cents |
Group |
Company | |||
31 Mar 2004 |
31 Dec 2003 |
31 Mar 2004 |
31 Dec 2003 | |
Net asset value backing per ordinary share based on issued share capital as at the end of the period |
44.04 cents |
43.09 cents |
36.32 cents |
35.52 cents |
Latest Full Year() |
Previous Full Year() | |
Ordinary |
0 |
0 |
Preference |
0 |
0 |
Total: |
0 |
0 |
Name of Interested Persons | 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 | ||
Group |
Group | |||
1Q 2004 |
1Q 2003 |
1Q 2004 |
1Q 2003 | |
S$'000 |
S$'000 |
S$'000 |
S$'000 | |
Provision of services (by Holding Company) | ||||
Management Fees |
- |
- |
186 |
174 |
Agency Commission |
- |
- |
1,167 |
1,147 |
Provision of services (by Related Companies) | ||||
Agency Commission |
- |
- |
10 |
5 |
Management Fees |
- |
- |
- |
12 |
Charter Hire |
- |
- |
- |
432 |
Ship Management Fees |
- |
- |
313 |
272 |
Others (Related Companes) | ||||
Acquisition of vessels |
2,409 |
- |
- |
- |