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 |
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The Group | ![]() | ||
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2Q 2004 | ![]() |
2Q 2003 | + / (-) |
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S$'000 | ![]() |
S$'000 | % |
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Turnover | 136,089 | ![]() |
126,258 | 7.8 |
Cost of services | (124,779) | ![]() |
(116,440) | 7.2 |
Gross profit | 11,310 | ![]() |
9,818 | 15.2 |
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Marketing expenses | (2,722) | ![]() |
(2,171) | 25.4 |
Administrative expenses | (2,804) | ![]() |
(2,769) | 1.3 |
Other operating (expenses) income | (164) | ![]() |
57 | n.m. |
Profit from operations | 5,620 | ![]() |
4,935 | 13.9 |
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Finance income (expense) | 93 | ![]() |
(863) | n.m. |
Operating profit | 5,713 | ![]() |
4,072 | 40.3 |
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Share of results of associated company | 207 | ![]() |
41 | n.m. |
Profit before tax | 5,920 | ![]() |
4,113 | 43.9 |
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Tax | (202) | ![]() |
(55) | n.m. |
Profit after tax | 5,718 | ![]() |
4,058 | 40.9 |
Minority interests | (81) | ![]() |
(10) | n.m. |
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Net profit attributable to shareholders | 5,637 | ![]() |
4,048 | 39.3 |
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n.m. = not meaningful | ![]() |
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The Group | ![]() | ||
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2Q 2004 | ![]() |
2Q 2003 | + / (-) |
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S$'000 | ![]() |
S$'000 | % |
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Other operating income including interest income | 282 | ![]() |
335 | (15.8) |
Interest on borrowings | (755) | ![]() |
(909) | (16.9) |
Depreciation and amortisation | (4,055) | ![]() |
(4,741) | (14.5) |
Provision for doubtful trade debts and bad trade debts written off | (72) | ![]() |
(167) | (56.9) |
Foreign exchange gain (loss) | 566 | ![]() |
(232) | n.m. |
Loss on disposal of investment securities | (16) | ![]() |
- | n.m. |
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The Group | ![]() |
The Company | ||
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30/06/2004 | 31/12/2003 | ![]() |
30/06/2004 | 31/12/2003 |
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S$'000 | S$'000 | ![]() |
S$'000 | S$'000 |
Share capital and reserves | ![]() |
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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 reserve | 504 | 504 | ![]() |
504 | 504 |
Capital reserve | 267 | 267 | ![]() |
- | - |
Translation reserve | 4,164 | 3,635 | ![]() |
- | - |
Accumulated profits | 100,451 | 92,173 | ![]() |
67,234 | 62,852 |
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204,586 | 195,779 | ![]() |
166,938 | 162,556 |
Minority interests | 1,631 | 1,429 | ![]() |
- | - |
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206,217 | 197,208 | ![]() |
166,938 | 162,556 |
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Subsidiaries | - | - | ![]() |
71,440 | 71,275 |
Associated company | 585 | 445 | ![]() |
283 | 283 |
Fixed assets | 157,761 | 177,636 | ![]() |
1,096 | 19,133 |
Deferred charges | 10,609 | 6,646 | ![]() |
- | - |
Other non-current assets | 59 | 59 | ![]() |
54 | 54 |
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Current assets | ![]() |
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Stocks | 2,281 | 1,887 | ![]() |
- | - |
Trade debtors | 78,043 | 72,024 | ![]() |
70,826 | 66,634 |
Other debtors, deposits and prepayments | 12,821 | 12,463 | ![]() |
10,666 | 11,155 |
Due from immediate holding company (trade) | 1,396 | 623 | ![]() |
615 | 623 |
Due from subsidiaries (trade) | - | - | ![]() |
3,765 | 508 |
Due from subsidiaries (non-trade) | - | - | ![]() |
11,375 | 9,484 |
Due from related companies (trade) | 2 | 552 | ![]() |
- | - |
Due from associated company (non-trade) | 147 | 283 | ![]() |
147 | 283 |
Investment securities | 14,419 | 10,725 | ![]() |
14,419 | 10,725 |
Call and fixed deposits | 26,355 | 12,667 | ![]() |
23,498 | 9,588 |
Cash and bank balances | 17,066 | 19,784 | ![]() |
10,248 | 11,954 |
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152,530 | 131,008 | ![]() |
145,559 | 120,954 |
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Current liabilities | ![]() |
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Trade creditors | 35,628 | 37,903 | ![]() |
28,483 | 31,705 |
Other creditors and accruals | 17,389 | 13,666 | ![]() |
12,348 | 8,552 |
Due to immediate holding company (non-trade) | - | 486 | ![]() |
- | - |
Due to related companies (trade) | 2,470 | 1,404 | ![]() |
11 | 84 |
Hire purchase creditors, current portion | 102 | 104 | ![]() |
65 | 66 |
Bank term loans (secured), current portion | 15,394 | 14,961 | ![]() |
1,884 | - |
Provision for tax | 660 | 697 | ![]() |
318 | 312 |
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71,643 | 69,221 | ![]() |
43,109 | 40,719 |
Net current assets |
80,887 | 61,787 | ![]() |
102,450 | 80,235 |
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Non-current liabilities | ![]() |
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Due to subsidiary (non-trade) | ![]() |
- | ![]() |
8,147 | 8,153 |
Deferred tax | 399 | 344 | ![]() |
- | - |
Hire purchase creditors, non-current portion | 422 | 458 | ![]() |
238 | 271 |
Bank term loans (secured), non-current portion | 42,863 | 48,563 | ![]() |
- | - |
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206,217 | 197,208 | ![]() |
166,938 | 162,556 |
As at 30/6/2004 | As at 31/12/2003 | ||
Secured | Unsecured | Secured | Unsecured |
S$ 15.50 mil | 0 | S$ 15.07 mil | 0 |
As at 30/06/2004 | As at 31/12/2003 | ||
Secured | Unsecured | Secured | Unsecured |
S$ 43.29 mil | 0 | S$ 49.02 mil | 0 |
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2Q 2004 | ![]() |
2Q 2003 |
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S$'000 | ![]() |
S$'000 |
Cash flows from operating activities | ![]() |
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Profit before tax | 5,920 | ![]() |
4,113 |
Adjustments: | ![]() |
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|
1,233 | ![]() |
1,433 |
|
2,822 | ![]() |
3,308 |
|
755 | ![]() |
909 |
|
(282) | ![]() |
(278) |
|
72 | ![]() |
167 |
|
16 | ![]() |
- |
|
150 | ![]() |
70 |
|
(207) | ![]() |
(41) |
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Operating profit before working capital changes | 10,479 | ![]() |
9,681 |
(Increase) decrease in: | ![]() |
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|
(400) | ![]() |
(176) |
|
(6,065) | ![]() |
(8,112) |
|
1,274 | ![]() |
1,086 |
|
(440) | ![]() |
(1,213) |
|
281 | ![]() |
(319) |
|
(147) | ![]() |
(283) |
Increase (decrease) in: | ![]() |
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|
(2,885) | ![]() |
5,050 |
|
7,430 | ![]() |
1,680 |
|
104 | ![]() |
1,120 |
|
(938) | ![]() |
67 |
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Cash generated from operations | 8,693 | ![]() |
8,581 |
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Interest paid | (755) | ![]() |
(909) |
Tax (paid) / refund | (354) | ![]() |
103 |
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Net cash generated from operating activities | 7,584 | ![]() |
7,775 |
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Cash flows from investing activities | ![]() |
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Interest income received | 282 | ![]() |
278 |
Acquisition of fixed assets | (2,498) | ![]() |
(6,537) |
Additions to deferred charges | (2,904) | ![]() |
(3,396) |
Investment in associated company | - | ![]() |
(283) |
Proceeds from disposal of investment securities | 1,732 | ![]() |
- |
Purchase of investment securities | (4,367) | ![]() |
(4,562) |
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Net cash used in investing activities | (7,755) | ![]() |
(14,500) |
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Cash flows from financing activities | ![]() |
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(Repayment of) / Proceeds from hire purchase liabilities | (29) | ![]() |
22 |
Proceeds from bank term loans | 1,884 | ![]() |
3,938 |
Repayment of bank term loans | (3,059) | ![]() |
(4,167) |
Dividend paid | (2,288) | ![]() |
(2,288) |
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Net cash used in financing activities | (3,492) | ![]() |
(2,495) |
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Net decrease in cas h and cash equivalents | (3,663) | ![]() |
(9,220) |
Effect of exchange rates changes on cash and cash equivalents | 7 | ![]() |
97 |
Cash and cash equivalents at the beginning of period | 47,077 | ![]() |
44,479 |
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Cash and cash equivalents at the end of the perio d | 43,421 | ![]() |
35,356 |
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GROUP 2Q 2004 |
Share capital |
Share premium | Share redemption reserve | Capital reserve |
Translation reserve |
Accum ulated profits |
TOTAL |
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S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 |
Balance as at 1 Apr 2004 | 45,768 | 53,432 | 504 | 267 | 3,065 | 97,102 | 200,138 |
Currency translation | - | - | - | - | 1,099 | - | 1,099 |
Net profit for the period | - | - | - | - | - | 5,637 | 5,637 |
Dividend paid | - | - | - | - | - | (2,288) | (2,288) |
Balance as at 30 Jun 2004 | 45,768 | 53,432 | 504 | 267 | 4,164 | 100,451 | 204,586 |
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GROUP 2Q 2003 |
Share capital |
Share premium | Share redemption reserve | Capital reserve |
Translation reserve |
Accumulated profits |
TOTAL |
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S$'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 paid | - | - | - | - | - | (2,288) | (2,288) |
Balance as at 30 Jun 2003 | 45,768 | 53,432 | 504 | 267 | 6,860 | 92,641 | 199,472 |
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COMPANY 2Q 2004 |
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Share capital |
Share premium |
Share redemption reserve | Accumulated profits |
TOTAL |
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S$'000 | S$'000 | S$'000 | S$'000 | S$'000 |
Balance as at 1 Apr 2004 | ![]() |
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45,768 | 53,432 | 504 | 66,513 | 166,217 |
Net profit for the period | ![]() |
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- | - | - | 3,009 | 3,009 |
Dividend paid | ![]() |
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- | - | - | (2,288) | (2,288) |
Balance as at 30 Jun 2004 | ![]() |
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45,768 | 53,432 | 504 | 67,234 | 166,938 |
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COMPANY 2Q 2003 |
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Share capital | Share premium | Share redemption reserve | Translation reserve |
Accumulated profits |
TOTAL |
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S$'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 paid | ![]() |
- | - | - | - | (2,288) | (2,288) |
Balance as at 30 Jun 2003 | ![]() |
45,768 | 53,432 | 504 | 23 | 65,720 | 165,447 |
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Group Figures | |
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2Q 2004 | 2Q 2003 |
Earnings per ordinary share for the period based on net profit attributable to shareholders: | ![]() |
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(i) Based on weighted average number of ordinary shares in issue | 1.23 cents | 0.88 cents |
(ii) On a fully diluted basis | 1.23 cents | 0.88 cents |
(a) current financial period reported on; and
(b) immediately preceding financial year.
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Group | Company | ||
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30 Jun 2004 | 31 Dec 2003 | 30 Jun 2004 | 31 Dec 2003 |
Net asset value backing per ordinary share based on issued share capital as at the end of the period | 45.06 cents | 43.09 cents | 36.48 cents | 35.52 cents |
The turnover of the Group increased by 7.8% as compared to the same period last year. It is due mainly to the increase in freight rates of Container Shipping. The increase in the freight rates was caused by demand being greater than supply, and was necessary to overcome a noticeable increase in certain costs over the period, namely charter hire and stevedoring expenses. Additional revenue generated from sub-letting vessels contributed a significant share to the increase in turnover.(a) any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors; and
(b) any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on.
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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 period under review, excluding transactions conducted under a shareholders' mandate pursuant to Rule 920 of the SGX Listing Manual | Aggregate value of all interested person transactions conducted under a shareholders' mandate pursuant to Rule 920 of the SGX Listing Manual | ||
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Group | Group | ||
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2Q 2004 | 2Q 2003 | 2Q 2004 | 2Q 2003 |
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S$'000 | S$'000 | S$'000 | S$'000 |
Provision of services (by Holding Company) | ![]() |
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Management Fees | - | - | 186 | 174 |
Agency Commission | - | - | 1,038 | 854 |
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Provision of services (by Related Companies) | ![]() |
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Agency Commission | - | - | 8 | 6 |
Management Fees | - | - | - | 12 |
Charter Hire | - | - | - | 17 |
Ship Management Fees | - | - | 258 | 301 |