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Financial Statements And Related Announcement - First Quarter Results

Financials Archive

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Unadited First Quarter 2018 Financial Statements

Profit & Loss

Consolidated Statement Of Comprehensive Income

Financials

Balance Sheet

Financials

Review of Performance

Q1FY18

Revenue

The Group's sales revenue was 1.5% higher at S$58.9 million in Q1FY18 compared to S$58.1 million in Q1FY17. This was mainly due to improved sales in Australia.

Gross Profit and Gross Profit Margin

Gross profit was S$15.7 million in Q1FY18 compared to S$14.8 million in Q1FY17. Gross profit margin increased from 25.4% in Q1FY17 to 26.7% in Q1FY18, mainly attributable to valued to value-added activities at the Group's Stamford Tyres Mart retail chain and truck tyre centres.

Operating Expenses

Total operating expenses increased by 6.6% to S$14.4 million in Q1FY18 compared to S$13.5 million in Q1FY17. The increase was mainly due to higher operating lease rentals and higher foreign exchange costs.

Share of Results of Joint Ventures

in Q1FY18, our share of profits from joint ventures was flat at S$0.6 million, compared to Q1FY17.

Net Profit

The net profit of the Group was 24.0% higher at S$1.9 million in Q1FY18, compared to S$1.6 million recorded in Q1FY17.

Financial Position

Property, plant and equipment decreased to S$69.8 million as at 31 July 2017 from S$70.7 million as at 30 April 2017.

Receivables decreased to S$62.2 million as at 31 July 2017 from S$67.5 million as at 30 April 2017.

Inventories decreased to S$75.1 million as at 31 July 2017 from S$77.9 million as at 30 April 2017, in line with lower purchases during the year.

Trade payables and trust receipts decreased to S$58.4 million as at 31 July 2017 from S$71.3 million as at 30 April 2017.

As at 31 July 2017, the Group's cash and cash equivalents stood at S$17.7 million compared to S$21.7 million as at 30 April 2017.

The Group's borrowings which comprise trust receipts, revolving credit, short-term secured loans as well as long-term secured loans stood at S$86.6 million as at 31 July 2017 compared with S$96.2 million as at 30 April 2017. The decrease in borrowings was mainly due to the repayment of trust receipts and long term loans.

Commentary

The global economic outlook continues to remain uncertain. As a result, our operating environment will continue to be challenging.

To mitigate the impact of this challenging environment, the Group will continue to optimize its product mix, manage operating costs and build on its core markets in South East Asia.