Financial Statements and Related Announcement::First Quarter Results
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Financial Statements and Related Announcement::First Quarter Results Issuer & Securities
Issuer/ Manager CSC HOLDINGS LIMITED
Securities CSC HOLDINGS LTD - SG1F84861094 - C06
Stapled Security No
Announcement Details
Announcement Title Financial Statements and Related Announcement
Date & Time of Broadcast 10-Aug-2016 18:02:28
Status New
Announcement Sub Title First Quarter Results
Announcement Reference SG160810OTHRTGR0
Submitted By (Co./ Ind. Name) Lee Quang Loong
Designation Company Secretary
Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)
Please refer to the attachment.
Additional Details
For Financial Period Ended 30/06/2016
Attachments
1QFY17.pdf Total size =473K
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11/8/2016
CSC HOLDINGS LIMITED (Company Registration Number: 199707845E) Financial Statements Announcement for the First Quarter Ended 30 June 2016 (For the Financial Year Ending 31 March 2017) Table of Contents PageREVIEW OF THE PERFORMANCE OF THE GROUP 3
CONSOLIDATED STATEMENT OF PROFIT OR LOSS 3
STATEMENT OF FINANCIAL POSITION 5
CASH FLOW 6
OUTLOOK 7
CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE 3 MONTHS ENDED 30 JUNE 2016 8
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE 3 MONTHS ENDED 30 JUNE 2016 9
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2016 10
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE 3 MONTHS ENDED 30 JUNE 2016 12
STATEMENTS OF CHANGES IN EQUITY FOR THE 3 MONTHS ENDED 30 JUNE 2016 14
NOTES TO THE FINANCIAL STATEMENTS 16
NOTES TO THE CONSOLIDATED STATEMENT OF PROFIT OR LOSS 16
A Cost of sales…………………………………………………………………………………………………. 16 B Other income………………………………………………………………………………………………… 16 C Administrative expenses…………………………………………………………………………………… 16 D Other operating (income)/expenses………………………………………………………………………. 17 E Tax expense…………………………………………………………………………………………………. 17 F Interested person transactions…………………………………………………………………………….. 18
NOTES TO THE STATEMENT OF FINANCIAL POSITION 19
1 Property, plant and equipment…………………………………………………………………………….. 19
2 Inventories…………………………………………………………………………………………………….19
Excess of progress billings over construction work-in-progress……………………………………….. 20
Aggregate amount of Group's borrowings and debt securities………………………………………… 20
NOTES TO THE STATEMENT OF CHANGES IN EQUITY 21
1 Changes in the Company's Share Capital……………………………………………………………….. 21
AUDIT 21
ACCOUNTING POLICIES 21
(LOSS)/EARNINGS PER SHARE 22
NET ASSET VALUE 23
VARIANCE FROM PROSPECT STATEMENT 23
DIVIDEND 23
CONFIRMATION 23
USE OF PROCEEDS RAISED FROM IPO AND ANY OFFERINGS PURSUANT TO CHAPTER 8 23
WHITEWASH WAIVER IN RELATION TO RIGHTS CUM WARRANTS ISSUE 24
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Review of the Performance of the GroupCONSOLIDATED STATEMENT OF PROFIT OR LOSS
1QFY17 - for the 3 months ended 30 June 2016 4QFY16 - for the 3 months ended 31 March 2016 1QFY16 - for the 3 months ended 30 June 2015
Review of Results for the First Quarter Ended 30 June 2016
1QFY17 $'000 | 4QFY16 $'000 | Change % | 1QFY17 $'000 | 1QFY16 $'000 | Change % | |
Revenue | 69,109 | 65,299 | 5.8 | 69,109 | 124,353 | (44.4) |
Gross Profit | 2,002 | 1,764 | 13.5 | 2,002 | 8,994 | (77.7) |
Other Income | 1,332 | 585 | N.M. | 1,332 | 454 | N.M. |
Operating Expenses | (6,575) | (7,269) | (9.5) | (6,575) | (7,818) | (15.9) |
(Loss)/Profit from Operating | (3,241) | (4,920) | (34.1) | (3,241) | 1,630 | N.M. |
Activities | ||||||
Net Finance Expenses | (937) | (945) | (0.8) | (937) | (967) | (3.1) |
Share of Profit of a Joint Venture | 36 | 112 | (67.9) | 36 | 21 | 71.4 |
(Loss)/Profit before Tax | (4,142) | (5,753) | (28.0) | (4,142) | 684 | N.M. |
Tax Expense | (582) | (806) | (27.8) | (582) | (278) | N.M. |
(Loss)/Profit for the period | (4,724) | (6,559) | (28.0) | (4,724) | 406 | N.M. |
EBITDA | 3,561 | 1,814 | 96.3 | 3,561 | 8,496 | (58.1) |
Gross Profit Margins 2.9% 2.7% 2.9% 7.2%
Revenue
The Group recorded revenue of $69.1 million for 1QFY17, a decline of 44.4% as compared to $124.4 million in 1QFY16. The decline in revenue was mainly due to the completion of existing projects, coupled with lower revenue from newly awarded projects. Demand for property in Singapore remains weak and this has a direct impact on the demand for construction services from the residential sector. Government infrastructure projects such as the construction of the East Coast stretch of the Thomson-East Coast Mass Rapid Transit Line are expected to commence in the last quarter of calendar year 2016. The Group is actively pursuing contracts for these projects to replenish its order book.
Quarter-on-quarter, revenue for 1QFY17 was largely similar to 4QFY16 as the Group's work volume remained low.
Gross Profit and Gross Profit Margins (GPM)
Gross profit for 1QFY17 was lower at $2.0 million (1QFY16: $9.0 million) in line with the lower revenue recorded for the period under review. The weak results were largely due to lower profit margins from recently completed and current projects.
Quarter-on-quarter, gross profit and GPM for 1QFY17 registered a slight improvement from 4QFY16.
Other Income
The Group recorded other income of $1.3 million in 1QFY17 (1QFY16: $0.5 million), mainly from the disposal of older equipment. In light of the weak demand, the Group has continued to right-size its operations and reduce costs by disposing of its older and less efficient equipment.
Quarter-on-quarter, other income of $1.3 million was higher compared to the $0.6 million recorded in 4QFY16, due to higher gain recorded from the disposal of older equipment in 1QFY17.
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CSC Holdings Ltd. published this content on 10 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 11 August 2016 01:47:01 UTC.
Original documenthttp://www.cschl.com.sg/newsroom/1QFY17100816.pdf
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