CSC HOLDINGS LIMITED Financial Statements and Related Announcement::Third Quarter Results
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Financial Statements and Related Announcement::Third Quarter Results Issuer & Securities
Issuer/ Manager CSC HOLDINGS LIMITED
Stapled Security No
Announcement Details
Announcement Title Financial Statements and Related Announcement
Date & Time of Broadcast 04-Feb-2016 17:44:32
Status New
Announcement Sub Title Third Quarter Results
Announcement Reference SG160204OTHR86A5
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 31/12/2015
Attachments
3Q16.pdf
Total size =450K
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4/2/2016
REVIEW OF THE PERFORMANCE OF THE GROUP 3
CONSOLIDATED STATEMENT OF PROFIT OR LOSS 3
STATEMENT OF FINANCIAL POSITION 6
CASH FLOW 7
OUTLOOK 8
CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE 3RD QUARTER ENDED 31 DECEMBER 2015 9
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE 3RD QUARTER ENDED 31 DECEMBER 2015 10
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2015 11
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE 3RD QUARTER ENDED 31 DECEMBER 2015
.............................................................................................................................................................................................13
STATEMENTS OF CHANGES IN EQUITY FOR THE 3RD QUARTER ENDED 31 DECEMBER 2015 15
NOTES TO THE FINANCIAL STATEMENTS 17
NOTES TO THE CONSOLIDATED STATEMENT OF PROFIT OR LOSS 17
A Cost of sales…………………………………………………………………………………………………. 17 B Other income………………………………………………………………………………………………… 17 C Administrative expenses……………………………………………………………………………………. 17 D Other operating expenses………………………………………………………………………………….. 18 E Impairment losses reversed on trade and other receivables…………………………………………… 18 F Net provision made as a result of an arbitration award received………………………………………. 18 G Recovery of costs as a result of an arbitration award received………………………………………… 18 H Tax expense…………………………………………………………………………………………………. 19 I Interested person transactions…………………………………………………………………………….. 19
NOTES TO THE STATEMENT OF FINANCIAL POSITION 20
1 Property, plant and equipment…………………………………………………………………………….. 20
2 Inventories…………………………………………………………………………………………………….20
Excess of progress billings over construction work-in-progress……………………………………….. 20
Aggregate amount of Group's borrowings and debt securities………………………………………… 21
NOTES TO THE STATEMENT OF CHANGES IN EQUITY 22
1 Changes in the Company's Share Capital………………………………………………………………...22
AUDIT 22
ACCOUNTING POLICIES 22
EARNINGS/(LOSS) PER SHARE 23
NET ASSET VALUE 24
VARIANCE FROM PROSPECT STATEMENT 24
DIVIDEND 24
CONFIRMATION 25
SUBSEQUENT EVENT 25
USE OF PROCEEDS RAISED FROM IPO AND ANY OFFERINGS PURSUANT TO CHAPTER 8 25
WHITEWASH WAIVER IN RELATION TO RIGHTS CUM WARRANTS ISSUE 25
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Review of the Performance of the GroupCONSOLIDATED STATEMENT OF PROFIT OR LOSS
3Q16 - for the 3 months ended 31 December 2015 2Q16 - for the 3 months ended 30 September 2015 1Q16 - for the 3 months ended 30 June 2015
3Q15 - for the 3 months ended 31 December 2014 9M16 - for the 9 months ended 31 December 2015 9M15 - for the 9 months ended 31 December 2014
Review of Results for the Third Quarter Ended 31 December 2015
3Q16 $'000 | 2Q16 $'000 | Change % | 3Q15 $'000 | Change % | 9M16 $'000 | 9M15 $'000 | Change % | |
Revenue | 98,963 | 93,726 | 5.6 | 116,615 | (15.1) | 317,042 | 312,893 | 1.3 |
Gross Profit | 7,838 | 5,731 | 36.8 | 7,865 | (0.3) | 22,563 | 17,605 | 28.2 |
Other Income | 629 | 473 | 33.0 | 375 | 67.7 | 1,556 | 2,098 | (25.8) |
Operating Expenses | (7,448) | (6,810) | 9.4 | (8,877) | (16.1) | (22,076) | (24,127) | (8.5) |
Profit/(Loss) from Operating | 1,019 | (606) | N.M. | (637) | N.M. | 2,043 | (4,424) | N.M. |
Activities | ||||||||
Impairment Losses Reversed on | ||||||||
Trade and Other Receivables: | ||||||||
- Changi Motorsports Hub project | - | - | N.A. | - | N.A. | - | 6,858 | N.A. |
Net Provision Made as a result of | ||||||||
an Arbitration Award received | - | - | N.A. | (3,161) | N.A. | - | (3,161) | N.A. |
Recovery of Legal and Other Costs as a | ||||||||
result of an Arbitration Award received | - | 906 | N.A. | - | N.A. | 906 | - | N.A. |
Profit/(Loss) from Operating Activities | 1,019 | 300 | N.M. | (3,798) | N.M. | 2,949 | (727) | N.M. |
after the Impairment Losses, Net | ||||||||
Provision and Recovery of Costs | ||||||||
Net Finance Expenses | (496) | (223) | N.M. | (938) | (47.1) | (1,686) | (2,822) | (40.3) |
Interest Income Recognised as a result | ||||||||
of an Arbitration Award received | - | 337 | N.A. | - | N.A. | 337 | - | N.A. |
Share of (Loss)/Profit of a Joint Venture | (98) | (142) | (31.0) | 160 | N.M. | (219) | 180 | N.M. |
Profit/(Loss) before Tax | 425 | 272 | 56.3 | (4,576) | N.M. | 1,381 | (3,369) | N.M. |
Tax (Expense)/Credit | (258) | 248 | N.M. | (605) | N.M. | (288) | (1,536) | (81.3) |
Profit/(Loss) for the period | 167 | 520 | (67.9) | (5,181) | N.M. | 1,093 | (4,905) | N.M. |
Gross Profit Margins 7.9% 6.1% 6.7% 7.1% 5.6%
Revenue
Revenue for 3Q16 declined 15.1% to $99.0 million, as compared to $116.6 million in 3Q15. The level of activity in 3Q16 was lower compared to 3Q15 as there was a lag in timing between the tailing off of existing projects and the commencement of new projects secured.
Revenue for 9M16 rose 1.3% to $317.0 million, compared to $312.9 million in 9M15, mainly driven by the higher level of activity in 1Q16. Business activity for the subsequent quarters, on the other hand, experienced a slowdown in the second half of 2015 as a result of uncertainties in the economic environment.
Quarter-on-quarter, Group's revenue increased 5.6% over the $93.7 million recorded in 2Q16 following the completion and delivery of projects secured earlier.
Gross Profit and Gross Profit Margins (GPM)
Gross profit for 3Q16 was comparable to 3Q15 at $7.8 million, while GPM was 1.2 percentage points higher at 7.9%, compared to that achieved in 3Q15. Year-to-date, both Gross Profit and GPM for 9M16 recorded improvements at $22.6 million and 7.1% respectively, compared to a Gross Profit of
$17.6 million and GPM of 5.6% for 9M15.
The improvements were the result of proactive steps taken by the Group to reduce costs and improve operating efficiencies.
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CSC Holdings Ltd. issued this content on 04 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 05 February 2016 03:54:26 UTC
Original Document: http://www.cschl.com.sg/newsroom/Announcement_3Q2016results_040216.pdf
