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MarketScreener Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Elec & Eltek International Company Ltd    EELT   SG1B09007736

ELEC & ELTEK INTERNATIONAL COMPANY LTD (EELT)
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Elec & Eltek International : Unaudited Financial Results for the Third Quarter and Nine Months Ended 30 September 2018

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11/09/2018 | 05:19am EST

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

The Singapore Exchange Securities Trading Limited assumes no responsibility for the correctness of any of the statements made, reports contained, or opinions expressed in this announcement.

Elec & Eltek International Company Limited

Աлτ༺ණྠϞࠢʮ̡*

(Incorporated in the Republic of Singapore with Limited Liability)

Singapore Company Registration Number: 199300005H

(Hong Kong Stock Code: 1151)

(Singapore Stock Code: E16.SI)

UNAUDITED FINANCIAL RESULTS

FOR THE THIRD QUARTER AND NINE MONTHS ENDED

30 SEPTEMBER 2018

This announcement is made by Elec & Eltek International Company Limited (the "Company") pursuant to Rule 13.10B of The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("SEHK"). This announcement is originally prepared in English. In the case of any inconsistency between the English version and the Chinese version, the English version shall prevail.

This announcement is prepared in accordance with the relevant regulations of the Singapore Exchange Securities Trading Limited ("SGX"). The financial information set out in this announcement has been prepared in accordance with the Singapore Financial Reporting Standards (International) ("SFRS(I)") and has not been audited or reviewed by auditors. Shareholders of the Company and public investors should exercise caution when trading in the shares of the Company.

This announcement contains projections and forward-looking statements regarding the objectives and expectations of the Company and its subsidiaries (collectively referred to as the "Group") with respect to the Group's business opportunities and business prospects. Such forward-looking statements do not constitute guarantees of the future performance of the Group and are subject to factors that could cause the Group's actual results, plans and objectives to differ materially from those expressed in the forward-looking statements. These factors include, but are not limited to, general industry and economics conditions, shifts in customer demands, customers and partners and government and policy changes. The Group undertakes no obligation to update or revise any forward-looking statements contained in this announcement to reflect subsequent events or circumstances.

* For identification purpose only

FINANCIAL HIGHLIGHTS

Nine months ended

30 September

30 September

2018 ("YTD

2017 ("YTD

%

3QCY18")

3QCY17")

Change

US$'000

US$'000

Revenue

444,261

364,046

22.0%

EBITDA

57,263

57,927

-1.1%

EBITDA margin

12.9%

15.9%

-3.0%

Profit before tax

25,831

29,639

-12.8%

Net profit attributable to owners

of the Company

21,380

24,812

-13.8%

Basic and diluted earnings per

share

US11.44 cents

US13.27 cents

-13.8%

30 September

31 December

2018

2017

Net asset value per share

US$2.18

US$2.15

1.4%

Net gearing ratio

21.5%

11.8%

9.7%

RESULTS

The board of directors ("Directors" and each a "Director") of the Company (the "Board") is pleased to announce the unaudited consolidated results of the Group for the third quarter ("3QCY18") and nine months ended 30 September 2018 ("YTD 3QCY18") together with the comparative figures for the third quarter ("3QCY17") and nine months ended 30 September 2017 ("YTD 3QCY17").

Consolidated Statement of Profit or Loss

Notes

Revenue

2

164,142

128,944

Cost of sales

(144,683)

(111,998)

Gross profit

19,459

16,946

Gross profit margin

11.9%

13.1%

Other operating income and gains

432

961

Distribution and selling costs

(2,612)

(2,384)

Administrative expenses

(7,953)

(4,951)

Other operating expenses and losses

(86)

(430)

Finance costs

3

(646)

(323)

Profit before taxation

8,594

9,819

Income tax expense

4

(1,693)

(1,504)

Profit for the period

6,901

8,315

Profit attributable to:

Owners of the Company

6,530

8,287

Non-controlling interests

371

28

6,901

8,315

Earnings per share

(US cents)

6

- Basic and diluted

3.49

4.43

YTD

YTD

3QCY18 3QCY17

3QCY18

3QCY17

US$'000 US$'000

% Change

US$'000

US$'000

% Change

(Unaudited) (Unaudited)

(Unaudited)

(Unaudited)

27.3%

444,261

364,046

22.0%

29.2%

(392,895)

(311,624)

26.1%

14.8%

51,366

52,422

-2.0%

-1.2%

11.6%

14.4%

-2.8%

-55.0%

1,813

1,956

-7.3%

9.6%

(7,471)

(7,551)

-1.1%

60.6%

(18,183)

(14,689)

23.8%

-80.0%

(368)

(1,583)

-76.8%

100.0%

(1,326)

(916)

44.8%

-12.5%

25,831

29,639

-12.8%

12.6%

(3,842)

(4,510)

-14.8%

-17.0%

21,989

25,129

-12.5%

-21.2%

21,380

24,812

-13.8%

1,225.0%

609

317

92.1%

-17.0%

21,989

25,129

-12.5%

-21.2%

11.44

13.27

-13.8%

Notes to Consolidated Statement of Profit or Loss:

3QCY18

US$'000 (Unaudited)

US$'000 (Unaudited)

3QCY17

% Change

YTD 3QCY18 US$'000 (Unaudited)

YTD 3QCY17 US$'000 (Unaudited)

% ChangeDepreciation

Amortisation of prepaid land use rights

Allowance for doubtful debts (Reversal of allowance) Allowance for inventory obsolescence

10,519

9,267

13.5%

41 2,476

41

n/m

  • 700 253.7%

    (13)

  • 295 -104.4%

30,054

27,320

10.0%

123 2,362

183

123 1,357

417

n/m 74.1% -56.1%

Consolidated Statement of Profit or Loss and Other Comprehensive Income

Total comprehensive income attributable to:

Other comprehensive expenses for the period, net of tax

Total comprehensive income for the period

Other comprehensive expenses:

Profit for the period

n/m percentage not meaningful

YTD

YTD

3QCY18

3QCY17

3QCY18

3QCY17

US$'000

US$'000

% Change

US$'000

US$'000

% Change

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

6,901

8,315

-17.0%

21,989

25,129

-12.5%

108

(270)

-140.0%

(44)

(844)

-94.8%

108

(270)

-140.0%

(44)

(844)

-94.8%

7,009

8,045

-12.9%

21,945

24,285

-9.6%

6,638

8,017

-17.2%

21,336

23,968

-11.0%

371

28

1,225.0%

609

317

92.1%

7,009

8,045

-12.9%

21,945

24,285

-9.6%

-4-

Items that may be reclassified subsequently to profit or loss: Exchange differences arising on translation of foreign operations

Owners of the Company Non-controlling interests

Statements of Financial Position

THE GROUP

THE COMPANY

ASSETS

Current assets

Cash and bank balances

Trade receivables

Bills receivables

Other receivables

Prepaid land use rights

Inventories

Total current assets

Non-current assets

Property, plant and

equipment

Prepaid land use rights

Deposits for acquisition of

plant and equipment

Investment properties

Subsidiary companies

Deferred tax assets

Total non-current assets

Total assets

LIABILITIES AND EQUITY

Current liabilities

Bank loans

12

Trade payables

11

Bills payables

11

Other payables

Amounts due to subsidiary

companies

Provision for taxation

Total current liabilities

Non-current liabilities

Bank loans

12

Deferred tax liabilities

Total non-current liabilities

Capital, reserves and

non-controlling interests

Share capital

13

Reserves

Equity attributable to owners

of the Company

Non-controlling interests

Total equity

Total liabilities and equity

30 September

31 December

30 September

31 December

2018

2017

2018

2017

Notes

US$'000

US$'000

US$'000

US$'000

(Unaudited)

(Audited)

(Unaudited)

(Audited)

21,608

25,985

113

179

9

186,446

168,280

-

-

9

973

3,555

-

-

14,495

13,216

18

1

399

399

-

-

10

48,418

44,156

-

-

272,339

255,591

131

180

8

314,258

286,660

-

-

12,326

12,449

-

-

8

10,222

10,401

-

-

101,692

101,692

-

-

-

-

487,541

470,324

84

84

-

-

438,582

411,286

487,541

470,324

710,921

666,877

487,672

470,504

79,460

47,286

-

-

141,187

133,012

-

-

16,657

17,293

-

-

28,651

36,739

803

2,258

-

-

265,816

231,454

3,773

3,234

-

-

269,728

237,564

266,619

233,712

30,000

25,942

-

-

2,834

2,003

-

-

32,834

27,945

-

-

113,880

113,880

113,880

113,880

282,528

276,146

107,173

122,912

396,408

390,026

221,053

236,792

11,951

11,342

-

-

408,359

401,368

221,053

236,792

710,921

666,877

487,672

470,504

Disclaimer

Elec & Eltek International Company Limited published this content on 09 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 November 2018 10:18:04 UTC

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