SUTL Enterprise Limited Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016
August 11, 2016 at 05:16 am EDT
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SUTL Enterprise Limited reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported total income was SGD 6,816,000 against SGD 6,995,000 a year ago. Profit before tax from continuing operations was SGD 742,000 against SGD 782,000 a year ago. Profit before tax was SGD 742,000 against SGD 237,000 a year ago. Profit from continuing operations attributable to owners of the company was SGD 598,000 against SGD 702,000a year ago. Profit for the period representing total comprehensive income for the period attributable to the owners of the company was SGD 598,000 against SGD 157,000 a year ago. The improvement in performance followed the sale of its 51% remaining stake in Achieva Technology Pte Ltd. in January 2016, which marked the complete divestment of its legacy IT peripherals distribution business the Group's core business when it was operating as Achieva Limited before its transformation into SUTL Enterprise in June 2015.
For the six months, the company reported total income was SGD 13,914,000 against SGD 14,198,000 a year ago. Profit before tax from continuing operations was SGD 1,770,000 against SGD 2,082,000 a year ago. Profit before tax was SGD 1,770,000 against SGD 1,537,000 a year ago. Profit from continuing operations attributable to owners of the company was SGD 1,381,000 against SGD 1,774,000 a year ago. Profit for the period representing total comprehensive income for the period attributable to the owners of the company was SGD 1,381,000 against SGD 1,229,000 a year ago. Net cash flows generated from operating activities was SGD 2,844,000 against SGD 999,000 a year ago. Purchase of property, plant and equipment was SGD 424,000 against nil a year ago. Basic and diluted share was 0.69 Singapore cents compared to 0.37 Singapore cents a year ago. Net asset value also rose 3.0% from 58.12 Singapore cents as at 31 December 2015 to 59.85 Singapore cents as at 30 June 2016.
SUTL Enterprise Limited is a Singapore-based investment holding company. The Company is a developer, operator and consultant of integrated marinas. The Company develops infrastructure for integrated marinas and also provides consultancy services for such projects. It operates its own marinas under its ONE°15 brand, as well as those of third parties under management contracts. The Company, through its subsidiary, One15 Luxury Yachting Pte. Ltd., has a complementary yacht chartering business with a fleet of more than 40 luxury yachts. Its pipeline of to be completed marinas, which bears its ONE°15 brand includes the Indonesia Navy Club managed by ONE°15 in Jakarta, Indonesia; Taihu International Marina managed by ONE°15 Marina in Suzhou, China; ONE°15 Marina Nirup Island, Indonesia, and ONE°15 Marina Logan Cove Zhongshan, China. Its subsidiaries include SUTL Marina Development Pte. Ltd., ONE15 Luxury Yachting Pte. Ltd. and ONE15 Management and Technical Services Pte. Ltd.