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Financial Statement Announcement for the Second Quarter Ended 30 June 2017






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Profit & Loss



Consolidated Statement of Comprehensive Income



Balance Sheet



Review of Performance



CONSOLIDATED INCOME STATEMENT

January – March 2015 (“1Q15”)

The Group's revenue increased by 46.2% from $105.7 million in 1Q14 to $154.5 million in 1Q15, of which $44.2 million was contributed by First Engineering Limited Group (“FEL”) which was acquired in November 2014.

Excluding the contribution from FEL, revenue increased by 4.3% to $110.3 million. The increase in revenue was mainly contributed by the Mould Fabrication business segment due to more orders billed and recognised to profit and loss during the quarter.



During the period, gross profit increased by 55.9% from $13.2 million in 1Q14 to $20.6 million in 1Q15. Gross margin for 1Q15 was 13.4% compared to 12.5% in 1Q14. The increase in gross profit and gross margin was in line with the increase in revenue and better capacity utilisation.

The increases in marketing and distribution and administrative expenses were mainly due to consolidating FEL.

The decrease in other income was due to the net profit on disposal of non-current assets held for sale amounting to $5.2 million in 1Q14.

The increase in other expenses was due to the higher amortisation of intangible assets in 1Q15.

The increase in finance costs was mainly due to additional loans obtained for funding the acquisition of FEL.

The Group achieved a net profit of $7.1 million in 1Q15 compared to $8.5 million in 1Q14. Excluding the loss on disposal of a subsidiary, gain on disposal of investment and non-current assets held for sale, amortization of intangible assets and the foreign exchange gain, the net profit would have been $6.2 million in 1Q15 as compared to $3.1 million in 1Q14.



CONSOLIDATED BALANCE SHEET

The Group's property, plant and equipment amounted to $193.4 million as at 31 March 2015 compared to $193.6 million as at 31 December 2014. Property, plant and equipment were stated net of depreciation charges of $8.3 million (1Q14: $6.3 million) and partially offset by the addition of $5.3 million in capital expenditure for machineries and currency re-alignment.

The decrease in loans and borrowings was due to repayment of loans.

The decrease in tax payable was due to payments made.

The Group maintained a cash balance of $115.4 million as at 31 March 2015 (31 December 2014: $103.1 million) resulting in net debts of $18.8 million (31 December 14: $33.9 million).

CONSOLIDATED CASHFLOW STATEMENT

January - March 2015 (“1Q15”)

Net cash generated from operating activities was $22.2 million for 1Q15, compared to $7.7 million for 1Q14. Net cash used in investing activities was $4.9 million in 1Q15, compared to net cash generated from investing activities of $5.1 million in 1Q14 mainly due to proceeds from the disposal of UFE building in 1Q14. Net cash used in financing activities was $2.9 million in 1Q15, compared to $5.0 million in 1Q14.

Commentary On Current Year Prospects


The business environment has not changed over the quarter. We expect it to remain challenging for the same reasons as before; subdued global economic environment, significant minimum wage increase in China and pricing pressure from customers.

The integration of First Engineering which will take up to one year is on track but we expect to see partial results from 2Q15 onwards. The enlarged group, with a wider product mix offering, increased engineering capabilities and global geographic footprint has created cross selling opportunities to our customers.

All business segments remain stable with healthy sales backlog and new business enquiries. The effort to accelerate our business development to increase capacity utilization for our southern China plants remains.

Despite the challenging business environment, the group remains optimistic. Our focus to drive and shape our long term business to achieve sustainable and higher profitability remains on course.