Financial Statements And Related Announcement - Second Quarter Results
UNAUDITED SECOND QUARTER FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2016
Profit & Loss
Consolidated Statement of Total Comprehensive Income
Review Of Performance
Consolidated income statement
Hotel owning & management
- Revenue growth of 0.4% in Q2 FY2017 was due mainly to a strong A$, which increased by 2.4%.
- Operating profit decreased mainly due to higher operating costs.
- Revenue was lower as there was only one apartment sold in Q2 FY2017/1H FY2017 (Q2 FY2016:
1 TSRRT apartment and 1 TSRA apartment; 1H FY2016: 1 TSRRT penthouse, 1 TSRRT
apartment and 3 TSRA apartments).
- Operating profit for 1H FY2017 was lower due to lesser apartments sold.
- Revenue and operating profit were higher due to higher rent for FY2017.
- Revenue decreased due to continuous challenging business environment in both travel agency and
interior decoration business.
- Operating profit increased in Q2 FY2017 and 1H FY2017 mainly due to lower operating costs.
- Decrease in cash and cash equivalents was mainly due to payment of FY2016 dividends and
repayment of borrowings.
- Increase in tax recoverable was mainly due to payment of withholding tax which will be refunded in
- Increase in development properties for sale was due to capitalisation of construction costs of an
ongoing development project.
- Decrease in trade and other payables was mainly due to payment of construction costs of an
ongoing development project.
- Increase in borrowings was mainly due to net proceeds from additional bank borrowings drawn for
an ongoing development project.
Consolidated Statement of Cash Flows
The Group registered a net decrease in cash and cash equivalents of S$0.8 million and S$20.6
million for Q2 FY2017 and 1H FY2017 respectively, details as follows:
- Cash outflow from operating activities was mainly due to construction costs of an ongoing
- Cash outflow from investing activities was mainly due to ongoing refurbishment projects.
- Cash inflow from financing activities was mainly due to additional borrowings drawn down
for an ongoing development project, partially offset by repayment of borrowings and payment
- For 1H FY2017, property development segment registered sale of 1 apartment as compared to 5
apartments in 1H FY2016, resulting in a decline in net profit.
- Performance of the hotel segment was fairly consistent and it is expected to remain stable. The
work on the additional 26 suites at Stamford Plaza Melbourne was completed and the Group
expects these to contribute to its revenue.
- Contributions from property development segment will be substantial on completion of three towers
of Macquarie Park Village in Q4 FY2017 and later.
- Property investment segment continues to deliver stable results underpinned by fixed lease
- Barring any unforeseen circumstances, the Group expects to remain profitable for FY2017.