KEPPEL LTD. The Directors of Keppel Telecommunications & Transportation Ltd advise the following results of the Company and of the Group for the first quarter ended 31 March 2017.
These figures have not been audited.
1Q FY2017 RESULTS HIGHLIGHTS
Revenue decreased by 16% to $40.7 million compared to the corresponding quarter in FY2016.
Net profit attributable to shareholders during the period decreased by 13% to
$11.6 million, compared to 1Q FY2016, due mainly to lower contribution from Data Centre Division arising from the disposal of subsidiaries and weaker performance from Logistics Division, partly offset by higher share of profits from associated companies. The subsidiaries disposed were subsequently equity accounted at the Group.
Earnings per share was 2.1 cents.
Net asset value per ordinary share was $1.44 per share, compared to $1.43 per share at December 2016.
Net gearing was 0.36x, compared to 0.53x at December 2016.
Media Kevin Ho (Mr) Senior Executive Group Corporate Communications Keppel Corporation Limited Tel: +65 6413 6581 Email: kevin.ho@kepcorp.com | Investor Relations Ivana Chua (Ms) Assistant General Manager Group Corporate Communications Keppel Corporation Limited Tel: +65 6413 6436 Email: ivana.chua@kepcorp.com |
This press release is also available at www.kepcorp.com and www.keppeltt.com.sg.
KEPPEL TELECOMMUNICATIONS & TRANSPORTATION LTD(Co Reg No: 196500115G)
(Incorporated in the Republic of Singapore)
FIRST QUARTER 2017 FINANCIAL STATEMENTS TABLE OF CONTENTSParagraph | Description | Page |
1(a) | GROUP PROFIT AND LOSS ACCOUNT ............................................................. | |
1(b) | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ..................... | 3 |
1(c)(i) | BALANCE SHEETS ............................................................................................... | 4 |
1(d)(i) | CONSOLIDATED STATEMENT OF CASH FLOWS ............................................. | 7 |
1(e)(i) | STATEMENTS OF CHANGES IN EQUITY ........................................................... | 10 |
2 | AUDIT .................................................................................................................... | 14 |
3 | AUDITORS' REPORT ........................................................................................... | 14 |
4 | ACCOUNTING POLICIES ..................................................................................... | 15 |
5 | CHANGES IN ACCOUNTING POLICIES ............................................................. | 15 |
6 | EARNINGS PER ORDINARY SHARE .................................................................. | 15 |
7 | NET ASSET VALUE .............................................................................................. | 15 |
8 | REVIEW OF GROUP PERFORMANCE ............................................................... | 16 |
9 | VARIANCE FROM FORECAST STATEMENT ..................................................... | 16 |
10 | PROSPECTS ......................................................................................................... | 16 |
11 & 12 | DIVIDENDS ........................................................................................................... | 17 |
13 | SEGMENT ANALYSIS .......................................................................................... | 18 |
14 | REVIEW OF SEGMENT PERFORMANCE ........................................................... | 20 |
15 | INTERESTED PERSON TRANSACTIONS .......................................................... | 21 |
16 | CONFIRMATION THAT THE ISSUER HAS PROCURED UNDERTAKINGS FROM ALL ITS DIRECTORS AND EXECUTIVE OFFICERS .............................. | |
21 | ||
CONFIRMATION BY THE BOARD ........................................................................ | 22 |
KEPPEL TELECOMMUNICATIONS & TRANSPORTATION LTD (Co Reg No: 196500115G)
First Quarter 2017 Financial Statements 1 UNAUDITED RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2017The Directors of Keppel Telecommunications & Transportation Ltd advise the following unaudited results of the Group for the first quarter ended 31 March 2017.
1(a) GROUP PROFIT AND LOSS ACCOUNT for the first quarter ended 31 March 2017First Quarter | |||
2017 | 2016 | +/(-) | |
$'000 | $'000 | % | |
REVENUE | 40,716 | 48,268 | (15.6) |
Operating expenses | (43,647) | (43,920) | (0.6) |
Other income | 1,258 | 2,347 | (46.4) |
OPERATING (LOSS)/PROFIT | (1,673) | 6,695 | nm |
Interest income | 459 | 407 | 12.8 |
Interest expense | (3,002) | (3,441) | (12.8) |
Share of results of associated companies and joint ventures | 19,484 | 16,037 | 21.5 |
PROFIT BEFORE TAXATION | 15,268 | 19,698 | (22.5) |
Taxation | (3,343) | (4,755) | (29.7) |
PROFIT FOR THE PERIOD | 11,925 | 14,943 | (20.2) |
Attributable to: | |||
Shareholders of the Company | 11,572 | 13,313 | (13.1) |
Non-controlling interests | 353 | 1,630 | (78.3) |
11,925 | 14,943 | (20.2) | |
Earnings per share | |||
- basic | 2.1 cts | 2.4 cts | (12.5) |
- diluted | 2.1 cts | 2.4 cts | (12.5) |
nm - not meaningful
1(a) GROUP PROFIT AND LOSS ACCOUNT (cont'd) for the first quarter ended 31 March 2017 Notes to Group Profit and Loss AccountOperating expenses/other income comprise the following:
First Quarter
2017
2016
+/(-)
$'000
$'000
%
Purchase of goods and services(a)
12,678
12,318
2.9
Staff costs
14,756
14,921
(1.1)
Share-based payment expenses
489
658
(25.7)
Depreciation of fixed assets(b)
4,940
4,403
12.2
Equipment rental and facilities expenses(c)
8,062
8,576
(6.0)
Other operating expenses
2,722
3,044
(10.6)
Operating expenses
43,647
43,920
(0.6)
Other income(d)
1,258
2,347
(46.4)
Notes:
Purchase of goods and services increased due mainly to expenses incurred by new subsidiary in Logistics Division.
Depreciation increased due mainly to additional depreciation charges from new facilities in Logistics Division.
Equipment rental and facilities expenses decreased due mainly to lower expenses on property upkeep, rental of forklifts and data centre maintenance.
Other income decreased due mainly to lower distributions received from other investments and sundry income.
Operating (loss)/profit is arrived at after charging/(crediting) the following:
First Quarter
2017
2016
+/(-)
$'000
$'000
%
Loss on disposal of fixed assets
17
-
nm
Gain on disposal of a subsidiary
(2)
-
nm
Write-back of provision for doubtful debts
(4)
(5)
(20.0)
Amortisation of intangible assets
210
-
nm
Foreign exchange gain
(114)
(295)
(61.4)
Taxation included over-provision of taxation expense of $100,000 for the quarter (1Q 2016: nil) in respect of prior years.
nm - not meaningful
Keppel Corporation Ltd. published this content on 18 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 18 April 2017 09:38:11 UTC.
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