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INVESTOR RELATIONS | Financial Information| Financials

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Unaudited First Quarter Financial Statement and Dividend Announcement for the Period Ended 31 March 2018

Financials Archive

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Consolidated Statement of Comprehensive Income

Consolidated Statement of Comprehensive Income

Balance Sheet

Balance Sheet

Review of Performance

(A) INCOME STATEMENT/STATEMENT OF COMPREHENSIVE INCOME

Turnover Analysis

Total revenue for the Group reported was US$0.052 million for the period ended 31 March 2018.

This revenue came solely from the property construction and development business in Malaysia.

The cessation of production at KM Oil Field since February 2017 resulted in nil revenue generated from exploration and production business.

Cost and Earning Analysis

Cost of sales is solely the cost of construction of property in Malaysia. Staff costs were lowered by 39% in 1Q2018 as compared to the same period in 2017. The total comprehensive income for the period ended 31 March 2018 was US$0.166 million.

Total comprehensive income of US$0.166 million generated in 1Q2018 as compared to the loss of US$1.642 million in the same period of 2017 was mainly due to the waiver of an amount due to a third party at US$0.56 million.

(B) BALANCE SHEET/STATEMENT OF FINANCIAL POSTION

Assets & Liabilities

The current assets of the Group as at 31 March 2018 increased by US$0.186 million as compared to 31 December 2017. This was mainly due to the advanced cash paid for the property construction and development projects in 1Q2018.

Trade and other payables decreased by US$0.268 million as of 31 March 2018 compared with 31 December 2017. This was mainly due to the waiver of an amount due to a third party at US$0.56 million. The short-term loans for the period of six months were arranged as operating funds.

As the Group is still working towards an eventual full closure of the KM Oil Field, the contract deposit pertaining to KM Oil Field and provisions for oil well decommission will not be discharged until full closure is achieved.

(C) CASHFLOW STATEMENT/STATEMENT OF CASHFLOWS

Cash Flow & Working Capital

Cash and cash equivalent position (inclusive of exchange effects) decreased by US$0.594 million for 1Q2018 as compared with 31 December 2017.

Cash used in operating activities was US$0.852 million for 1Q2018. There was a decrease of US$1.105 million as compared to 1Q2017. This was mainly contributed by the increase of trade and other receivables and decrease in unrealized exchange loss.

Cash generated from financing activities was US$0.227 million in 1Q2018. This was mainly due to the short-term loans for the period of six months were arranged as operating funds.

Update on Use of Proceeds from the Placement and Convertible Loans

For the placement of shares in 2H2017, the Company raised US$1.27 million in total. The amount from the proceeds unutilized as at 31 March 2018 amounted to US$0.47 million. The list below summarized the usage of the proceeds and they are in accordance with the purpose of share placement.

Commentary

Oil and Gas Business

Due to the weak economic climate in the Indonesian Oil Exploration sector, the Group ceased operations and surrendered the Kampung Minyak Oil Field in 2017. The Group still retains minority ownership of the Gunung Kampung Minyak Ltd Oil Field in Indonesia. The Group will still seek attractive new business opportunities in the Energy sector.

Property and Construction Business

In 2017, the group set up a joint venture company, Premier Mirach Sdn Bhd in Malaysia. The joint venture company is in partnership with PRG Construction Sdn Bhd, a wholly-owned subsidiary of PRG Holdings Berhad which is a public limited liability company listed on the Main Market of Bursa Malaysia Securities Berhad. The purpose is to undertake property construction projects in Malaysia and other parts of Asia. As of 31 March 2018, the first housing project situated in the Malaysia State of Perak has generated US$0.052 million revenue to the Group.

Agriculture Land (The "Proposed Investment")

In 1Q2018, The Group entered into a memorandum of understanding with RCL Kelstar Sdn. Bhd. to acquire 70% equity interest in RCL in Malaysia with the Kelantan State Economic Development Corporation. The proposed investment provides the Company with the potential opportunity to participate in the proposed new business.

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