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Financials

Financial Statements And Related Announcement - First Quarter Results

Financials Archive

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Consolidated Income Statement

Income Statement

Consolidated Statement of Other Comprehensive Income

Income Statement

Review Of Performance

INCOME STATEMENT – Comparing 1Q2018 to 1Q2017

The Group's revenue increased by 4.8% from US$260.3 million to US$272.8 million, and gross profit increased by 15.5% from US$13.4 million to US$15.4 million, due to higher sales from the Hong Kong and Singapore business units arising from stronger demand.

Other income increased by 198.0% from US$49,000 to US$146,000 mainly due to non-recurring engineering income.

Sales and distribution costs increased by 15.9% from US$6.8 million to US$7.9 million, and general and administrative expenses increased by 13.5% from US$3.9 million to US$4.4 million. These were mainly due to higher staff costs and marketing expense.

Other expenses decreased by US$0.1 million due to lower allowance for doubtful trade debts in 1Q2018.

Interest expense increased by 78.5% from US$0.8 million to US$1.5 million mainly due to higher borrowings and higher financing costs from the hikes in interest rates.

Overall, the Group reported an increase in profit after tax by 6.9% from US$1.4 million to US$1.5 million.

CASHFLOW AND FINANCIAL POSITION

During the quarter, the Group's net cash flow used in operating activities was US$6.0 million compared to US$9.2 million in 1Q2017, mainly due to lower working capital requirement.

The lower working capital requirement was mainly due to decrease in trade and other debtors from US$199.1 million to US$190.7 million as at 31 March 2018 due to improvement in collection and increase in trade and other creditors from US$169.3 million to US$199.9 million as at 31 March 2018 due to higher purchase of stock.

This was partially offset by the increase in stock from US$175.0 million to US$221.4 million as at 31 March 2018.

Property, plant and equipment increased from US$2.6 million to US$3.5 million as at 31 March 2018 mainly due to new system enhancements across the Group.

Interest-bearing loans and borrowings increased from US$142.7 million to US$149.8 million as at 31 March 2018 to fund the working capital requirements.

Overall, shareholders' equity increased to US$75.3 million from US$73.8 million as at 31 December 2017, mainly due to the profit for the period of US$1.5 million.

Commentary

With the proliferation of the Internet of Things ("IoT") in different technologies and applications, we see increasing business opportunities in our industry. Consumers' demands for rapidly evolving trends in new innovations will remain a key driver for our growth, as it will give rise to the demand for our products, solutions and services. We continue to explore collaborations with our partners to create a sustainable ecosystem of innovation, business relevance and value for our stakeholders.

Balance Sheet

Balance Sheet

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