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Quarterly Report For The Financial Period Ended 31 March 2018

Financials Archive

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The Figures Have Not Been Audited

Condensed Consolidated Statement Of Profit Or Loss And Other Comprehensive Income

Remarks To Condensed Consolidated Statement Of Profit Or Loss And Other Comprehensive Income:

Condensed Consolidated Statement Of Financial Position

Comparison between the current quarter and the immediate preceding quarter

The core revenue drivers of the Group for current year quarter are:

  • trade facilitation & B2B business
  • OGPC's energy equipment & maintenance
  • Vehicle Entry Permit and Road Charge ("VEP & RC") operations & maintenance services; and
  • Post acquisition revenue from Genaxis Group Sdn. Bhd. and its subsidiary company Innovation Associates Consulting Sdn. Bhd. ("Genaxis Group").

The Group's energy business continues to experience significant competitive pressure in an environment of declining oil and gas activities. The reduction in the energy revenue is also caused by a delay in executing portable container system ("PCS") due to site readiness. An amount of RM3.75 million of PCS revenue was recognised in immediate preceding quarter.

The Group's PBT hiked by 64.4% to RM30.175 million in current quarter was mainly attributable by post acquisition revenue from Genaxis Group and the growth in trade facilitation business. The Group share in results in an associate company is also improved in tandem with the improving crude oil price in current quarter.

Detailed analysis of the performance for the current quarter and year-to-date

Quarter ended 31 March 2018 compared with quarter ended 31 March 2017

The Group recorded higher revenue in current year quarter by 62.2% as compared to preceding year corresponding quarter. The increase in revenue was mainly driven from the consolidation of post acquisition results from Genaxis Group, on top of recurring incomes from operating & managing the VEP & RC system and continued growth in the Group's B2B and B2G businesses.

The Group's PBT hiked by 86.9% to RM30.175 million in current quarter as compared to corresponding quarter in 2017 was mainly attributable by post acquisition results from Genaxis Group and the growth in trade facilitation business. The Group share in results in an associate company is also improved in tandem with the improving crude oil price in current quarter.

Prospects for 2018

The Group will continue to build its business by exploring opportunities that leverage on building blocks of its existing IT & eServices and Energy businesses, while focusing on the implementation of planned new initiatives. The Group's newly acquired Genaxis Group has given a strong footing for the Group to broaden its services and product range beyond its current market and geographical segment.

Barring any unforeseen circumstances, the Group expects to deliver positive results for the year 2018.