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Quarterly Report For The Financial Period Ended 30 June 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 PBT reduced by 56.6% to RM13.09 million in current quarter due to higher revenue from Genaxis Group recorded in immediate preceding quarter. Genaxis Group contributed RM12.52 million revenue in the current quarter (RM28.58 million in first quarter 2018) based on completion of work done of its contracts in hand.

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

Quarter ended 30 June 2018 compared with quarter ended 30 June 2017

The Group recorded higher revenue in current year quarter by 4.2% as compared to preceding year corresponding quarter. The increase in revenue was mainly due to post acquisition results from Genaxis Group, in addition to the recurring incomes from operating & managing the VEP & RC system and continued growth in the Group's B2B and B2G businesses.

The Energy division continues to experience significant competitive pressure in an environment of declining oil & gas activities.

The Group's trade facilitation remains strong, with expected annual growth of 5%, however the current quarter performance was affected by the new start up businesses.

The Group share of results in an associate company has 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.