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Quarterly Report For The Financial Period Ended 31 March 2018

Financials Archive

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Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Fourth Quarter ended 31 March 2018 (Unaudited)

Income Statement

Condensed Consolidated Statement of Financial Position as at 31 March 2018 (Unaudited)

Balance Sheet

Review of Financial Performance

The Group's performance for the current quarter under review versus the corresponding quarter of the previous financial year is tabled below:

Review of Performance

Comparatively, the Group's revenue for the current quarter ended 31 March 2018 increased by 26% while the group made a loss before tax of RM36.0 million for the current quarter as opposed to loss before tax of RM36.7 million in the corresponding quarter ended 31 March 2017.

The increase in revenue in the current quarter is mainly due to higher work orders received and performed under the topside maintenance services.

Despite that, the Group registered a loss before tax mainly due to net realised/unrealised foreign exchange loss of RM28.5 million as well as impairment loss on receivables of RM0.3 million as compared to net realised/unrealised foreign exchange loss of RM8.1 million in the corresponding quarter.

In the opinion of the Directors, the results for the current quarter have not been affected by any transactions or events of a material nature which have arisen between 31 December 2017 and the date of this report.

Prospects

Business activities for the Maintenance, Construction and Modifications Contract (MCM) and Topside Maintenance Services works under the Pan Hook-up and Commissioning Contract (Pan HUC) improved in the first quarter despite the typical cyclical monsoon months as the price of crude oil has gradually increase to above US$70 per barrel. However, the utilisation rate for the fleet of vessels continued to remain low at 27% in the first quarter. The profits generated from the engineering and maintenance in Dayang was negated largely by the operational loss suffered in Perdana's vessel charter business because of low fleet utilisation and also unrealised translation loss in foreign exchange

Currently, more vessels are employed and the Group is confident of a better 2Q and 3Q, barring unforeseen circumstances. As for the engineering and maintenance contracts, the Group will continue to leverage on its balance order book of about RM2.0 billion especially within the core competencies of MCM/HUC/EPCC for the remaining of this year and until 2022. Presently, activities for all the Dayang contracts are ramping high and this should continue through to the end of 2018.

The Group has participated in the Pan MCM tenders and is currently awaiting the results where we are expecting to win a fair share of the estimated RM8.0 billion of jobs that are on offer. Any successful win in this should see a replenishment of the Group's order book for a further five years. Though we cannot predict the outcome of these tenders, the Group has always demonstrated operational track record and has a clear market leadership in the Brownfield services segment

Amidst all the challenges and a difficult oil and gas industry, the Board remains vigilant and will continue to exercise due care and prudence in the running and administration of the company's business.

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