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Quarterly Report For The Financial Period Ended 31 December 2017

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Unaudited Condensed Consolidated Statement Of Comprehensive Income
For The 4th Quarter Ended 31 December 2017

Comprehensive Income

Unaudited Condensed Consolidated Statement Of Financial Position
As At 31 December 2017

Financial Position

Review of Performance

review performance

Continuing Operations

Loss after tax of RM1.77 million was recorded in the current quarter as compared to preceding financial year corresponding quarter's loss after tax of RM1.66 million.

The increase in loss after tax is mainly due to withholding tax of RM0.67 million recognised on dividends received from the PRC Subsidiary.

Discontinued Operations

For the quarter under review, the Group's revenue increased by 53% to RM19.89 million from RM13.02 million in the preceding financial year corresponding quarter.

The changes in revenue as compared to preceding financial year corresponding quarter were from:-

  1. Laser/Die-cut segment increased by RM4.47 million mainly due to increases in orders from new and existing customers;
  2. Industrial Labels segment increased by RM1.27 million mainly due to increases in orders from new and existing customers;
  3. Fabrication of Plastic Parts segment increased by RM1.11 million mainly due to increases in orders from new and existing customers; and
  4. Revenue from Trading of Non-core Products segment increased slightly by RM0.02 million.

Profit after tax of RM2.15 million was recorded in the current quarter as compared to preceding financial year corresponding quarter's profit after tax of RM0.17 million.

The improvement was mainly due to higher sales recorded,, lower loss on deconsolidation of subsidiaries of RM0.26 million and lower income tax expenses by RM0.23 million despite lower government grant of RM0.24 million received as compared to RM0.43 million received in the preceding financial year corresponding quarter.

review performance

Continuing Operations

Loss after tax of RM4.67 million was recorded on year to date basis as compared to preceding financial year corresponding period's loss after tax of RM2.41 million.

The increase in loss after tax is mainly due to cumulative withholding tax of RM2.09 million recognised on dividends received from the PRC Subsidiary. Included in the preceding financial year corresponding period was reversal of corporate exercise expenses of RM0.51 million.

Discontinued Operations

On the year to date basis, the Group's revenue increased by 37% to RM58.52 million from RM42.75 million recorded in the preceding financial year corresponding period.

Revenue from all the major products segment observed increases except for revenue from Trading of Non-core Products segment which decreased marginally by RM0.03 million. The increases in revenue were from:-

  1. Laser/Die-cut segment increased by RM7.43 million mainly due to increases in orders from new and existing customers;
  2. Fabrication of Plastic Parts segment increased by RM5.72 million mainly due to increases in orders from new and existing customers; and
  3. Industrial Labels segment increased by RM2.65 million mainly due to increases in orders from new and existing customers.

Profit after tax of RM7.90 million as compared to preceding financial year corresponding period's profit after tax of RM3.76 million.

The improvement was mainly due to increased orders from new and existing customers, higher government grant of RM0.77 million received and lower income tax expenses due to lower effective income tax rate.

Prospects

On year to date basis, the sales from all major segments had improved. With the existing well-diversified customer base and vast variety of products and services, the sustainability of the Group is ensured.

The Group's entire business operations are the subject of the Proposed Disposal. The Group is anticipating increasing challenging economic conditions, stricter government policies and increased competitions from our domestic PRC competitors. In this regard, the Board is anticipating a challenging year ahead.

In view of the proposed venture into the Integrated Facility Management ("IFM") and construction industries through the Proposed Acquisition, the secured contracts of the IFM and construction business and the positive outlook of both industries, the Board is confident that the Group is capable of delivering a satisfactory financial result for the financial year ending 31 December 2018.