FINANCIAL INFORMATION

Financial Overview

Quarterly Report For The Financial Period Ended 30 June 2018

Brochure View Financial Statement
Unaudited Condensed Consolidated Statement Of Comprehensive Income
For The 2nd Quarter Ended 30 June 2018

Unaudited Condensed Consolidated Statement Of Financial Position
As At 30 June 2018

Review of Performance

Continuing Operations

Loss after tax of RM0.26 million was recorded in the current quarter as compared to preceding financial year corresponding quarter's loss after tax of RM0.39 million.

The decrease in loss after tax is mainly due to lower operating expenses incurred which mainly consist of directors' remuneration, licensing fees and travelling expenses.

Discontinued Operations

For the quarter under review, the Group's revenue increased by 9% to RM13.62 million from RM12.54 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 decreased slightly by RM0.02 million mainly due to decreases in orders from new and existing customers;
  2. Fabrication of plastic parts segment increased by RM1.08 million mainly due to increases in orders from new and existing customers;
  3. Industrial labels segment decreased by RM0.09 million mainly due to decreases in orders from new and existing customers; and
  4. Revenue from trading of non-core products segment increased slightly by RM0.11 million.

Profit after tax of RM1.55 million was recorded in the current quarter as compared to preceding financial year corresponding quarter's profit after tax of RM2.14 million.

The lower profit after tax was mainly due to government grant of RM0.34 million received in preceding financial year corresponding quarter and higher operating expenses incurred in the current quarter under review.


Comparison to the Results of the preceding quarter

Continuing Operations

The quarter under review observed a loss after tax of RM0.26 million as compared to loss after tax of RM0.96 million in the preceding quarter. The lower loss after tax was mainly due to lower operating expenses incurred which mainly consist of professional fees, travelling expenses and withholding tax paid. Withholding tax of RM0.55 million was recognised on dividends received from the PRC subsidiary in the preceding quarter.

Discontinued Operations

The Group's revenue increased by RM0.80 million to RM13.62 million during the current quarter as compared to the revenue of RM12.82 million recorded in the immediate preceding quarter mainly due to increased business activity after PRC observed a long festive celebration in first quarter of year 2018.

The quarter under review observed a profit after tax of RM1.55 million as compared to profit after tax of RM0.54 million in the preceding quarter. The improvement in result was mainly due to higher sales recorded and lower operating expenses incurred in the current quarter.

Prospects

Discontinued Operations

For the current financial year to 30 June 2018, the sales from all segments except for industrial labels segment had improved as compared to the previous year corresponding period.

The Group's entire business operations are the subject of the Proposed Disposal. The Proposed Disposal was completed on 10 July 2018.

New Businesses

n view of the proposed venture into the Integrated Facility Management ("IFM") and construction industries through the Proposed Acquisition which was completed on 10 July 2018, the secured contracts of the IFM and construction business, the Board is of the opinion that the prospect of the new business will be favorable for the financial year ending 31 December 2018.

Contact

Level 11, Widad Semantan, No. 3 Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur
info@widadbuilders.com
+603 2093 1011
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