News
Half Year Financial Statement And Dividend Announcement
The Board of Directors of Qian Hu Corporation Limited is pleased to announce the results of the Group and of the Company for the six months ended 30 June 2001.
These figures have not been audited.
| - | - |
Group |
Company | ||||
| -- | -- |
S$'000 |
% |
S$'000 |
% | ||
| - | - |
Latest half year |
Previous half year |
Change |
Latest half year |
Previous half year |
Change |
| 1.(a) | Turnover |
19,866 |
17,024 |
16.7 |
16,167 |
13,693 |
18.1 |
 |
|
|
|
|
|
|
|
| 1.(b) | Investment income |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 1.(c) | Other income including interest income |
6 |
5 |
20.0 |
3 |
5 |
(40.0) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2.(a) | Operating profit before income tax, minority interests, extraordinary items, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items |
2,466 |
2,709 |
(9.0) |
2,261 |
2,253 |
(0.4) |
|
|
|
|
|
|
|
|
| 2.(b)(i) | Interest on borrowings |
(37) |
(82) |
(54.9) |
(29) |
(71) |
(59.2) |
|
|
|
|
|
|
|
|
| 2.(b)(ii) | Depreciation and amortisation |
(566) |
(430) |
31.6 |
(396) |
(345) |
14.8 |
|
|
|
|
|
|
|
|
| 2.(b)(iii) | Foreign exchange gain/(loss) |
89 |
(2) |
N.M. |
40 |
(1) |
N.M. |
|
|
|
|
|
|
|
|
| 2.(c) | Exceptional items |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(d) | Operating profit before income tax, minority interests and extraordinary items but after interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items |
1,952 |
2,195 |
(11.1) |
1,876 |
1,836 |
2.2 |
|
|
|
|
|
|
|
|
| 2.(e) | Income derived from associated companies |
15 |
18 |
(16.7) |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(f) | Less income tax |
(440) |
(450) |
(2.2) |
(370) |
(370) |
0 |
|
|
|
|
|
|
|
|
| 2.(g)(i) | Operating profit after tax before deducting minority interests |
1,527 |
1,763 |
(13.4) |
1,506 |
1,466 |
2.7 |
|
|
|
|
|
|
|
|
| 2.(g)(ii) | Less minority interests |
65 |
11 |
490.1 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(h) | Operating profit after tax attributable to members of the company |
1,592 |
1,774 |
(10.3) |
1,506 |
1,466 |
2.7 |
|
|
|
|
|
|
|
|
| 2.(i)(i) | Extraordinary items |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(ii) | Less minority interests |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(iii) | Extraordinary items attributable to members of the company |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(iv) | Transfer to/from Exchange Reserve |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(v) | Transfer to Capital Reserve |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(vi) | Transfer to Reserve Fund |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(j) | Operating profit after tax and extraordinary items attributable to members of the company |
1,592 |
1,774 |
(10.3) |
1,506 |
1,466 |
2.7 |
N.M. -- Not Meaningful
|
Group Figures | |||
|
|
Latest half year |
Previous half year |
| 3.(a) | Earnings per share based on 2(h) above :- |
. |
. |
|
|
|
|
| 3.(a)(i) | Based on existing issued share capital |
1.92 cents |
2.53 cents |
|
|
|
|
| 3.(a)(ii) | On a fully diluted basis |
1.91 cents |
2.53 cents |
|
|
|
|
| 3.(b) | Earnings per share based on 2(j) above:- | |
|
|
(i) Based on existing issued share capital |
1.92 cents |
2.53 cents |
|
|
|
|
|
(ii) On a fully diluted basis |
1.91 cents |
2.53 cents |
|
|
|
|
| 3.(c) | Net tangible asset backing per ordinary share |
17.76 cents |
12.55 cents |
Note to 3(a)(i), 3(b)(i) and 3(c)
Earnings per share on existing issued share capital and net tangible asset backing per ordinary share for the previous half year are calculated based on the pre-Placement issued share capital of 70,000,000 shares.
Earnings per share on existing share capital for the latest half year are calculated based on the weighted average number of post-Placement issued share capital of 82,758,000.
Net tangible asset backing per ordinary share for the latest half year is calculated based on the post-Placement issued share capital of 82,758,000.
Note to 3(a)(ii) and 3(b)(ii)
Earnings per share on a fully diluted basis for the previous half year is calculated based on the pre-Placement issued share capital of 70,000,000 shares.
Earnings per share on a fully diluted basis for the latest half year is calculated based on the weighted average number of post-Placement shares in issue during the year adjusted to assume conversion of all dilutive potential ordinary shares of 83,386,679.
4.(a) Amount of any adjustment for under or overprovision of tax in respect of prior years
NIL
4.(b) Amount of any pre-acquisition profits
NIL
4.(c) Amount of profits on any sale of investments and/or properties
| Sale of investments/properties |
$Profit/(Loss) |
| Profit on disposal of land use rights in China |
$48,703.00 |
4.(d) Any other comments relating to Paragraph 4
NIL
5.(a) Review of the performance of the company and its principal subsidiaries
(i) BUSINESS SEGMENTS (The Group)
| First Half of FY 2001 |
Fish $'000 |
Accessories $'000 |
Others $'000 |
Eliminations $'000 |
Total $'000 |
| TURNOVER | |
|
|
|
|
| External sales |
9,344 |
7,707 |
2,815 |
- |
19,866 |
| Inter-segment sales |
276 |
1,544 |
78 |
(1,898) |
- |
| Total sales |
9,620 |
9,251 |
2,893 |
(1,898) |
19,866 |
|
|
|
|
|
|
| RESULTS | |
|
|
|
|
| Segment results |
1,093 |
1,079 |
200 |
(72) |
2,300 |
| Unallocated expenses | |
|
|
|
(311) |
|
|
|
|
|
1,989 |
| Financial expenses | |
|
|
|
(37) |
| Share of profit of associated company | |
|
|
|
15 |
| Taxation | |
|
|
|
(440) |
| Minority interests | |
|
|
|
65 |
| Net profit for the period | |
|
|
|
1,592 |
|
|
|
|
|
|
| ASSETS & LIABILITIES | |
|
|
|
|
| Assets |
10,691 |
7,884 |
5,452 |
- |
24,027 |
| Investment in associated company | |
|
|
|
338 |
| Unallocated assets | |
|
|
|
292 |
| Total assets | |
|
|
|
24,657 |
|
|
|
|
|
|
| Liabilities |
3,102 |
2,645 |
1,961 |
- |
7,708 |
| Unallocated liabilities | |
|
|
|
1,692 |
| Total liabilities | |
|
|
|
9,400 |
|
|
|
|
|
|
| OTHER INFORMATION | |
|
|
|
|
| Capital expenditure |
220 |
93 |
877 |
- |
1,190 |
| Depreciation and amortisation |
238 |
204 |
124 |
- |
566 |
| Other non-cash expenses (income) |
20 |
(319) |
(49) |
- |
(348) |
| First Half of FY 2000 |
Fish $'000 |
Accessories $'000 |
Others $'000 |
Eliminations $'000 |
Total $'000 |
| TURNOVER | |
|
|
|
|
| External sales |
8,480 |
6,048 |
2,496 |
- |
17,024 |
| Inter-segment sales |
293 |
1,377 |
44 |
(1,714) |
- |
| Total sales |
8,773 |
7,425 |
2,540 |
(1,714) |
17,024 |
|
|
|
|
|
|
| RESULTS | |
|
|
|
|
| Segment results |
997 |
1,212 |
206 |
98 |
2,513 |
| Unallocated expenses | |
|
|
|
(236) |
|
|
|
|
|
2,277 |
| Financial expenses | |
|
|
|
(82) |
| Share of profit of associated company | |
|
|
|
18 |
| Taxation | |
|
|
|
(450) |
| Minority interests | |
|
|
|
11 |
| Net profit for the period | |
|
|
|
1,774 |
|
|
|
|
|
|
| ASSETS & LIABILITIES | |
|
|
|
|
| Assets |
10,445 |
5,532 |
3,258 |
- |
19,235 |
| Investment in associated company | |
|
|
|
133 |
| Unallocated assets | |
|
|
|
336 |
| Total assets | |
|
|
|
19,704 |
|
|
|
|
|
|
| Liabilities |
3,212 |
1,756 |
2,023 |
- |
6,991 |
| Unallocated liabilities | |
|
|
|
3,273 |
| Total liabilities | |
|
|
|
10,264 |
|
|
|
|
|
|
| OTHER INFORMATION | |
|
|
|
|
| Capital expenditure |
1,719 |
161 |
209 |
- |
2,089 |
| Depreciation and amortisation |
224 |
155 |
51 |
- |
430 |
| Other non-cash expenses (income) |
65 |
(315) |
- |
- |
(250) |
(ii) GEOGRAPHICAL SEGMENTS (The Group)
|
Turnover $'000 |
Turnover $'000 |
Assets $'000 |
Assets $'000 |
Capital expenditure $'000 |
Capital expenditure $'000 |
|
First Half of FY 2001 |
First Half of FY 2000 |
First Half of FY 2001 |
First Half of FY 2000 |
First Half of FY 2001 |
First Half of FY 2000 |
| Singapore |
11,567 |
10,395 |
19,042 |
15,700 |
939 |
1,866 |
| Overseas |
8,299 |
6,629 |
5,615 |
4,004 |
251 |
223 |
| Total |
19,866 |
17,024 |
24,657 |
19,704 |
1,190 |
2,089 |
COMMENTARY
Turnover
For the 6 months ended 30 June 2001, our ornamental fish activities and distribution of accessories continued to be our core activities which together accounted for 85.8% of our total turnover. Geographically, our Singapore market continued to be our main market accounting for 58.2% of our total turnover for the 6 months ended 30 June 2001.
Our turnover increased by $2.9 million or 16.7% from $17.0 million for the 6 months ended 30 June 2000 to $19.9 million for the 6 months ended 30 June 2001. All activities registered growth in turnover. Turnover for ornamental fish, accessories, and plastics and other business increased by $0.9 million or 10.2%, $1.7 million or 27.4% and $0.3 million or 12.8%, respectively as compared to the corresponding period in FY 2000.
The increase in the turnover of ornamental fish is mainly due to our increased focus on sales of ornamental fish to local retailers. In addition, in conjunction with the Agro-Tourism programme of the Singapore Promotion Board, we have set up the House of Dragon Fish in April 2000 for the sale of Dragon Fish and an in-house retail outlet in August 2000 to promote and showcase the higher value ornamental fish.
The increase in the turnover of accessories is as result of the expansion of our customer base, principally in South-east Asia. In addition, we managed to penetrate deeper into the local market by selling our accessories products in supermarkets.
Turnover for plastic and others increased as we managed to expand our distribution channel in Singapore by supplying directly to the end-users instead of solely to wholesalers. In addition, one of our subsidiaries in PRC, which commenced its operations in September 2000, has contributed to the turnover of plastic bags in FY 2001.
On a geographical basis, turnover from Singapore grew 11.3% mainly as a result of improved sales to local fish retailers and sales generated from the opening of our in-house retail outlets. Turnover from overseas grew by 25.2% for the 6 months ended 30 June 2001 compared to the corresponding period in FY 2000. Our constant effort in expanding into overseas untapped markets contributed to the increased in overseas turnover.
Operating profit before interest & taxation
("operating profit")
Despite the increase in turnover, our operating profit dipped $0.3 million or 12.6% to $2 million for the 6 months ended 30 June 2001 as compared to $2.3 million for the 6 months ended 30 June 2000. Profit before taxation decreased by 11.1% from $2.2 million for the 6 months ended 30 June 2000 to approximately $2.0 million for the 6 months ended 30 June 2001.
The overall reduction in our operating profit in the current period was mainly due to declined gross profit margin from our accessories activities, although the turnover has increased. The lower gross profit was resulted from higher purchase costs and intense competition. Our operating profit for accessories dropped by 11.0% or $0.1 million, including operating losses of $0.16 million incurred by our Thailand accessories operations which could only resumed operations in May 2001 due to regulatory compliances as previously announced.
Our operating profit from ornamental fish increased by $0.1 million or 9.6% as a result of increased sales and improvement in gross profit margin during the current financial period. The increase in gross profit margin was due to our increased focus on sales of ornamental fish to local retailers which commands higher margin and reducing our emphasis in promoting sale of ornamental fish to local exporters which fetches lower margin.
Operating profit from our plastics and other business registered a flat growth notwithstanding the increase in sales. This was the result an increase in operating costs coupled with losses made by one of our subsidiaries in PRC, which commenced its operations in September 2000.
5.(b) A statement by the Directors of the Company on whether "any item or event of a material
or unusual nature which would have affected materially the results of operations of the
Group and Company has occurred between the date to which the report refers and the
date on which the report is issued". If none, to include a negative statement.
No item, transaction or event of a material or unusual nature has arisen since the end of the period under review to the date of this report which would have affected materially the results of the Group and of the Company for the six months ended 30 June 2001.
6. Commentary on current year prospects
Our Directors expect to see the Group's overseas subsidiaries expanding at a faster rate than its Singapore operations.
In our bid to expand our distribution network, we are in the process of setting up a company in Taiwan to distribute pet food. In addition, our Group's joint venture in Guangzhou, Wan Jiang, began its operations in March 2001 to manufacture our proprietary brands of aquarium and pet accessories. We also intend to manufacture other third parties brand in the near future. Wan Jiang will initially supply to our regional subsidiaries, and intends to widen its distribution network to the rest of the world such as Japan, Germany and United Kingdom.
Our Group also intends to set up ornamental fish farms in Malaysia, Thailand and Guangzhou in the near future.
Our plastic manufacturing business has moved to a bigger facility in May 2001. We will enjoy an increase of 50% in production capacity when fully phased in by FY 2002.
Coupled with the good local market performance, our exports and overseas sales are expected to contribute positively to the Group in the second half. Our Directors have put in place measures to reduce losses in our overseas subsidiaries and expect most of these subsidiaries to achieve breakeven by the end of the year. Our Directors envisage that our Group's turnover and profit for the second half of the year to be better than the first half of FY 2001.
7. Dividend
(a) Any dividend declared for the present financial period? None
(b) Any dividend declared for the previous corresponding period? None
(c) Date payable
Not Applicable
(d) Books closing date
Not Applicable
(e) Any other comments relating to Paragraph 7
NIL
8. Details of any changes in the company's issued share capital
During the six months ended 30 June 2001, 12,000 share options were exercised pursuant to the terms of the Qian Hu Pre-IPO Share Option Scheme. There was no share options granted during the period to subscribe for unissued ordinary shares.
As at 30 June 2001, there were 2,964,000 unexercised share options issued pursuant to the terms of the Qian Hu Pre-IPO Share Option Scheme at the exercise price of $0.24 per share.
9. Comparative figures of the group's borrowings and debt securities
(a) Amount repayable in one year or less, or on demand
|
As at 30/06/2001 |
As at 31/12/2000 |
|
Secured |
Unsecured |
Secured |
Unsecured |
|
|
|
|
|
336,437 |
NIL |
391,525 |
NIL |
(b) Amount repayable after one year
|
As at 30/06/2001 |
As at 31/12/2000 |
|
Secured |
Unsecured |
Secured |
Unsecured |
|
|
|
|
|
821,376 |
NIL |
834,813 |
NIL |
(c) Any other comments relating to Paragraph 9
NIL
10. Balance sheet
|
Group |
Group |
Company |
Company |
|
30/6/2001 $ |
30/6/2000 $ |
30/6/2001 $ |
30/6/2000 $ |
| Share capital and reserves | |
|
|
|
| Share capital |
8,276,200 |
7,000,000 |
8,276,200 |
7,000,000 |
| Reserves |
6,980,325 |
2,421,158 |
5,820,622 |
1,903,915 |
|
15,256,525 |
9,421,158 |
14,096,822 |
8,903,915 |
| Minority interest |
- |
18,712 |
- |
- |
|
15,256,525 |
9,439,870 |
14,096,822 |
8,903,915 |
|
|
|
|
|
| Fixed assets |
7,490,720 |
6,683,333 |
5,166,618 |
5,303,974 |
| Subsidiaries |
- |
- |
2,297,752 |
1,010,907 |
| Associates |
337,785 |
133,177 |
327,931 |
121,771 |
| Trademarks/customer acquisition cost, product listing fees |
214,395 |
231,071 |
206,704 |
231,071 |
| Land use rights |
221,179 |
273,312 |
- |
- |
| Advance for investment |
28,482 |
206,160 |
28,482 |
206,160 |
|
|
|
|
|
| Current assets | |
|
|
|
| Stocks |
5,785,156 |
3,650,860 |
3,491,058 |
2,074,803 |
| Trade debtors |
7,594,675 |
6,350,990 |
5,590,583 |
4,941,685 |
| Other debtors, deposits and prepayments |
790,730 |
849,962 |
272,673 |
330,310 |
| Due from | |
|
|
|
| - subsidiaries (trade) |
- |
- |
1,865,382 |
1,252,768 |
| - subsidiaries (non-trade) |
- |
- |
316,994 |
344,153 |
| - holding company (non-trade) |
- |
4,255 |
- |
4,255 |
| - associates (non-trade) |
104,992 |
- |
104,992 |
- |
| Fixed deposits |
127,745 |
52,345 |
21,141 |
20,888 |
| Cash and bank balances |
1,961,073 |
1,268,205 |
1,179,708 |
615,141 |
|
16,364,371 |
12,176,617 |
12,842,531 |
9,584,003 |
|
|
|
|
|
| Current liabilities | |
|
|
|
| Trade creditors |
3,487,748 |
3,167,989 |
2,355,178 |
2,266,572 |
| Bills payable to bank, secured |
982,518 |
679,490 |
982,518 |
679,490 |
| Other creditors and accruals |
2,492,192 |
1,563,116 |
1,504,810 |
902,159 |
| Due to | |
|
|
|
| - subsidiaries (trade) |
- |
- |
6,016 |
6,767 |
| - related parties (non-trade) |
- |
40,000 |
- |
40,000 |
| - directors (non-trade) |
230,181 |
1,514,958 |
- |
673,631 |
| Hire purchase creditors, current portion |
136,437 |
206,751 |
77,764 |
87,802 |
| Term loan, current portion |
200,000 |
200,000 |
200,000 |
200,000 |
| Provision for taxation |
968,412 |
667,700 |
821,090 |
576,400 |
| Bank overdrafts, secured |
- |
1,224,894 |
- |
1,224,894 |
|
8,497,488 |
9,264,898 |
5,947,376 |
6,657,715 |
|
|
|
|
|
| Net current assets |
7,866,883 |
2,911,719 |
6,895,155 |
2,926,288 |
|
|
|
|
|
| Non-current liabilities | |
|
|
|
| Hire purchase creditors, non-current portion |
(320,478) |
(268,418) |
(252,922) |
(173,490) |
| Term loan, non-current portion |
(500,898) |
(675,766) |
(500,898) |
(675,766) |
| Deferred taxation |
(81,543) |
(54,718) |
(72,000) |
(47,000) |
|
15,256,525 |
9,439,870 |
14,096,822 |
8,903,915 |
Statement of Changes in Equity (The Group)
|
Share capital |
Share premium |
Revenue reserve |
Translation reserve |
Total |
|
$ |
$ |
$ |
$ |
$ |
| Balance 1 January 2000 |
3,650,023 |
- |
1,175,902 |
(16,542) |
4,809,383 |
| Currency translation differences |
- |
- |
- |
26,299 |
26,299 |
| Net profit for the period |
- |
- |
1,774,361 |
- |
1,774,361 |
| Issue of new shares |
2,509,263 |
301,852 |
- |
- |
2,811,115 |
| Capitalisation of accumulated profits for bonus issue |
840,714 |
- |
(840,714) |
- |
- |
| Balance at 30 June 2000 |
7,000,000 |
301,852 |
2,109,549 |
9,757 |
9,421,158 |
| Currency translation differences |
- |
- |
- |
15,789 |
15,789 |
| Net profit for the period |
- |
- |
1,385,489 |
- |
1,385,489 |
| Proposed final dividend |
- |
- |
(312,381) |
- |
(312,381) |
| Issue of new shares |
1,275,000 |
2,550,000 |
- |
- |
3,825,000 |
| Share issue expenses |
- |
(769,965) |
- |
- |
(769,965) |
| Balance at 31 Dec 2000 |
8,275,000 |
2,081,887 |
3,182,657 |
25,546 |
13,565,090 |
| Currency translation differences |
- |
- |
- |
96,283 |
96,283 |
| Net profit for the period |
- |
- |
1,592,317 |
- |
1,592,317 |
| Additional final dividend paid in respect of the previous year due to the issue of shares under the Qian Hu Pre-IPO Share Option Scheme before books closure date |
- |
- |
(45) |
- |
(45) |
| Issue of new shares |
1,200 |
1,680 |
- |
- |
2,880 |
| Balance at 30 June 2001 |
8,276,200 |
2,083,567 |
4,774,929 |
121,829 |
15,256,525 |
11. Consolidated Cash Flow Statement
| The Group |
First Half of FY 2001 |
First Half of FY 2000 |
|
$ |
$ |
| Cash flows from operating activities | |
|
| Profit before taxation and minority interest |
1,967,530 |
2,212,595 |
| Adjustments for: | |
|
| Bad trade debts written off |
- |
44,619 |
| Depreciation of fixed assets |
455,984 |
365,919 |
| Profit on disposal of land use rights |
(48,703) |
- |
| Profit on disposal of fixed assets |
(19,418) |
- |
| Amortisation of land use rights |
11,156 |
- |
| Amortisation of pre-operating expenses |
10,034 |
- |
| Amortisation of trademarks/customer acquisition costs, product listing fees |
89,227 |
63,886 |
| Provision for doubtful debts (trade) |
20,000 |
20,000 |
| Write back of provision for stock obsolescence |
(300,000) |
(315,000) |
| Share of profit of associated company |
(15,338) |
(18,121) |
| Interest expense |
37,089 |
81,622 |
| Interest income |
(6,121) |
(5,474) |
| Net effect of exchange differences |
42,157 |
(65,142) |
| Operating profit before working capital changes |
2,243,597 |
2,384,904 |
| (Increase) decrease in: | |
|
| Stocks |
(683,899) |
(316,889) |
| Trade debtors |
(1,403,014) |
(1,893,752) |
| Other debtors, deposits and prepayments |
216,320 |
(195,086) |
| Due from | |
|
| - holding company (non-trade) |
- |
(2,955) |
| - shareholders (non-trade) |
- |
109,369 |
| - associates (non-trade) |
(104,992) |
- |
| Increase (decrease) in: | |
|
| Trade creditors |
183,641 |
525,476 |
| Bills payable to bank, secured |
78,831 |
361,815 |
| Other creditors and accruals |
559,079 |
(190,841) |
| Due to | |
|
| - related parties (non-trade) |
- |
(44,921) |
| - directors (non-trade) |
(262,413) |
640,709 |
| Cash generated from operations |
827,150 |
1,377,829 |
| Income tax paid |
(502,105) |
(219,002) |
| Interest received |
6,121 |
5,474 |
| Interest paid |
(37,089) |
(81,622) |
| Net cash generated from operating activities |
294,077 |
1,082,679 |
|
|
|
| Cash flows from investing activities | |
|
| Purchase of fixed assets |
(1,045,750) |
(338,849) |
| Proceeds from disposal of fixed assets |
244,991 |
72,404 |
| Advance for investment |
(28,482) |
(156,160) |
| Payment for land use rights |
(31,937) |
- |
| Payment for trademarks/customer acquisition cost, product listing fees |
(51,705) |
(58,290) |
| Payment of pre-operating costs |
- |
(55,035) |
| Net cash used in investing activities |
(912,883) |
(535,930) |
|
|
|
| Cash flows from financing activities | |
|
| Repayment of hire purchase creditors |
(119,683) |
(151,763) |
| Repayment of term loan |
(94,119) |
(99,996) |
| Proceeds from issue of new shares |
2,880 |
- |
| Net cash inflow from acquisition of partnerships/sole proprietorships |
- |
16,906 |
| Payment of dividend |
(312,426) |
- |
| Net cash used in financing activities |
(523,348) |
(234,853) |
|
|
|
| Net increase (decrease) in cash and cash equivalents |
(1,142,154) |
311,896 |
| Cash and cash equivalents at beginning of period |
3,230,972 |
(216,240) |
| Cash and cash equivalents at end of period |
2,088,818 |
95,656 |
| Cash and Cash equivalents comprises : | |
|
| Fixed deposits |
127,745 |
52,345 |
| Cash and bank balances |
1,961,073 |
1,268,205 |
| Bank overdrafts |
- |
(1,224,894) |
|
2,088,818 |
95,656 |
12. Contingent Liabilities
As at 30 June 2001, the Group and the Company have no contingent liabilities.
BY ORDER OF THE BOARD
Kenny Yap Kim Lee
Executive Chairman and Managing Director
24/07/2001