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Download the 2013 Second Quarter Unaudited Financial Statement
Consolidated Statement of Comprehensive Income
Group
2Q 2013
S$’000
2Q 2012
S$’000
%
Change
1H 2013
S$’000
1H 2012
S$’000
%
Change
Revenue 15,373 15,224 1.0 29,924 30,091 (0.6)
Cost of sales (1,997) (1,992) 0.3 (3,933) (3,871) 1.6
Gross profit 13,376 13,232 1.1 25,991 26,220 (0.9)
Other operating income 146 154 (5.2) 327 286 14.3
Administrative expenses (5,452) (6,763) (19.4) (11,050) (11,689) (5.5)
Finance costs (1,933) (1,761) 9.8 (3,884) (2,388) 62.6
Profit before income tax 6,137 4,862 26.2 11,384 12,429 (8.4)
Income tax (1,240) (1,267) (2.1) (2,162) (2,476) (12.7)
Profit for the period 4,897 3,595 36.2 9,222 9,953 (7.3)
Other comprehensive income:
Transfer of depreciation on revaluation of leasehold
land & hotel buildings to revaluation reserve
856 806 6.2 1,713 1,612 6.3
Net other comprehensive income 856 806 6.2 1,713 1,612 6.3
Total comprehensive
income for the period
5,753 4,401 30.7 10,935 11,565 (5.4)

Profit before income tax is arrived at after charging/(crediting):
Group
2Q 2013
S$’000
2Q 2012
S$’000
%
Change
1H 2013
S$’000
1H 2012
S$’000
%
Change
Depreciation and amortisation 1,103 1,037 6.4 2,213 2,038 8.6
Plant and equipment written off - 5 N.M. - 5 N.M.
Finance costs 1,933 1,761 9.8 3,884 2,388 62.6
Interest income (10) (36) (72.2) (39) (38) 2.6
Over provision of income tax in prior years - - - (1) (30) (96.7)
(Write back)/allowance for doubtful debts, net (1) 8 N.M. (1) 8 N.M.

N.M. – not meaningful

Statements of Financial Position as at 30 Jun 2013 vs 31 Dec 2012
Group Company
30 Jun 2013
S$’000
31 Dec 2012
S$’000
%
Change
30 Jun 2013
S$’000
31 Dec 2012
S$’000
%
Change
ASSETS
Current assets
Cash and cash equivalents 8,763 15,313 (42.8) 3,218 10,582 (69.6)
Trade receivables 1 1,842 1,707 7.9 - - -
Other receivables 2 1,423 1,280 11.2 7 9 (22.2)
Amount due from subsidiaries - - - 30,870 31,820 (3.0)
Total current assets 12,028 18,300 (34.3) 34,095 42,411 (19.6)
Non-current assets
Property, plant and equipment 3 921,917 917,375 0.5 - - -
Investment in subsidiaries - - - 595,736 586,028 1.7
Total non-current assets 921,917 917,375 0.5 595,736 586,028 1.7
Total assets 933,945 935,675 (0.2) 629,831 628,439 0.2
LIABILITIES AND EQUITY
Current liabilities
Trade payables 1,927 2,050 (6.0) - - -
Other payables 4 5,379 7,311 (26.4) 1,179 2,944 (60.0)
Term loans 5 17,540 17,576 (0.2) - - -
Income tax payable 6 8,067 8,867 (9.0) 7 - N.M.
Amount due to subsidiaries - - - 360,882 357,632 0.9
Total current liabilities 32,913 35,804 (8.1) 362,068 360,576 0.4
Non-current liabilities
Term loans 5 462,238 461,362 0.2 - - -
Deferred tax liabilities 28,448 28,473 (0.1) - - -
Other payables - - - 2,348 2,205 6.5
Total non-current liabilities 490,686 489,835 0.2 2,348 2,205 6.5
Capital and reserves
Share capital 263,692 263,692 - 263,692 263,692 -
Revaluation reserve 623,297 621,584 0.3 - - -
Merger reserve (555,028) (555,028) - - - -
Retained earnings 78,385 79,788 (1.8) 1,723 1,966 (12.4)
Total equity 410,346 410,036 0.1 265,415 265,658 (0.1)
Total liabilities and equity 933,945 935,675 (0.2) 629,831 628,439 0.2

N.M. – not meaningful

Footnotes:
1. Increase in trade receivables was mainly due to higher average occupancy rate (ÄOR) and revenue per available room (RevPAR) in 2013.
2. Increase in other receivables was mainly due to prepayment of hotel consumables.
3. Increase in property, plant and equipment was mainly due to the additional costs incurred on the construction of the hotel development property located at 165 and 167 Tyrwhitt Road.
4. Decrease in other payables was mainly due to payment of $2.1 million accrued dividend.
5. Increase in term loans was mainly due to the progressive loan draw down pertaining to the construction of the new hotel development located at 165 and 167 Tyrwhitt Road which was partially offset by repayment of term loans.
6. Increase in income tax payable was mainly due to payment of income tax of $3.0 million and partially offset by $2.2 million accrued income tax payable in 1H 2013.