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Unaudited Financial Statements for the Second Quarte r and Half Year Ended 30 September 2016

Financials Archive

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Income Statement

Profit and Loss 3Q2016


Statement of Comprehensive Income

comprehensive-income


Balance Sheets

Balance Sheet 3Q2016

Review of Performance

Third quarter ended 31 December 2016 versus third quarter ended 31 December 2015

For the third quarter ended 31 December 2016 (3QFY2017), the group recorded revenue of S$88.5 million (a 18.3% decrease), gross profit of S$19.5 million (a 13.7% decrease), and loss from operations of S$9.7 million, as compared to the previous corresponding period ended 31 December 2015 (3QFY2016), which recorded revenue, gross profit and loss from operations amounting to S$108.3 million, S$22.6 million and S$8.3 million respectively.

Lower revenue (a decrease of S$19.8 million) was mainly due to reduced sales to overseas customers as a result of lower customers' spending due to weakened global economic conditions.

The Group reported loss for the period of S$16.2 million in 3QFY2017 mainly due to:

financials

Excluding the effects of these items, the Group would have recorded a net loss of S$4.1 million for 3QFY2017.

Nine months ended 31 December 2016 versus nine months ended 31 December 2015

For the nine months ended 31 December 2016 (9MFY2017), the group recorded revenue of S$249.9 million, gross profit of S$64.3 million and loss from operations of S$23.9 million, as compared to the previous corresponding period ended 31 December 2015 (9MFY2016), which recorded revenue, gross profit and loss from operations amounting to S$292.5 million, S$66.4 million and S$24.7 million respectively. These represent a 14.6% decrease in revenue and a 3.3% decrease in gross profit.

Lower revenue (a decrease of S$42.6 million) was mainly due to decrease in sales to overseas customers and weakened consumer sentiments of overseas market which the Group operates in.

The Group reported loss for the period of S$43.2 million in 9MFY2017 mainly due to:

Excluding the effects of these items, the Group would have recorded a net loss of S$7.3 million for 9MFY2017.

Commentary

The Group's operating environment remains challenging against a backdrop of a weak retail industry and volatile exchange rates in our major markets, increasing margin pressures, rising costs across geographical regions, as well as manpower tightening policies in Singapore.

The Group had launched its new "shop-in-shop" concept by introducing Japanese Supermart brands "Gyomu Super" inside its BIG BOX Hypermart, and the niche display of products by country of origin. The Group will continue to focus on building up its retail business, strengthen BIG BOX operations to increase its market share and the expansion of its Indonesian operations. These will contribute to the Group's financial performance in the long run.

The Company is being restructured under the Scheme of Arrangement (the "Scheme") sanctioned by the Court of Appeal in Singapore on 13 October 2010. The effective date of the Scheme is 19 April 2010.

The ability of the Group and the Company to continue in operation in the foreseeable future and to meet their financial obligations (both short term and long term) as and when they fall due is dependent on:

  1. the successful implementation of the Scheme;
  2. the profitability of future operations of the Company and its subsidiaries;
  3. the controlling shareholders and key management personnel of the Company remaining substantially unchanged;
  4. the ability to secure financing support as and when required: and
  5. the continuing support of bank and other creditors, suppliers and other parties.

The Board is of the view that the Group will be able to meet its short-term obligations as and when they fall due despite the negative working capital position as the Company continues exploring various possibilities in securing the necessary funding to discharge the Scheme and provide the Group with additional working capital.