Elektromotive Group Limited

Half-Year Financial Statement And Dividend Announcement 2019

Financials Archive

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Unaudited Half-Year Financial Statement And Dividend Announcement

Review of Performance


Revenue from Malaysian publishing operations for the 6 months ended 30 September 2019 decreased marginally to S$0.48 million as compared to S$0.50 million in the previous corresponding period.

Direct costs

Employee compensation increased by 12.9% to S$0.46 million as compared to S$0.41 million in HY 2019 mainly due to an increase in headcount for business development in Singapore.

Operating lease expenses increased by 17.6% to S$20,000 as compared to S$17,000 in HY 2019 due to the new headcount in Singapore for which the Group leased additional office space in its existing premises.

Professional fees decreased by 33.8% to S$86,000 as compared to S$130,000 in HY 2019 due to the fees incurred in HY 2019 for the shares consolidation exercise which was completed in August 2018.

Other operating expenses decreased by 35.9% to S$75,000 as compared to S$117,000 in HY 2019 mainly due to lower expenses of about S$25,000 incurred in the Group's headquarters in relation to travelling expenses as well as lower foreign exchange losses arising from the translation of inter-company balances between Singapore and Malaysia amounting to S$21,000 as a result of the stronger Malaysia currency.

Loss attributable to shareholders

Loss attributable to shareholders for the period under review was S$0.41 million as compared to a loss of S$0.43 million in the previous corresponding period.

The marginal improvement was due to a decrease in professional fees and other operating expenses as explained above. The decrease in the aforementioned expenses was offset by an increase in employee compensation, operating lease and other expenses relating to the business development team of about S$73,000.

Balance sheet

The increase in trade and other receivables is mainly due to the longer period required to collect payments from the customers in our Malaysia's publishing operations.

The decrease in trade and other payables is mainly due to payments made to trade and other creditors.

Cash and cash equivalents decrease by S$0.64 million mainly due to the utilisation of cash for operating activities. Please refer to the "cash-flow" section below for explanation on the cash flow.


Cash and cash equivalents as at end of period was S$2.52 million as compared to S$3.16 million at the beginning of the period.

Cash used in operating activities was S$0.64 million in HY 2019 .The net operating cash outflow was mainly due to operating loss before working capital changes of S$0.41 million, which was adjusted for working capital outflows of S$0.24 million mainly attributable to payment of trade and other payables during the period.

The Group had a positive working capital of S$2.52 million as at 30 September 2019 as compared to S$2.91 million as at 31 March 2019.


As previously announced, the Company is actively seeking new business activities, including but not limited to acquisitions that may result in a reverse takeover transaction. The Company will update shareholders via SGXNET as and when there are material developments in relation thereto.

The Malaysian publishing operations remains cashflow positive for HY 2020.

Balance Sheet