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Financials

Full-Year Financial Statement And Dividend Announcement 2017

Financials Archive

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Full Year Financial Statement And Dividend Announcement

Review of Performance

Revenue

Revenue from Malaysian publishing operations for the year ended 31 March 2018 increased marginally to S$1.02 million as compared to S$0.93 million in the previous corresponding period.

Direct Costs

Employee compensation decreased by 66.5% to S$0.91 million as compared to S$2.72 million in FY 2017 mainly due to damages for contractual breach paid to executive directors who stepped down during FY 2017 amounting to S$1.71 million.

Amortisation, depreciation and impairment decreased by 97.3% to S$5,000 as compared to S$0.18 million in FY 2017 largely due to impairment of goodwill on consolidation amounting to S$0.18 million in FY 2017.

Professional fees decreased by 85.9% to S$0.21 million as compared to S$1.51 million in FY 2017 largely due to the restructuring of the Group in FY 2017.

Other operating expenses decreased by 29.3% to S$0.46 million as compared to S$0.65 million in FY 2017 largely due to the foreign exchange loss of S$0.10 million in FY 2017.

Loss attributable to shareholders

Loss attributable to shareholders for FY 2018 was S$0.89 million as compared to a loss of S$7.31 million in FY 2017.

The lower loss was due to the following:

Balance sheet

The decrease in trade and other payables is largely due to the deconsolidation of the two China subsidairy corporations amounting to S$0.14 million and trade creditors written off amounting to S$0.09 milion in FY 2018.

Cash-flow

Cash and cash equivalents as at 31 March 2018 was S$2.55 million as compared to S$3.86 million as at 31 March 2017.

Cash used in operating activities decreased by S$2.11 million to S$1.23 million in FY 2018 as compared to FY 2017 largely due to the operating loss incurred. In FY2018, net cash used in operating activites by the Group was S$1.23 million due to loss before income tax of S$0.89 million , adjustments for gain on deconsolidation of the two China subsidiaries amounting to S$0.12 million, employee share options expense of S$38,000 and payments to trade and other payables of S$0.26 million.

The Group had a positive working capital of S$2.34 million as at FY 2018 as compared to S$3.27 million as at FY 2017.

Commentary

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.

Additionally, the Group is exploring business opportunities to expand and grow the publishing operations in the region. We have been in discussions with potential business partners to expand the publishing operations in Greater China and Singapore and will update shareholders when there is significant development.

Balance Sheet

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