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Financials Archive

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Income Statement

Balance Sheet

Review of Performance

Revenue and Profitability

The Group’s revenue for the financial period ended 30 September 2017 (“9M2017”) was $30.4 million, an increase of $2.2 million or 7.9% as compared to $28.2 million for the financial period ended 30 September 2016 (“9M2016”). The increase was attributable to revenue from new outlets of $6.0 million, offset by a decrease in revenue from existing outlets and closure of outlets of $3.6 million. Revenue for the food processing, distribution and procurement services segment has decreased by $0.2 million due to rescheduling of promotional events.

Other income decreased by $0.1 million mainly related to government grants received for the Wage Credit Scheme and Special Employment Credit.

Purchases and other consumables saw an improvement of 0.9 percentage point at 22.0% of revenue as compared to 9M2016 due to tightening of cost controls.

Employee benefits expense increased by $0.8 million or 7.9% in 9M2017 mainly due to an increase in employee benefits expenses for the new outlets and related staff costs for existing outlets of $1.7 million, offset by a decrease in employee benefits expenses due to closure of outlets of $0.9 million.

Other expenses increased by $0.7 million or 7.3% in 9M2017 mainly due to a net increase as a result of the opening and closure of outlets.

As a result, the profit before income tax increased by $0.5 million or 64.1% as compared to 9M2016. Earnings per share stood at 0.36 cents in 9M2017.

Review of Financial and Cash Flow Position

Non-current assets increased by $0.2 million from $3.6 million as at 31 December 2016 (“FY2016”) to $3.8 million as at 30 September 2017 (“3Q2017”). The additions of plant and equipment of $1.4 million was offset by the depreciation and amortisation expenses of $1.1 million as well as disposal and write-off of plant and equipment of $0.1 million.

Current assets decreased by $1.0 million as compared to FY2016 mainly due to a decrease in cash and cash equivalents of $0.8 million and decrease in trade and other receivables of $0.3 million, offset against increase in inventories of $0.1 million. The decrease in cash and cash equivalents was attributable mainly to payments made for purchases of plant and equipment and payments made to contractors of $2.4 million and payment of final dividend of $0.7 million, offset by net cash from operating activities of $2.3 million. Trade and other receivables decreased mainly due to refund of security deposits as a result of utilisation of bank guarantees and closure of outlets.

Current liabilities decreased by $1.0 million mainly due to a decrease in trade and other payables as a result of payments for purchases of plant and equipment recorded as at FY 2016.

Total equity amounted to $9.4 million and net asset value per share stood at 3.34 cents as at 3Q2017.


The Group continues to focus on strengthening our brands with an intention to increase product offerings, while tapping on the online delivery trend though partnership with a service provider. The Group is also taking the opportunity to consolidate and streamline processes to achieve economies of scale through its central processing resources to increase its distribution capacity, tightened costs control and improved its productivity.

The food processing and distribution business remains focused on its core strategies to assist the Group through procurement sourcing and management, as well as widening its distribution networks for ready meals to be supplied to nursing homes and VWOs across Singapore. As part of the effort, a central kitchen located in Changi Prison Complex has been set up, equipped with advanced facilities and technologies.