CONSOLIDATED INCOME STATEMENT
FY2016
FY2015
$’000
$’000
Revenue
364,439
184,156
Cost of sales
(313,977)
(146,059)
Gross profit
50,462
38,097
Other operating income
5,532
10,664
Administrative expenses
(23,368)
(25,609)
Other operating expenses
(9,727)
(2,799)
Finance costs
(19,126)
(15,624)
Share of results of
joint ventures
and associates
(3,253)
3,882
Profit before tax
520
8,611
Income tax credit/(expense)
423
(1,150)
Profit for the year
943
7,461
Attributable to:
Owners of the Company
1,985
7,931
Non-controlling interests
(1,042)
(470)
943
7,461
Revenue
Increased mainly due to higher
progressive recognition of
shipbuilding (“SB”) revenue from
construction of tugs, barges and
tankers and absence of reversal
of SB revenue from rescission of
PSV contracts in FY2015.
Gross Profit (“GP”)
SB GP increased in line with the
increase in revenue; partially
offset by decrease in GP from
shiprepair, shipchartering and
engineering segments.
Other Operating Income
Decreased mainly due to lower
gain on disposal of vessels.
Share of Results of Joint
Ventures and Associates
In FY2016, the Group recorded a
lower share profit from concrete
precast operations in Indonesia
under the joint ventures and a
higher share of losses from the
shipchartering operations in
Indonesia under the associates.
Income Tax Credit
In FY2016, despite the higher
income tax provision from
shipyard operations, tax credit
was recorded due to deferred tax
credit recognised during the year
and reversal of prior year income
tax provision.
Administrative Expenses
Decreased mainly due to absence
of cancellation charges related to
contracts rescission in FY2015;
lower depreciation; and decrease
in a variety of expenses as a
result of cost cutting measures
undertaken. This was partially
offset by reorganisation costs
incurred from engineering
segment in FY2016.
Other Operating Expenses
Increased mainly due to higher
allowance for impairment
of doubtful receivables and
impairment loss on vessels held
as inventories and property,
plant and equipment recorded
in FY2016.
Finance Costs
Increased mainly due to increase
in borrowings for vessels and
yard financing as well as rising
interest rates.
FINANCIAL YEAR REVIEW
10
ASL Marine Holdings Ltd.
Annual Report 2016
