POH KONG HOLDINGS BERHAD (Registration No : 200201018476)
QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 OCTOBER 2021
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT | AS AT | ||
31.10.2021 | 31.7.2021 | ||
RM'000 | RM'000 | ||
(Audited) | |||
ASSETS | |||
NON-CURRENT ASSETS | |||
Property, plant and equipment | 91,595 | 92,280 | |
Right of use assets | 47,822 | 53,042 | |
Investment properties | 12,543 | 12,709 | |
Investment in an associate | 7,765 | 7,765 | |
Other investments | 228 | 228 | |
Goodwill on consolidation | 1,485 | 1,485 | |
Deferred tax assets | 11,722 | 11,849 | |
173,160 | 179,358 | ||
CURRENT ASSETS | |||
Inventories | 578,076 | 594,777 | |
Trade and other receivables | 6,643 | 2,890 | |
Deposits and prepayments | 10,805 | 10,792 | |
Current tax assets | 2,268 | 835 | |
Fixed deposits placed with licensed banks | 14,462 | 10,259 | |
Cash and bank balances | 27,234 | 9,414 | |
639,488 | 628,967 | ||
TOTAL ASSETS | 812,648 | 808,325 | |
EQUITY AND LIABILITIES | |||
Equity attributable to owners of the Company | |||
Share capital | 205,176 | 205,176 | |
Reserves | 402,417 | 396,998 | |
TOTAL EQUITY | 607,593 | 602,174 | |
NON-CURRENT LIABILITIES | |||
Long-term borrowings | 40,851 | 46,124 | |
Deferred tax liabilities | 13,970 | 13,970 | |
54,821 | 60,094 | ||
CURRENT LIABILITIES | |||
Trade and other payables | 11,461 | 11,016 | |
Deposits and accruals | 10,499 | 6,699 | |
Contract liabilities | 9,482 | 9,225 | |
Provision for restoration costs | 400 | 400 | |
Amount due to ultimate holding company | 1,306 | 1,331 | |
Amount due to directors (Note 1) | 2,208 | 1,894 | |
Short-term borrowings | 110,125 | 110,854 | |
Current tax liabilities | 4,753 | 4,638 | |
150,234 | 146,057 | ||
TOTAL LIABILITIES | 205,055 | 206,151 | |
TOTAL EQUITY AND LIABILITIES | 812,648 | 808,325 | |
Net assets per share attributable to owners of | 1.48 | 1.47 | |
the Company (RM) |
Note 1: Amount due to directors consists of directors' fee and directors' other emoluments.
(The Unaudited Condensed Consolidated Statement of Financial Position should be read in
conjunction with the Audited Financial Statements for the year ended 31 July 2021) 1
POH KONG HOLDINGS BERHAD (Registration No : 200201018476)
QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 OCTOBER 2021
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
INDIVIDUAL QUARTER | CUMULATIVE QUARTER | ||||||
QUARTER | QUARTER | PERIOD | PERIOD | ||||
ENDED | ENDED | ENDED | ENDED | ||||
31.10.2021 | 31.10.2020 | 31.10.2021 | 31.10.2020 | ||||
RM'000 | RM'000 | RM'000 | RM'000 | ||||
Revenue | 175,294 | 221,905 | 175,294 | 221,905 | |||
Other operating income | 1,424 | 790 | 1,424 | 790 | |||
Operating expenses | (167,894) | (201,045) | (167,894) | (201,045) | |||
Profit from operations | 8,824 | 21,650 | 8,824 | 21,650 | |||
Finance income | 63 | 77 | 63 | 77 | |||
Finance costs | (1,256) | (2,462) | (1,256) | (2,462) | |||
Profit before tax | 7,631 | 19,265 | 7,631 | 19,265 | |||
Income tax expense | (2,212) | (4,621) | (2,212) | (4,621) | |||
Profit after tax | 5,419 | 14,644 | 5,419 | 14,644 | |||
Other comprehensive expense | - | - | - | - | |||
Total Comprehensive Income | 5,419 | 14,644 | 5,419 | 14,644 | |||
Profit after tax attributable to: | |||||||
Owners of the Company | 5,419 | 14,644 | 5,419 | 14,644 | |||
Non-controlling Interests | - | - | - | - | |||
5,419 | 14,644 | 5,419 | 14,644 | ||||
Total comprehensive income attributable to: | |||||||
Owners of the Company | 5,419 | 14,644 | 5,419 | 14,644 | |||
Non-controlling Interests | - | - | - | - | |||
5,419 | 14,644 | 5,419 | 14,644 | ||||
Earnings per share attributable to | |||||||
Owners of the Company | |||||||
- basic (sen) | 1.32 | 3.57 | 1.32 | 3.57 | |||
- diluted (sen) | 1.32 | 3.57 | 1.32 | 3.57 |
(The Unaudited Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the Audited Financial Statements for the year ended 31 July 2021)
2
POH KONG HOLDINGS BERHAD (Registration No : 200201018476)
QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 OCTOBER 2021 UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to owners of the Company | ||||
Share | Revaluation | Retained | Total | |
capital | reserve | earnings | equity | |
RM'000 | RM'000 | RM'000 | RM'000 | |
At 1 August 2020 | 205,176 | 41,635 | 323,414 | 570,225 |
Realisation of revaluation reserve | - | 25 | - | 25 |
Profit for the financial year | - | - | 14,644 | 14,644 |
At 31 October 2020 | 205,176 | 41,660 | 338,058 | 584,894 |
At 1 August 2021 | 205,176 | 41,747 | 355,251 | 602,174 |
Profit for the financial year | - | - | 5,419 | 5,419 |
At 31 October 2021 | 205,176 | 41,747 | 360,670 | 607,593 |
(The Unaudited Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the Audited Financial Statements for the year ended 31 July 2021)
3
POH KONG HOLDINGS BERHAD (Registration No : 200201018476)
QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 OCTOBER 2021
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||
CUMULATIVE QUARTER | |||
PERIOD | PERIOD | ||
ENDED | ENDED | ||
31.10.2021 | 31.10.2020 | ||
RM'000 | RM'000 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Profit before taxation | 7,631 | 19,265 | |
Adjustments for: | |||
Depreciation of property, plant and equipment and investment properties | 2,058 | 1,746 | |
Depreciation of right of use assets | 5,221 | 5,656 | |
Net gain on disposal of property, plant and equipment | (96) | - | |
Dividend income | - | (300) | |
Interest income | (63) | (77) | |
Interest expense | 1,256 | 2,462 | |
Operating profit before working capital changes | 16,007 | 28,752 | |
Inventories | 16,701 | (30,348) | |
Receivables | (3,766) | 1,766 | |
Payables | 4,245 | 2,628 | |
Contract liabilities | 257 | 999 | |
Net cash generated from operations | 33,444 | 3,797 | |
Tax paid | (3,405) | (1,044) | |
Net cash generated from operating activities | 30,039 | 2,753 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Interest received | 63 | 77 | |
Dividend received | - | 300 | |
Proceeds from disposal of property, plant and equipment | 96 | 85 | |
Purchase of property, plant and equipment | (605) | (45) | |
Net cash (used in) / generated from investing activities | (446) | 417 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Interest paid | (1,256) | (1,783) | |
Placement of fixed deposit | (3) | (6) | |
Net loans repayment | (1,138) | (2,000) | |
(Decrease) / Increase in amount due to ultimate holding company | (25) | 5 | |
Increase in amount due to directors | 314 | 289 | |
Repayment of lease liabilities | (5,555) | (6,606) | |
Net cash used in financing activities | (7,663) | (10,101) | |
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS | 21,930 | (6,931) | |
OPENING CASH AND CASH EQUIVALENTS | 18,364 | 33,148 | |
CLOSING CASH AND CASH EQUIVALENTS | 40,294 | 26,217 | |
Cash and cash equivalents comprise the following: | |||
Fixed deposits with licensed banks | 14,462 | 18,240 | |
Bank overdraft | (90) | (122) | |
Cash and bank balances | 27,234 | 9,389 | |
41,606 | 27,507 | ||
Less: - Fixed deposits pledged to licensed banks | (1,312) | (1,290) | |
40,294 | 26,217 |
(The Unaudited Condensed Consolidated Statement of Cash Flows should be read in conjunction with the Audited Financial Statements for the year ended 31 July 2021)
4
POH KONG HOLDINGS BERHAD (Registration No : 200201018476)
QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 OCTOBER 2021
- NOTES TO THE INTERIM FINANCIAL REPORT
A1. Accounting Policies and Methods of Computation
The interim financial report has been prepared in accordance with Malaysian Financial Reporting Standard ("MFRS")
- Interim Financial Reporting and Chapter 9, Paragraph 9.22 of the Listing Requirements of Bursa Malaysia Securities Berhad, and should be read in conjunction with the Audited Financial Statements for the year ended 31 July 2021.
The significant accounting policies and methods of computation adopted in the preparation of this interim financial report are consistent with those adopted in the audited financial statements of the Group and of the Company for the financial year ended 31 July 2021.
The Group and the Company have not adopted the following new MFRS and amendments/improvements to MFRS that have been issued, but yet to be effective:
Effective for financial periods | ||
beginning on or after | ||
New MFRS | 1 January 2023 | |
MFRS 17 | Insurance Contracts | |
Amendments/Improvements to MFRSs | ||
MFRS 1 | First-time Adoption of Malaysian Financial Reporting | 1 January 2022^/ |
Standards | 1 January 2023# | |
MFRS 3 | Business Combinations | 1 January 2022/ |
1 January 2023# | ||
MFRS 4 | Insurance Contracts | 1 January 2021/ |
1 January 2023 | ||
MFRS 5 | Non-current Assets Held for Sale and Discontinued | 1 January 2023# |
Operations | ||
MFRS 7 | Financial Instruments: Disclosures | 1 January 2021/ |
1 January 2023# | ||
MFRS 9 | Financial Instruments | 1 January 2021/ |
1 January 2022^/ | ||
1 January 2023# | ||
MFRS 10 | Consolidated Financial Statements | Deferred |
MFRS 15 | Revenue from Contracts with Customers | 1 January 2023# |
MFRS 16 | Leases | 1 January 2021/ |
1 January 2022^ | ||
MFRS 17 | Insurance Contracts | 1 January 2023 |
MFRS 101 | Presentation of Financial Statements | 1 January 2023/ |
1 January 2023# | ||
MFRS 107 | Statements of Cash Flows | 1 January 2023# |
MFRS 108 | Accounting Policies, Changes in Accounting Estimates | 1 January 2023 |
and Errors | ||
MFRS 116 | Property, Plant and Equipment | 1 January 2022/ |
1 January 2023# | ||
MFRS 119 | Employee Benefits | 1 January 2023# |
MFRS 128 | Investments in Associates and Joint Ventures | Deferred/ |
1 January 2023# | ||
MFRS 132 | Financial instruments: Presentation | 1 January 2023# |
MFRS 136 | Impairment of Assets | 1 January 2023# |
MFRS 137 | Provisions, Contingent Liabilities and Contingent Assets | 1 January 2022/ |
1 January 2023# | ||
MFRS 138 | Intangible Assets | 1 January 2023# |
MFRS 139 | Financial Instruments: Recognition and Measurement | 1 January 2021 |
MFRS 140 | Investment Property | 1 January 2023# |
MFRS 141 | Agriculture | 1 January 2022^ |
^The Annual Improvements to MFRS Standards 2018-2020
# Amendments as to the consequence of effective of MFRS 17 Insurance Contracts
The Group and the Company plan to adopt the above applicable new MFRS and Amendments/Improvements to MFRSs when they become effective.
5
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Poh Kong Holdings Bhd published this content on 14 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 December 2021 20:47:03 UTC.