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Quarterly Report For The Financial Period Ended 30 September 2018

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Condensed Consolidated Statements of Comprehensive Income

Condensed Consolidated Statements Of Profit Or Loss

Condensed Consolidated Statements of Financial Position

Condensed Consolidated Statements Of Financial Position

Analysis of Performance

Review of performance for the current quarter (Quarter ended 30 September 2018) against the corresponding quarter (Quarter ended 30 September 2017):

  1. Revenue

    Revenue decreased by RM6.4 million or 11% in the current quarter, from RM58.1 million in the corresponding quarter, due to expiry of certain Platform Supply Vessel ("PSV") spot contract for PSV vessels and certain vessels were on stand-by in preparation for Integrated Logistic Control Tower ("ILCT")contracts. Lower utilization rateof 54.9% in the current quarter as compared to 65.8% in the corresponding quarter.

  2. Gross profit

    The cost of sales increasedby RM2.4 million or 6%, from RM39.3 million for the quarter ended 30 September 2017 to RM41.7 million for the quarter ended 30 September 2018 mainly due to mobilisation cost relating to ILCT contracts.

    Consequently, the Group's gross profit decreasedby RM8.7 million or 47%, from RM18.8 million in the corresponding quarter to RM10.1 million in the current quarter.

  3. Administrative expenses

    The administrative expenses increased by RM1.1 million or 14%, from RM8.0 million for the quarter ended 30 September 2017 to RM9.1 million for the quarter ended 30 September 2018 primarily due to higher unrealised foreign exchange lossincurrent quarteras compared to unrealised forexgain in corresponding quarter.

  4. Taxation

    Taxation
  5. Loss after taxation

    As a result of the foregoing, the Group recorded higher loss after taxation of RM10.1 million in current quarter compared to RM1.5 million for the corresponding quarter.

Review of performance for the current period ended 30 September 2018 against the corresponding period ended 30 September 2017:

  1. Revenue

    The Group's revenue dencreased by RM1.5 million or 1%, from RM154.5 million for the corresponding period to RM153.0 million in the current period. The dencrease was due to lower utilization rate and lower DCR.

  2. Gross profit

    The cost of sales decreased by RM0.1 million or 0.1% in the current period, from RM116.1 million in the corresponding period to RM116.0 million in the current period. This was mainly due to lower fuel consumption cost.

  3. Administrative expenses

    The administrative expenses increased by RM3.8 million or 18%, from RM21.4 million for the period ended 30 September 2017 to RM25.2 million for the period ended 30 September 2018 primarily due to higher unrealised foreign exchange loss in current period.

  4. Loss after taxation

    As a result of the foregoing, loss after taxation increased by RM12.7 million from RM8.0 million for the period ended 30 September 2017 to loss after taxation of RM20.7 million for the period ended 30 September 2018.

Review of performance for the current quarter (Quarter ended 30 September 2018) against the preceding quarter (Quarter ended 30 June 2018):

The Group's revenue decreased by RM1.5 million from RM53.2 million for the quarter ended 30 June 2018 to RM51.7 million for the quarter ended 30 September 2018, mainly due to lower utilisation during the quarter 30 September 2018 of 54.9% as compared to 64.7% in the quarter ended 30 June 2018.

The Group's loss after tax has increased by RM6.0 million from a loss after tax of RM3.6 million for the quarter ended 30 June 2018 to loss after tax of RM9.6 million for the quarter ended 30 September 2018, mainly due to lower revenue in quarter ended 30 September 2018.

Prospects for the Financial Year Ending 31 December 2018

The Group continues to focus on securing new contracts and maximising utilisation rates through competitive tendering for domestic and regional contracts, as well as leveraging on its continued presence in Brunei. The upstream exploration and production activities in Malaysia are expected to gradually increase but continue to be volatile and underpin the demand for OSV. The Group continues to work on conserving cash and reducing cost to improve its business liquidity and competitiveness.

In view of this, the Board of Directors remain focused on improvement initiatives, the Group's liquidity and competitiveness.