MICROLINK SOLUTIONS BERHAD
Company no. 200301018362 (620782 - P)
(Incorporated in Malaysia)
INTERIM FINANCIAL STATEMENTS FOR THE FOURTH QUARTER ENDED 31 MARCH 2023 | |
Table of contents | Page |
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | 1 |
Condensed Consolidated Statement of Financial Position | 2 |
Condensed Consolidated Statement of Changes in Equity | 3 |
Condensed Consolidated Statement of Cash Flow | 4 |
Notes to the Interim Financial Report | 5 - 6 |
Explanatory notes pursuant to Appendix 9B of the ACE Market Listing Requirements | 7 - 9 |
MICROLINK SOLUTIONS BERHAD (200301018362 (620782 - P))
Incorporated in Malaysia
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE FOURTH QUARTER ENDED 31 MARCH 2023
INDIVIDUAL QUARTER | CUMULATIVE PERIOD | ||||
THREE MONTHS ENDED | TWELVE MONTHS ENDED | ||||
31 MARCH | 31 MARCH | ||||
2023 | 2022 | 2023 | 2022 | ||
RM'000 | RM'000 | RM'000 | RM'000 | ||
Unaudited | Unaudited | Unaudited | Audited | ||
Revenue | 65,275 | 51,913 | 248,305 | 218,310 | |
Cost of sales | (47,907) | (32,665) | (179,599) | (153,139) | |
Gross profit | 17,368 | 19,248 | 68,706 | 65,171 | |
Other operating income | 1,614 | 1,280 | 8,184 | 3,292 | |
Selling and distribution expenses | (355) | (344) | (1,782) | (1,151) | |
Administrative expenses | (10,021) | (9,621) | (36,022) | (25,271) | |
Other operating expenses | (1,705) | (2,771) | (6,989) | (6,563) | |
Net (gain)/loss on impairment on financial assets | (280) | (95) | (280) | 207 | |
Finance costs | (480) | (348) | (1,545) | (1,454) | |
Share of result of joint venture, net of tax | 284 | - | 284 | - | |
Profit before taxation | 6,425 | 7,349 | 30,556 | 34,231 | |
Taxation | (1,294) | (2,306) | (4,056) | (8,772) | |
Profit for the period | |||||
5,131 | 5,043 | 26,500 | 25,459 | ||
Other comprehensive loss, net of tax | |||||
- item that may be reclassified subsequently to profit or loss: | |||||
Foreign currency translations for foreign operations, net of tax | (60) | - | (249) | - | |
Other comprehensive loss for the period, net of tax | (60) | - | (249) | - | |
Total comprehensive income for the period | 5,071 | 5,043 | 26,251 | 25,459 | |
Profit/(Loss) attributable to: | |||||
Owners of the parent | 4,831 | 5,001 | 26,326 | 25,470 | |
Non-controlling interests | 300 | 42 | 174 | (11) | |
5,131 | 5,043 | 26,500 | 25,459 | ||
Total comprehensive income/(loss) attributable to: | |||||
Owners of the parent | 4,768 | 5,001 | 26,074 | 25,466 | |
Non-controlling interests | 303 | 42 | 177 | (7) | |
5,071 | 5,043 | 26,251 | 25,459 | ||
Earnings per share (sen): | |||||
Basic | 0.45 | 2.69 | 2.46 | 3.66 | |
Diluted | 0.45 | 2.69 | 2.46 | 3.66 |
Note:
These condensed interim financial statements should be read in conjunction with the audited financial statements for the year ended 31 March 2022 and the accompanying explanatory notes attached to the interim financial statements.
Page 1 of 9
MICROLINK SOLUTIONS BERHAD (200301018362 (620782 - P))
Incorporated in Malaysia
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
As At | As At | |
31 March 2023 | 31 March 2022 | |
RM'000 | RM'000 | |
Unaudited | Audited | |
ASSETS | ||
Non-Current Assets | ||
Property, plant and equipment | 607 | 310 |
Right-of-use assets | 3,189 | 4,170 |
Goodwill | 22,664 | 18,409 |
Software development expenditure | 111,908 | 102,425 |
Other investments | 394 | 105 |
Deferred tax assets | 2,707 | 2,707 |
141,469 | 128,126 | |
Current Assets | ||
Inventories | 1,417 | 1,463 |
Contract costs | 20,864 | 4,303 |
Other investments | 3,295 | 4,475 |
Trade receivables | 50,781 | 28,052 |
Other receivables, deposits and prepayments | 24,802 | 20,681 |
Contract assets | 36,307 | 17,286 |
Amount owing by ultimate holding company | - | 28,075 |
Amount owing by immediate holding company | - | 37 |
Current tax assets | 12,806 | 6,157 |
Cash and bank balances | 33,676 | 63,122 |
183,948 | 173,651 | |
TOTAL ASSETS | 325,417 | 301,777 |
EQUITY AND LIABILITIES |
Equity attributable to owners of the Parent Share capital
Reserves
Retained Earnings
Non-controlling interests
TOTAL EQUITY
Non-Current Liabilities
Deferred tax liability
Provision for gratuity obligations
Other payables and accruals
Lease liabilities
Current Liabilities
Trade payables
Other payables and accruals Contract liabilities
Amount owing to ultimate holding company Amount owing to immediate holding company Amount owing to related companies Amount owing to joint venture Borrowings
Provision for gratuity obligations Lease liabilities
Current tax liabilities
TOTAL LIABILITIES
TOTAL EQUITY AND LIABILITIES
166,259161,896
- 38
60,53139,322
226,576 | 201,256 |
130 | 480 |
226,706 | 201,736 |
3,9953,745
- 1,829
183 | 157 |
2,913 | 4,120 |
7,091 | 9,851 |
13,375 | 23,768 |
22,831 | 13,969 |
22,325 | 17,308 |
- | 38 |
- | 794 |
- 1,379
627 | - |
28,005 | 27,914 |
- | 239 |
1,555 | 2,670 |
2,902 | 2,111 |
91,620 | 90,190 |
98,711 | 100,041 |
325,417 | 301,777 |
Net assets per share (RM) | 0.21 | 0.29 |
Note:
These condensed interim financial statements should be read in conjunction with the audited financial statements for the year ended 31 March 2022 and the accompanying explanatory notes attached to the interim financial statements.
Page 2 of 9
MICROLINK SOLUTIONS BERHAD (200301018362 (620782 - P))
Incorporated in Malaysia
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE FOURTH QUARTER ENDED 31 MARCH 2023
<--------------------------------------- | Attributable to Owners of the Parent --------------------------- | ||||
<----------------- | Non-distributable | ------------------- | > | ||
Total | |||||
Exchange | Retained | attributable to | Non- | ||
Share | Translation | Earnings | owners of | controlling | Total |
capital | reserve | the parent | interests | equity | |
RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 |
Unaudited
12 months ended 31 March 2023
At 1 April 2022 (audited) Profit for the period
Foreign currency translation for foreign operations Total comprehensive income for the period
Transaction with owners
Arising from accretion of equity interest in subsidiary Shares issued pursuant to Employee Share Grant Plan
("ESGP") Dividends paid
Total transactions with owners
At 31 March 2023
Audited
12 months ended 31 March 2022
161,896 | 38 | 39,322 | 201,256 | 480 | 201,736 | ||
- | - | 26,326 | 26,326 | 174 | 26,500 | ||
- | (252) | - | (252) | 3 | (249) | ||
- | (252) | 26,326 | 26,074 | 177 | 26,251 | ||
- | - | 227 | 227 | (302) | (75) | ||
4,363 | - | - | 4,363 | - | 4,363 | ||
- | - | (5,344) | (5,344) | (225) | (5,569) | ||
4,363 | - | (5,117) | (754) | (527) | (1,281) | ||
166,259 | (214) | 60,531 | 226,576 | 130 | 226,706 | ||
- |
At 1 April 2021 | 105,583 | 42 | 13,852 | 119,477 | 487 | 119,964 | |
Profit for the period | - | - | 25,470 | 25,470 | (11) | 25,459 | |
Foreign currency translation for foreign operations | - | (4) | - | (4) | 4 | - | |
Total comprehensive income for the period | - | (4) | 25,470 | 25,466 | (7) | 25,459 | |
Transaction with owners | |||||||
Ordinary shares issued pursuant to private placement | 53,370 | - | - | 53,370 | - | 53,370 | |
Shares issued pursuant to ESGP | 2,943 | - | - | 2,943 | - | 2,943 | |
Total transactions with owners | 56,313 | - | - | 56,313 | - | 56,313 | |
At 31 March 2022 | |||||||
161,896 | 38 | 39,322 | 201,256 | 480 | 201,736 |
Note:
These condensed interim financial statements should be read in conjunction with the audited financial statements for the year ended 31 March 2022 and the accompanying explanatory notes attached to the interim financial statements.
Page 3 of 9
MICROLINK SOLUTIONS BERHAD (200301018362 (620782 - P))
Incorporated in Malaysia
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE FOURTH QUARTER ENDED 31 MARCH 2023
(The figures have not been audited)
Preceding Year | Current Year | Preceding Year | ||
3 months ended | 12 months ended | 12 months ended | ||
31 March 2017 | 31 March 2023 | 31 March 2022 | ||
RM'000 | RM'000 | RM'000 | ||
Unaudited | Unaudited | Audited | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Profit before taxation | 2,522 | 30,556 | 34,231 | |
Adjustments for non-cash items: | ||||
Amortisation of software development expenditure | 2,761 | 12,882 | 7,816 | |
Bad debts written off | - | - | 2 | |
Depreciation of property, plant and equipment | 838 | 150 | 152 | |
Depreciation of right-of-use assets | 50 | 1,328 | 1,298 | |
Employee share grant plan expenses | 4,363 | 2,944 | ||
Fair Value Loss / (Gain) on Investment | 1,991 | (240) | ||
Impairment losses on amount owing by ultimate holding company | 27 | - | 100 | |
Impairment losses on trade receivables | 33 | 338 | 270 | |
Impairment losses on contract assets | - | 17 | ||
Interest expense | 2,516 | 1,545 | 1,716 | |
Interest income | (551) | (479) | (312) | |
Gain on disposal of quoted investment | 1 | (5,090) | (1,711) | |
Reversal of impairment loss on trade receivables | - | (561) | ||
Reversal of impairment loss on other receivables | (1) | - | ||
Reversal of impairment loss on amount due from ultimate holding company | - | (19) | ||
Reversal of impairment loss on amount due from immediate holding company | - | (14) | ||
Net unrealised loss/(gain) on foreign exchange | 12 | 10 | (27) | |
Provision for gratuity obligation | 245 | (2,960) | (67) | |
Lease modification | (17) | 13 | ||
Other payables and accruals written back | - | (1,182) | ||
Dividend income | - | (51) | ||
Operating profit before working capital changes | 12,768 | |||
44,616 | 44,375 | |||
Net changes in assets | 18,237 | (44,662) | (10,546) | |
Net changes in liabilities | (18,424) | 10,345 | 5,868 | |
Net cash from operations | 12,581 | |||
10,299 | 39,697 | |||
Interest received | 10 | 9 | ||
Tax paid | (5,000) | (10,173) | (6,084) | |
Tax refunded | 48 | 510 | - | |
Net cash from operating activities | 7,629 | |||
646 | 33,622 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Acquisition of a subsidiary, net of cash acquired | - | 39 | - | |
Acquisition of additional interest in subsidiary | - | (75) | - | |
Addition of software development expenditure | (35,483) | (24,464) | (46,928) | |
Repayment to ultimate holding company | - | (4,651) | ||
Repayment from immediate holding company | - | 16,166 | ||
Dividend received | - | 51 | ||
Interest received | 551 | 468 | 303 | |
Placement of deposits pledged to licensed banks | (701) | (967) | (448) | |
Net disposal/(purchase) of other investments | 65 | 4,278 | (2,424) | |
Purchase of property, plant and equipment | (375) | (447) | (174) | |
Net cash used in investing activities | (35,943) | |||
(21,168) | (38,105) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Dividend paid | (2,516) | (5,569) | - | |
Interest paid | (2,516) | (1,136) | (1,124) | |
Net drawdowns of borrowings | 5,035 | 93 | 7,896 | |
Net repayment of lease liabilities | 17,757 | (3,061) | (3,666) | |
Proceeds from ordinary shares issued pursuant to private placement | - | 53,370 | ||
Net cash (used in) / from financing activities | 17,760 | |||
(9,673) | 56,476 | |||
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS | (10,554) | (30,195) | 51,993 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD | 24,740 | 56,152 | 4,121 | |
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (215) | 38 | ||
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | ||||
25,742 | 56,152 | |||
- |
* Cash and cash equivalents at the beginning and end of the financial period are net of deposits pledged to banks.
Note:
These condensed interim financial statements should be read in conjunction with the audited financial statements for the year ended 31 March 2022 and the accompanying explanatory notes attached to the interim financial statements.
Page 4 of 9
MICROLINK SOLUTIONS BERHAD (200301018362 (620782 - P))
QUARTERLY REPORT ON CONSOLIDATED RESULTS
FOR THE FOURTH QUARTER ENDED 31 MARCH 2023
A NOTES TO THE INTERIM FINANCIAL REPORT
A1 Basis of preparation
The interim financial statements are unaudited and have been prepared in accordance with the requirements outlined in the Malaysian Financial Reporting Standards ("MFRSs") No. 134: Interim Financial Reporting issued by the Malaysian Accounting Standards Board ("MASB"), and Paragraph 9.22 of the Bursa Malaysia Securities Berhad ACE Market Listing Requirements ("ACE Listing Requirements") and should be read in conjunction with the audited financial statements of the Company and its subsidiaries ("Group") for the financial year ended 31 March 2022. These explanatory notes attached to the interim financial statements provide an explanation of events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group since the financial year ended 31 March 2022.
The accounting policies and methods of computation adopted by the Group in this interim financial statements are consistent with those adopted in the financial statements for the financial year ended 31 March 2022 except for the newly-issued accounting framework - MFRS and IC Interpretations ("IC Int.") to be applied by all Entities Other Than Private Entities for the financial periods beginning on or after 1 January 2022:
Annual Improvements to MFRS Standards 2018 - 2020 Amendments to MFRS 3 Reference to the Conceptual Framework
Amendments to MFRS 116 Property, Plant and Equipment - Proceeds before Intended Use Amendments to MFRS 137 Onerous Contracts - Cost of Fulfilling a Contract Amendments to MFRS 101 Classification of Liabilities as Current or Non-current
MFRS 17 Insurance Contract
Amendments to MFRS 17 Insurance Contract
Disclosure of Accounting Policies (Amendments to MFRS 101 Presentation of Financial Statements)
Definition of Accounting Estimates (Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors) Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to MFRS 112 Income Taxes)
Initial Application of MFRS 17 and MFRS 9 Comparative Information (Amendments to MFRS 17 Insurance Contracts)
The adoption of the above did not have any significant effects on the interim financial statements upon their initial application.
A2 Audit report of preceding annual financial statements
The preceding audited financial statements for the financial year 31 March 2022 were not subjected to any qualification.
A3 Seasonal or cyclical factors
The business operations of the Group are not materially affected by any seasonal or cyclical factors.
A4 Unusual items affecting assets, liabilities, equity, net income or cash flows
There were no unusual items affecting assets, liabilities, equity, net income or cash flows of the Group for the current quarter under review.
A5 Material changes in estimates
There were no changes in estimates of amounts which have a material effect in the current quarter under review.
A6 Dividend paid
No dividend has been paid in the current quarter under review.
A7 Segmental information
The Group's reportable segments were identified as follows:-
- Financial Services - Provision of business and technical services for financial institutions
- Enterprise Solutions - Provision of emerging technologies for enterprise
- Distribution Services - Distribution and maintenance of computer equipment and software
- Solution Delivery - Provision of project and software solutions delivery services
Page 5 of 9
- NOTES TO THE INTERIM FINANCIAL REPORT (Cont'd)
A7 Segmental information (Cont'd)
Business Segments | Enterprise | Distribution | Solution | ||||||||
Financial Services | Solutions | Services | Delivery | Elimination | Consolidation | ||||||
RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | ||||||
12 months ended 31 March 2023 | |||||||||||
External sales | 59,809 | 63,957 | 122,739 | 1,800 | - | 248,305 | |||||
Inter-segment sales | 11,888 | 475 | 9,833 | 432 | (22,628) | - | |||||
Total | 71,697 | 64,432 | 132,572 | 2,232 | (22,628) | 248,305 | |||||
Results | |||||||||||
Segment results | 14,441 | 14,728 | 2,984 | (725) | 194 | 31,622 | |||||
Interest expense | (661) | (66) | (816) | (2) | - | (1,545) | |||||
Interest income | 216 | 92 | 167 | 4 | - | 479 | |||||
Taxation | (3,063) | (19) | (573) | (401) | - | (4,056) | |||||
Profit / (Loss) for the financial period | |||||||||||
10,933 | 14,735 | 1,762 | (1,124) | 194 | 26,500 | ||||||
12 months ended 31 March 2022 | |||||||||||
External sales | 21,207 | 54,762 | 139,341 | 3,000 | - | 218,310 | |||||
Inter-segment sales | 7,062 | 659 | 5,498 | 535 | (13,754) | - | |||||
Total | 28,269 | 55,421 | 144,839 | 3,535 | (13,754) | 218,310 | |||||
Results | |||||||||||
Segment results | (10,069) | 28,717 | 15,436 | 4,285 | (2,734) | 35,635 | |||||
Interest expense | (713) | (272) | (729) | (2) | - | (1,716) | |||||
Interest income | 170 | 46 | 95 | 1 | - | 312 | |||||
Taxation | (125) | (6,797) | (1,089) | (761) | - | (8,772) | |||||
Profit / (Loss) for the financial period | |||||||||||
(10,737) | 21,694 | 13,713 | 3,523 | (2,734) | 25,459 |
A8 Valuation of property, plant and equipment
The Group did not carry out any valuation of its property, plant and equipment.
A9 Material events subsequent to the end of the quarter
On 12 July 2022, the Group proposed to transfer the listing of and quotation for the entire issued share capital of Microlink from the ACE Market to the Main Market of Bursa Malaysia Securities Berhad ("Proposed Transfer"). Approval of the Proposed Transfer had been obtained from Securities Commission and Bursa Securities on 19 January 2023 and 22 February 2023 respectively.
On 27 February 2023, the listing of and quotation for the entire issued share capital of Microlink has been transferred from the ACE Market to the Main Market of Bursa Securities, marking the completion of the Transfer.
Saved as disclosed above, there were no material events announced subsequent to the end of the current financial period under review up to the date of this announcement.
A10 Changes in the composition of the Group
On 4 July 2022, the Group has acquired Microlink Solutions Pte Ltd (formerly known as Formis Lab Singapore Pte Ltd) from Continuous Network Advisers Sdn Bhd.
Effective from 18 July 2022, Omesti no longer controls the board of directors of Microlink following the changes to the board compositions of both Omesti and Microlink and the re-designation of a director in Omesti.
A11 Contingent liabilities
The Directors are of the opinion that the Group has no contingent liabilities which, upon crystallisation would have a material impact on the financial position and business of the Group as at 22 May 2023 (the latest practicable date which is not earlier than 7 days from the date of issue of this financial results).
A12 Cash and bank balances
Current year | |
as at | |
31 March 2023 | |
RM'000 | |
Cash and bank balances | 28,220 |
Fixed deposits with licensed financial institutions | 5,456 |
33,676 | |
Less: Fixed deposits pledged with licensed banks | (5,456) |
Less: Bank overdraft | (2,478) |
25,742 |
Page 6 of 9
- EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE ACE LISTING REQUIREMENTS
B1 Review of performance
The summary breakdown of revenue by business segments of the Group is as follows:-
Individual Quarter | Cumulative Period | |||||||||
3 months ended 31 March | 12 months ended 31 March | |||||||||
2023 | 2022 | Variance | 2023 | 2022 | Variance | |||||
RM'000 | RM'000 | % | RM'000 | RM'000 | % | |||||
Financial Services | 19,337 | (5,423) | 457% | 71,697 | 28,269 | 154% | ||||
Enterprise Solutions | 20,801 | 20,073 | 4% | 64,432 | 55,421 | 16% | ||||
Distribution Services | 31,806 | 38,993 | -18% | 132,572 | 144,839 | -8% | ||||
Solution Delivery | 1,934 | 1,100 | 76% | 2,232 | 3,535 | -37% | ||||
73,878 | 54,743 | 35% | 270,933 | 232,064 | 17% | |||||
Less : Inter Segment Revenue | (8,603) | (2,830) | (22,628) | (13,754) | ||||||
Total Group Revenue | 65,275 | 51,913 | 26% | 248,305 | 218,310 | 14% |
The Group's revenue has increased in the current quarter under review by RM13.36 million as compared to the revenue achieved in the corresponding quarter of preceding year. The higher revenue was mainly attributable to higher order fulfilments and progress billings particularly in Financial Services segment.
The summary breakdown of profit before taxation by business segments of the Group is as follows:-
Individual Quarter | Cumulative Period | |||||||||
3 months ended 31 March | 12 months ended 31 March | |||||||||
2023 | 2022 | Variance | 2023 | 2022 | Variance | |||||
RM'000 | RM'000 | % | RM'000 | RM'000 | % | |||||
Financial Services | 2,557 | (12,517) | 120% | 13,996 | (10,612) | 232% | ||||
Enterprise Solutions | 229 | 17,856 | -99% | 14,754 | 28,753 | -49% | ||||
Distribution Services | (91) | 14,203 | -101% | 2,335 | 14,802 | -84% | ||||
Solution Delivery | 1,703 | 347 | 391% | (723) | 4,284 | -117% | ||||
4,398 | 19,889 | -78% | 30,362 | 37,227 | -18% | |||||
Add : Elimination | 2,027 | (12,540) | 194 | (2,996) | ||||||
Profit before taxation ("PBT") | 6,425 | 7,349 | -13% | 30,556 | 34,231 | -11% |
The Group recorded a PBT of RM6.42 million in the current quarter under review as compared to RM7.35 million in the previous corresponding quarter in tandem
with lower order fulfilments and progress billings from Enterprise Solutions and Distribution Services.
Material change in profit before taxation for the quarter reported as compared with the immediate preceding quarter
Immediate | |||
Current | Preceding | Change | |
Quarter | Quarter | ||
RM'000 | RM'000 | % | |
Revenue | 65,275 | 73,167 | -11% |
Profit before taxation | 6,425 | 8,246 | -22% |
The Group recorded decrease in revenue by RM7.89 million in the current quarter as compared to the immediate preceding quarter mainly attributable to lower order fulfilments and progress billings.
The group posted a decrease in PBT by RM1.82 million in the current quarter as compared to the immediate preceding quarter. The lower profit recorded in tandem with lower revenue posted.
Page 7 of 9
- EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE ACE LISTING REQUIREMENTS (Cont'd)
B2 Prospects
The reopening of the economy and borders has revitalized Malaysia's economic activities, signaling a stable recovery that led to an encouraged Gross Domestic Product ("GDP") growth of 8.9% recorded for 2022. Although Malaysia's economy is gradually recovering, the challenging global environment, other internal and external risks such as the political environment, rising inflationary pressure and manpower resources among others will continue to affect the overall market sentiments.
Amid the continuously challenging 2023 economic landscape, the Group remains agile and will continue to build its internal capabilities and expand its revenue stream. It remains committed to its pillars of growth strategies which include geographical, segmental and product diversification. The recent regional expansion initiatives have gained a significant strong foothold in its telco service offerings in the Middle East as it continues to deliver on its ongoing projects while seeking out other opportunities in this market.
Barring any unforeseen circumstances, as efforts are continuously made to improve the Group's operations, the Board of Directors is optimistic about the future business outlook and financial performance for the next financial year.
B3 | Profit forecast or guarantee | |||
There were no profit forecast or profit guarantee issued by the Group and the Company. | ||||
B4 | Income tax expense | |||
Current quarter | Cumulative | |||
31 March 2023 | 31 March 2023 | |||
RM'000 | RM'000 | |||
Taxation - current year | (1,294) | (3,310) | ||
Taxation - prior year | - | (496) | ||
Deferred tax | - | (250) | ||
Total | (1,294) | (4,056) | ||
B5 | Unquoted investments and properties | |||
There were no purchase or disposal of unquoted investments and properties during the financial period under review. | ||||
B6 | Quoted securities | |||
There were no acquisitions or disposals of quoted securities during the financial period under review |
B7 Corporate exercise and utilisation of proceeds
On 12 July 2022, the Group proposed to transfer the listing of and quotation for the entire issued share capital of Microlink from the ACE Market to the Main Market of Bursa Malaysia Securities Berhad. Approval of the Proposed Transfer had been obtained from Securities Commission and Bursa Securities on 19 January 2023 and 22 February 2023 respectively.
On 27 February 2023, the listing of and quotation for the entire issued share capital of Microlink has been transferred from the ACE Market to the Main Market of Bursa Securities, marking the completion of the Transfer.
Saved as disclosed above, there is no corporate exercise announced but not completed during the period under review.
B8 | Group's borrowings and debt securities | |||
The Group's bank borrowings are as follows: | ||||
As at | As at | |||
31 March 2023 | 31 March 2022 | |||
RM'000 | RM'000 | |||
Short term bank borrowings - secured | 28,005 | 27,914 | ||
Long term bank borrowings - secured | - | - | ||
Total borrowings | 28,005 | 27,914 | ||
B9 | Off balance sheet financial instruments | |||
Bank guarantees amounting to RM3.07 million have been issued. | ||||
B10 | Material litigation |
The Group is not engaged in any litigation or arbitration, either as plaintiff or defendant, which has a material effect on the financial position of the Company or its subsidiary companies and the Board does not know of any proceedings pending or threatened, or of any fact likely to give rise to any proceedings, which might materially and adversely affect the position or business of the Company or its subsidiary companies as at the date of this announcement.
B11 Dividends
No dividend has been declared in respect of the current quarter under review.
Page 8 of 9
- EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE ACE LISTING REQUIREMENTS (Cont'd)
B12 Earnings per share
Basic earnings per share
The calculation of the basic earnings per share is based on the net profit for the financial quarter and period under review divided by the weighted average number of ordinary shares in issue during the quarter.
Individual | Cumulative | ||
Quarter | Quarter | ||
31 March 2023 | 31 March 2023 | ||
Profit attributable to owners of the parent (RM) | 4,831,000 | 26,326,000 | |
Weighted average number of ordinary shares in issue | 1,069,684,149 | 1,069,683,734 | |
Basic earnings per share (sen) | 0.45 | 2.46 |
B13 Authorisation for issue
The interim financial statements were authorised for issue by the Board in accordance with a resolution of the directors dated 29 May 2023.
MICROLINK SOLUTIONS BERHAD 200301018362 (620782 - P) 29 May 2023
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Microlink Solutions Bhd published this content on 18 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2024 17:01:07 UTC.