SOUTHERN STEEL BERHAD (196301000443 (5283-X))
QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FIRST QUARTER ENDED 30 SEPTEMBER 2021
The figures have not been audited
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE QUARTER ENDED 30 SEPTEMBER 2021
Individual Quarter | Cumulative Quarter | ||||
Current Year | Preceding Year | Current Year- | Preceding Year | ||
Quarter | Corresponding | To-Date | Corresponding | ||
Quarter | Period | ||||
30/9/2021 | 30/9/2020 | 30/9/2021 | 30/9/2020 | ||
RM'000 | RM'000 | RM'000 | RM'000 | ||
Revenue | 487,072 | 444,397 | 487,072 | 444,397 | |
Cost of sales | (418,581) | (418,154) | (418,581) | (418,154) | |
Gross profit | 68,491 | 26,243 | 68,491 | 26,243 | |
Operating expenses | (24,232) | (24,139) | (24,232) | (24,139) | |
Other operating income/(expense) | 1,928 | (19,225) | 1,928 | (19,225) | |
Profit/(Loss) from operations | 46,187 | (17,121) | 46,187 | (17,121) | |
Interest income | 210 | 351 | 210 | 351 | |
Finance costs | (7,406) | (9,742) | (7,406) | (9,742) | |
Share of profit in an associated company, | |||||
net of tax | 701 | 33 | 701 | 33 | |
Profit/(Loss) before taxation | 39,692 | (26,479) | 39,692 | (26,479) | |
Taxation | (4,606) | 293 | (4,606) | 293 | |
Profit/(Loss) from continuing operations | 35,086 | (26,186) | 35,086 | (26,186) | |
Loss from a discontinued operation, net of | |||||
tax (N1) | (2,853) | (1,887) | (2,853) | (1,887) | |
Profit/(Loss) for the period | 32,233 | (28,073) | 32,233 | (28,073) | |
Profit/(Loss) attributable to: | |||||
Owners of the Company | 32,118 | (28,134) | 32,118 | (28,134) | |
Non-controlling interests | 115 | 61 | 115 | 61 | |
Profit/(Loss) for the period | 32,233 | (28,073) | 32,233 | (28,073) | |
Earnings/(Loss) per ordinary share (sen): - | |||||
(a) Basic | 5.39 | (4.72) | 5.39 | (4.72) | |
(b) Fully diluted | 5.39 | (4.72) | 5.39 | (4.72) | |
(N1) Southern HRC Sdn Bhd ("SHRC"), a wholly-owned subsidiary of the Company had ceased its hot rolled coil operation in the financial year ended 30 June 2020. Accordingly, the financial results of the operation is separately disclosed as a discontinued operation.
The Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the Annual Financial Statements for the Financial Year Ended 30 June 2021.
SSB/1
SOUTHERN STEEL BERHAD (196301000443 (5283-X))
QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FIRST QUARTER ENDED 30 SEPTEMBER 2021
The figures have not been audited
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE QUARTER ENDED 30 SEPTEMBER 2021 (cont'd)
Individual Quarter | Cumulative Quarter | ||||
Current Year | Preceding Year | Current Year- | Preceding Year | ||
Quarter | Corresponding | To-Date | Corresponding | ||
Quarter | Period | ||||
30/9/2021 | 30/9/2020 | 30/9/2021 | 30/9/2020 | ||
RM'000 | RM'000 | RM'000 | RM'000 | ||
Profit/(Loss) for the period | 32,233 | (28,073) | 32,233 | (28,073) | |
Item that will not be reclassified | |||||
subsequently to profit or loss | |||||
Gain/(Loss) on fair value of equity | |||||
instrument at fair value through other | |||||
comprehensive income | 24 | (36) | 24 | (36) | |
Item that are or may be reclassified | |||||
subsequently to profit or loss | |||||
Foreign currency translation differences | |||||
for a foreign operation | 4 | (16) | 4 | (16) | |
Cash flow hedge | 168 | 384 | 168 | 384 | |
Total comprehensive income/(expense) | |||||
for the period | 32,429 | (27,741) | 32,429 | (27,741) | |
Total comprehensive income/(expense) | |||||
attributable to: | |||||
Owners of the Company | 32,323 | (27,809) | 32,323 | (27,809) | |
Non-controlling interests | 106 | 68 | 106 | 68 | |
Total comprehensive income/(expense) | |||||
for the period | 32,429 | (27,741) | 32,429 | (27,741) |
The Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the Annual Financial Statements for the Financial Year Ended 30 June 2021.
SSB/2
SOUTHERN STEEL BERHAD (196301000443 (5283-X))
QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FIRST QUARTER ENDED 30 SEPTEMBER 2021
The figures have not been audited
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2021
As At End of | As At End of | |
Current Quarter | Preceding | |
Financial Year | ||
30/9/2021 | 30/06/2021 | |
RM'000 | RM'000 | |
ASSETS | ||
Property, plant and equipment ("PPE") | 405,331 | 412,896 |
Rights-of-use assets ("ROU") | 342,396 | 345,982 |
Goodwill on consolidation | 30,256 | 30,256 |
Investments in an associated company | 13,785 | 13,084 |
Other investments | 636 | 612 |
Deferred tax assets | 28,082 | 36,452 |
Tax credit receivable | 15,856 | 16,525 |
Other receivables | 294,982 | 294,982 |
Total non-current assets | 1,131,324 | 1,150,789 |
Inventories | 413,453 | 562,613 |
Trade and other receivables, including derivatives | 151,582 | 43,960 |
Current tax assets | 6,494 | 9,350 |
Cash and cash equivalents | 156,912 | 133,011 |
Asset to be returned to vendor | 369,377 | 369,377 |
Asset held for sale | 84,486 | 84,486 |
Total current assets | 1,182,304 | 1,202,797 |
TOTAL ASSETS | 2,313,628 | 2,353,586 |
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | ||
Share capital | 641,010 | 641,010 |
Reserves | 116,594 | 84,271 |
757,604 | 725,281 | |
NON-CONTROLLING INTERESTS | 6,869 | 6,763 |
TOTAL EQUITY | 764,473 | 732,044 |
LIABILITIES | ||
Lease liabilities | 20,972 | 21,926 |
Deferred tax liabilities | 17,111 | 24,273 |
Deferred income | 5,704 | 6,090 |
Employee benefits | 26,202 | 25,865 |
Loans and borrowings | 338,880 | 354,880 |
Total non-current liabilities | 408,869 | 433,034 |
SSB/3
SOUTHERN STEEL BERHAD (196301000443 (5283-X))
QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FIRST QUARTER ENDED 30 SEPTEMBER 2021
The figures have not been audited
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2021 (cont'd)
As At End of | As At End of | |
Current Quarter | Preceding | |
Financial Year | ||
30/9/2021 | 30/06/2021 | |
RM'000 | RM'000 | |
Lease liabilities | 3,743 | 3,696 |
Employee benefits | 1,005 | 1,020 |
Provisions | 3,539 | 5,292 |
Trade and other payables, including derivatives | 199,367 | 247,488 |
Contract liability | 369,377 | 369,377 |
Loans and borrowings | 563,251 | 561,617 |
Current tax liabilities | 4 | 18 |
Total current liabilities | 1,140,286 | 1,188,508 |
TOTAL LIABILITIES | 1,549,155 | 1,621,542 |
TOTAL EQUITY AND LIABILITIES | 2,313,628 | 2,353,586 |
Net assets per share attributable to owners of the Company (RM) | 1.27 | 1.22 |
The Condensed Consolidated Statement of Financial Position should be read in conjunction with the Annual Financial Statements for the Financial Year Ended 30 June 2021.
SSB/4
SOUTHERN STEEL BERHAD (196301000443 (5283-X))
QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FIRST QUARTER ENDED 30 SEPTEMBER 2021
The figures have not been audited
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 SEPTEMBER 2021
Attributable to owners of the Company
Non-distributable
Share capital | Revaluation | Merger | Hedging | Exchange | Retained | Total | Non- | Total equity | ||
reserve | reserve | reserve | fluctuation | earnings/ | controlling | |||||
reserve | (Accumulated | interests | ||||||||
losses) | ||||||||||
RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | ||
Current year-to-date ended 30 | ||||||||||
September 2021 | ||||||||||
At 1 July 2021 | 641,010 | 295,156 | 30,000 | 972 | 1,828 | (243,685) | 725,281 | 6,763 | 732,044 | |
Profit for the period | - | - | - | - | - | 32,118 | 32,118 | 115 | 32,233 | |
Other comprehensive | ||||||||||
income/(expense): | ||||||||||
- Gain on fair value of equity | ||||||||||
instruments | - | - | - | - | - | 24 | 24 | - | 24 | |
- Foreign currency translation | ||||||||||
differences | - | - | - | - | 4 | - | 4 | - | 4 | |
- Cash flow hedge | - | - | - | 177 | - | - | 177 | (9) | 168 | |
Total comprehensive income for | ||||||||||
the period | - | - | - | 177 | 4 | 32,142 | 32,323 | 106 | 32,429 | |
At 30 September 2021 | 641,010 | 295,156 | 30,000 | 1,149 | 1,832 | (211,543) | 757,604 | 6,869 | 764,473 |
SSB/5
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Southern Steel Bhd published this content on 11 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2021 11:26:03 UTC.