Financial review
As a result of the declining volumes, the Group’s revenue was 70% of the same period last year. Net operating costs were down by 37% from last year due to the costs containment measures implemented by the group, in particular the staff rationalisation program of 2015. Net finance costs also reduced by 40% from prior year due to the efforts made by the group to reduce borrowings. The significance of the costs containment measures translated into a 21% improvement in the operating loss compared to prior year. It is important to highlight that included in the operating loss are non-recurring expenses such as the second phase restructuring exercise costs implemented in 2016 of $201,938 and the fair value loss on disposed properties of $446,483.

HY 2016 financial results

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