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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Orient Telecoms Plc | LSE:ORNT | London | Ordinary Share | GB00BYPHCZ29 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.00 | 7.00 | 9.00 | 8.00 | 8.00 | 8.00 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Services, Nec | 382k | 26k | 0.0026 | 30.77 | 800k |
From Feb 2020 to Feb 2025
TIDMORNT
RNS Number : 4905W
Orient Telecoms PLC
22 December 2021
ORIENT TELECOMS PLC
INTERIM FINANCIAL STATEMENTS
For the six months ended 30 September 2020
Director's Statement
I have pleasure in presenting the interim financial statements of Orient Telecoms Plc and its subsidiary (the "Group") for the six months ended 30 September 2021.
During the financial period, the Group reported a net profit of GBP44,804 (0.045 pence profit per share).
The Group operates as a fully managed overlay network service provider in the South East Asia Region, which makes it very light weight and thus not requiring heavy investment towards building the network infrastructure. In the past six (6) months, especially in Malaysia, the Group has seen an increasing approach towards rolling out 5G network as quickly as possible. With this new development the Board believes there will be fairly large opportunities to expand its own product called "OfficeMate" throughout Malaysia.
There has been an increasing demand for bigger bandwidth and managed connectivity solutions in the region, hence the Group is very much focused on increasing its sales and reach in various countries through its strong partnership with the infrastructure owners.
The Group has been continuously working to enhance its own Product and Managed Services offerings. The Technology team is focused on creating a customised operating system which will help us manage the services for customers in a much more efficient and productive way. This project is expected to be completed by the fourth (4) quarter of 2022.
Despite the challenges brought on by the Covid pandemic, the Group have shown positive results due to its aggressive sales and marketing activities. And with mass immunisation programs initiated by the Governments which have contributed to the declining number of covid cases worldwide, we expect the coming years to be less challenging and more fruitful.
The Group have engaged new partners and network owners to negotiate better rates, which the Board believes will have a positive effect on the Group's pricing and gross margin levels. The market remains competitive and requires continuous effort to engage customers effectively and to introduce new services or features into its offerings
The Group's entire operational team remains dedicated and committed towards this goal which we plan to achieve through hard work and unwavering commitment in the face of the forthcoming challenges.
Withthe emergence of new variants of the covid, the effect of which we are unable to quantify at the present moment, but we believe that, with our perseverance and unrelenting commitment we will be able to overcome those challenges
During the AGM 2021, one of the non-executive directors was not re-elected. The Board considers that the current composition of the board, which comprise a CEO, a non-executive Chairman and a not-executive director, is adequate given the size of the Company.
Responsibility Statement
The Directors are responsible for preparing the interim financial statements in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ('DTR') and with International Accounting Standard 34 on Interim Financial Reporting as adopted by United Kingdom (IAS 34).
The Directors confirm that, to the best of their knowledge, the interim financial statements have been prepared in accordance with IAS 34. The interim financial statements include a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during the first six months and their impact on the interim financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial period; and
-- material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.
Sayed Mustafa Ali
Director
22(nd) December 2021
CONDENSED CONSOLIDATED STATEMENT OF COMPREHESIVE INCOME
FOR THE SIX MONTHSED 30 SEPTEMBER 2021
Hot Features
Premium
6 months 6 months
period ended period ended
30 September 30 September
2021 2020
Notes GBP GBP
(Unaudited) (Unaudited)
INCOME 4 404,614 317,512
DIRECT COST (122,205) (143,238)
-------------- --------------
GROSS PROFIT 282,409 174,274
Administrative expenses (236,586) (173,223)
-------------- --------------
OPERATING PROFIT 45,823 1,051
Other income 2,368 -
Finance income 292 7,316
Finance expense (3,679) -
-------------- --------------
OPERATING PROFIT BEFORE TAXATION 44,804 8,367
Income tax expense - (1,321)
-------------- --------------
PROFIT FOR THE PERIOD ATTRIBUTABLE
TO EQUITY HOLDERS 44,804 7,046
OTHER COMPREHENSIVE INCOME
Items that will or may be reclassified
to profit or loss:
Translation of foreign operation (17,653) (3,532)
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD 27,151 3,514
-------------- --------------
Basic and diluted profit per share
(pence) 5 0.45 0.07
-------------- --------------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2021
As at As at
30 September 31 March
2021 2021
Notes GBP GBP
(Unaudited) (Audited))
ASSETS
NON-CURRENT ASSETS
Right-of-use assets 6 171,116 219,356
CURRENT ASSETS
Bank 7 458,844 391,783
Trade and other receivables 8 193,084 306,455
651,928 698,238
-------------- -----------
CURRENT LIABILITIES
Trade and other payables 9 165,303 238,828
Lease liabilities 10 175,550 223,726
340,853 462,554
-------------- -----------
NET ASSETS 482,191 455,040
============== ===========
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY
Share capital 11 1,000,000 1,000,000
Translation reserve (41,366) (23,713)
Accumulated losses (476,443) (521,247)
--------------
TOTAL EQUITY 482,191 455,040
============== ===========
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 SEPTEMBER 2021
6 months 6 month
period ended period ended
30 Sept 30 Sept
2021 2020
GBP GBP
Cash flow from operating activities
Profit before tax 44,804 8,367
Adjustment for:
Unrealised exchange loss 395 1,512
Depreciation of right-of-use-assets 49,594 49,954
Finance income (292) (10,998)
Tax expense - (1,321)
Interest on lease liabilities 3,679 4,631
Gain on lease termination - (2,461)
-------------- --------------
98,180 49,684
Changes in working capital
Increase/ (Decrease) in trade and other
receivables 113,371 (70,766)
Increase/(Decrease) in trade and other
payables (91,179) 61,755
-------------- --------------
Cash flow from operations 22,192 (9,011)
Interest received 292 10,998
-------------- --------------
Net cash flow generated from operating
activities 120,664 51,671
-------------- --------------
Cash flow from financing activities
Interest paid (3,679) (2,170)
Repayment on lease liability (48,176) (57,121)
-------------- --------------
Net cash flow used in financing activities (51,855) (59,291)
Net movement in cash and cash equivalents 68,809 (7,620)
Cash and cash equivalents at beginning
of period 391,783 350,692
Exchange gain on cash and cash equivalents (1,748) 623
-------------- --------------
Cash and cash equivalents at end of period 458,844 343,695
============== ==============
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Period from 1 April 2021 to 30 September 2021 (unaudited)
Share capital Translation Accumulated Total
reserve losses
GBP GBP GBP GBP
As at 1 April 2021 1,000,000 (23,713) (521,247) 455,040
Profit for the period - - 44,804 44,804
Translation of foreign
operation - (17,653) - (17,653)
-------------- ------------ ------------ ---------
Total comprehensive profit
/ (loss) for the period - (17,653) 44,804 27,151
-------------- ------------ ------------ ---------
As at 30 September 2021 1,000,000 (41,366) (476,443) 482,191
============== ============ ============ =========
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
Period from 1 April 2020 to 31 March 2021 (audited)
Share capital Translation Accumulated Total
reserve losses
GBP GBP GBP GBP
As at 1 April 2020 1,000,000 4,072 (604,819) 399,253
-------------- ------------ ------------ ---------
Profit for the year - - 83,572 83,572
Translation of foreign
operation - (27,785) - (27,785)
-------------- ------------ ------------ ---------
Total comprehensive
income for the year - (27,785) 83,572 55,787
As at 31 March 2021 1,000,000 (23,713) (521,247) 455,040
============== ============ ============ =========
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT
FOR THE SIX MONTHSED 30 SEPTEMBER 2021
1. GENERAL INFORMATION
The Company was incorporated in England and Wales on 26 February 2016, as a public company limited by shares under the Act. The principal legislation under which the Company operates is the Act. The registered office of the Company is at the offices of London Registrar, Suite A, 6 Honduras St, London EC1Y 0TH United Kingdom.
2. ACCOUNTING POLICIES
Basis of preparation
The condensed financial information for the period ended 30 September 2021 and 30 September 2020 have been prepared in accordance with IAS 34, Interim Financial Reporting. The condensed financial information is unaudited and does not constitute statutory financial statements. The comparative interim financial information covers the period from 1 April 2020 to 30 September 2020.
The principal accounting policies used in preparing the interim financial statements are the same as those applied in the Company's financial statements as at and for the year ended 31 March 2021, which have been prepared in accordance with the International Accounting Standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards as adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union ("IFRS"). The auditors' report on those accounts was unqualified and unmodified.
The condensed financial information is presented in British Pound Sterling ("GBP").
The interim financial statements for the six months ended 30 September 2021 was approved by the Directors on 22 December 2021.
Going concern
These interim financial statements have been prepared on a going concern basis.
The COVID-19 pandemic lock downs in Malaysia which was implemented in March 2020 have since been removed as the country have reached herd immunity and with the easing of restriction businesses are moving towards normalisation. Hence, opening up more opportunities for businesses.
The company is already in an active discussion with some of the potential clients to secure new business in the forthcoming year.
The Company has enough cash balances to run its operations for the next 24 months.. The Company also relies heavily on outsourcing companies to perform its international service maintenance which helps the company to manage its cashflows better and also keep the lowest possible headcount on the payroll.
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of unaudited interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses for the current and its corresponding financial period under review. Actual results may differ from these estimates.
In preparing the unaudited interim financial statements, the significant judgements made by the management in applying the Company's accounting policies and the sources of estimates uncertainty were consistent as those applied to the 2021 Audited Financial Statements.
There were no changes in estimates of amounts of the Company that may have a material effect on financial period ended 30 September 2021.
4. REVENUE
6 months Year ended
period ended 31 March
30 September 2021
2021
GBP GBP
Unaudited Audited
Revenue 404,614 807,133
-------------- -----------
404,614 807,133
-------------- -----------
Revenue is recognised either when the performance obligation in the contract have been performed (so "point in time" recognition) or "overtime" as control of the performance obligation is transferred to the customer. Revenue represents rendered managed telecommunication services to the customers, the end users, which is recognised over the period of time when the services is performed.
Invoicing and payment terms are generally monthly in advance except for a single customer who has been granted extended timeframe for settlement. A contract liability represents the obligation of the Group to render services to a customer for which consideration has been received (or the amount is due) from the customer
In addition, under contract with customer, the customer is also entitled to claim rebates if the service performed / downtime is more that the allowed hours in any given month. The Group has implemented an open source fully customised Network Performance Monitoring system, which can provide an in-depth view of performance by customer. Due to the high level of service provided under each contract with a customer, the Group has no history of having to provide rebates. On that basis, the variable consideration was considered as remote.
Revenue is derived substantially from Malaysia, Singapore and Thailand. Revenue excludes value added tax and other sales taxes.
5. PROFIT PER SHARE
Basic profit per ordinary share is calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There are currently no dilutive potential ordinary shares.
Profit per share attributed to ordinary shareholders
6 months 6 months
period ended period ended
30 September 30 September
2021 2020
Profit for the period (GBP) 44,804 7,046
Weighted average number of shares
(Unit) 10,000,000 10,000,000
Basic and diluted profit per share
(pence) 0.45 0.07
6. RIGHT-OF-USE
6 months Year ended
period ended 30 March
30 September 2021
2021
GBP GBP
Unaudited Audited
Cost
Balance at beginning of period 292,474 165,119
Addition during the period - 292,474
Derecognition due to lease termination - (44,098)
Exchange difference 1,807 (10,775)
-------------- -----------
At end of period 294,281 402,720
-------------- -----------
Accumulated depreciation
Balance at beginning of period 73,119 94,354
Charges for the period 49,594 99,010
Exchange difference 452 (10,000)
Balance at end of period 123,165 183,364
-------------- -----------
Net book value 171,116 219,356
-------------- -----------
The Group subsidiary leased an office which the subsidiary has entered into a non-cancellable operating lease agreement. The lease is for a period of 24 months operating lease agreement with an option to renew the lease for a further 12 months.
7. BANK
Cash and Cash equivalents are denominated in the following currencies:
As at As at
30 September 31 March
2021 2021
GBP GBP
Great Britain Pound 20,102 20,102
Singapore Dollar 18,230 18,494
United States Dollar 25,232 25,370
Malaysia Ringgit 395,280 327,817
-------------- ----------
458,844 391,783
-------------- ----------
8. TRADE AND OTHER RECEIVABLES
As at As at
30 September 31 March
2021 2021
GBP GBP
Trade receivables 117,636 217,037
Deposit 22,182 64,374
Other receivables 53,266 25,044
193,084 306,455
-------------- ----------
9. TRADE AND OTHER PAYABLES
As at As at
30 September 31 March
2021 2021
GBP GBP
Amount due to related companies - -
Amount due to directors 2,990 3,004
Trade creditors 57,333 134,551
Accruals 34,523 40,703
Contract liability 25,049 10,418
Other payables 45,408 50,152
165,303 238,828
-------------- ----------
10. LEASE LIABILITIES
Lease liabilities are payable as follow:
As at As at
30 September 31 March
2021 2021
GBP GBP
Less than one year 47,130 96,094
More than one year 128,420 127,632
175,550 223,726
-------------- ----------
11. SHARE CAPITAL
Ordinary shares of LIR1 each
As at As at
30 September 31 March
2021 2021
GBP GBP
Paid up:
10,000,000 ordinary shares at LIR0.10
each 1,000,000 1,000,000
At 31 March 2021 and 30 September 2021, the total issued ordinary share of the Company were 10,000,000.
12. SEASONAL OR CYCLICAL FACTORS
There are no seasonal factors that materially affect the Group's operation.
13. RELATED PARTY TRANSACTIONS
As at As at
30 September 31 March
2021 2021
GBP GBP
Amount due to directors
- Sayed Mustafa Ali 1,250 1,250
- Wong Chee Keong 1,740 1,754
The amount due to related party is interest-free and they are payable on demand.
14. SUBSEQUENT EVENT
There were no subsequent events immediately after the reporting period.
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END
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(END) Dow Jones Newswires
December 22, 2021 04:03 ET (09:03 GMT)
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