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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% | 10.00 | 8.00 | 12.00 | 10.00 | 10.00 | 10.00 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Services, Nec | 473k | 40k | 0.0040 | 25.00 | 1M |
From Apr 2022 to Apr 2024
TIDMORNT
RNS Number : 1493H
Orient Telecoms PLC
22 November 2022
ORIENT TELECOMS PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
For the six months period ended
30 September 2022
CHAIRMAN'S STATEMENTS
I have pleasure in presenting the interim financial statements of Orient Telecoms Plc and its subsidiary undertaking (the "Group") for the six months ended 30 September 2022.
During the financial period, the Group reported a net loss of GBP30,681 (0.31 pence loss per share).
The Group operates as a fully managed overlay network service provider in the South East Asia Region, which significantly reduces the need for heavy investment towards building its own network infrastructure compared to other traditional telecommunication companies. In the past six (6) months, the company has seen a lot of excitement about the present and future roll out the 5G infra structure and services throughout the region by almost all cellular telecommunication operators. Accordingly, the Board believes that there may be business opportunities for the Company to expand its managed services products in line with the greater adoption of 5G network infrastructure.
There has been an increasing demand for larger bandwidth by these cellular operators for bandwidth hungry applications. This opens up opportunities for the Company to offer fully managed solutions which can ensure any cellular operators or businesses are focused on their respective core businesses while the Group (as a managed service provider) can take care of their respective connectivity and IT needs. The Group is focused on promoting and enhancing its managed services portfolio in the South East Asia region.
The Group has been continuously working to enhance its product and managed services offerings while its technology team focused on creating a customised operating system which will help manage the services for customers in a more efficient and productive manner.
The Group has also started exploring Artificial Intelligence (AI) driven applications as additional service offering to its current managed services. The Group has also initiated discussions with some potential partners for its intended AI development projects.
During the reporting period the Group remained focus on its marketing drive including on digital marketing initiatives, as well as increasing the number of sales personnel to reach out to as many customers as possible.
Operations teams remains committed in delivering services based on customer's requirements while maintaining support to its customers to ensure the quality of service offered meets customer's expectations.
Based on its current and forecasted performance the Group foresees a meaningful financial year ending in March 2023.
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 (IAS 34) as adopted by the United Kingdom.
The Directors confirm that, to the best of their knowledge, the interim financial statements have been prepared in accordance with IAS 34 as adopted by the United Kingdom. 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
CONDENSED CONSOLIDATED STATEMENT OF COMPREHESIVE INCOME
FOR THE SIX MONTHSED 30 SEPTEMBER 2022
Hot Features
Premium
6 months 6 months
period ended period ended
30-Sep-22 30-Sep-21
Notes GBP GBP
(Unaudited) (Unaudited)
INCOME 4 188,039 404,614
DIRECT COST (25,081) (122,205)
-------------- --------------
GROSS PROFIT 162,958 282,409
Administrative expenses (186,481) (236,586)
-------------- --------------
OPERATING (LOSS)/PROFIT (23,523) 45,823
Other income 1,637 2,368
Finance income 708 292
Finance cost (9,503) (3,679)
-------------- --------------
OPERATING (LOSS)/PROFIT BEFORE TAXATION (30,681) 44,804
Income tax expense - -
-------------- --------------
(LOSS)/PROFIT FOR THE PERIOD ATTRIBUTABLE
TO EQUITY HOLDERS (30,681) 44,804
OTHER COMPREHENSIVE INCOME
Items that will or may be reclassified
to profit or loss:
Translation of foreign operation - (17,653)
TOTAL COMPREHENSIVE (LOSS)/INCOME
FOR THE PERIOD (30,681) 27,151
-------------- --------------
Basic and diluted profit per share
(pence) 5 (0.31) 0.45
-------------- --------------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
As at As at As at
30-Sep-22 31-Mar-22 30-Sep-21
GBP GBP GBP
Notes (Unaudited) (Audited) (Unaudited)
ASSETS
NON-CURRENT ASSETS
Right-of-use assets 6 262,464 294,776 171,116
CURRENT ASSETS
Bank 7 425,066 466,623 458,844
Trade and other receivables 8 146,030 125,935 193,084
----------
571,096 592,558 651,928
------------ ---------- ------------
CURRENT LIABILITIES
Trade and other payables 9 75,141 95,823 165,303
Lease liability 10 100,657 93,552 47,130
------------ ---------- ------------
175,798 189,375 212,433
------------ ---------- ------------
NET ASSETS 657,762 697,959 610,611
------------ ---------- ------------
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY
Share capital 11 1,000,000 1,000,000 1,000,000
Translation reserve 10,258 (16,737) (41,366)
Accumulated losses (517,209) (486,528) (476,443)
----------
493,049 496,735 482,191
----------
NON- CURRENT LIABILITIES
Lease liabilities 10 164,713 201,224 128,420
------------ ---------- ------------
164,713 201,224 128,420
------------ ---------- ------------
TOTAL EQUITY AND NON -CURRENT
LIABILITIES 657,762 697,959 610,611
------------ ---------- ------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 SEPTEMBER 2022
6 months 6 months
period ended period ended
30-Sep-22 30-Sep-21
GBP GBP
(Unaudited) (Unaudited)
Cash flow from operating activities
(Loss)/Profit before tax (30,681) 44,804
Adjustment for:
Unrealised exchange loss 26,993 395
Depreciation of right-of-use-assets 52,493 49,594
Finance income (708) (292)
Interest on lease liabilities 8,393 3,679
--------------
56,490 98,180
Changes in working capital
(Increase)/Decrease in trade and other
receivables (20,095) 113,371
Increase/(Decrease) in trade and other
payables (20,682) (91,179)
-------------- --------------
Cash flow from operations 15,713 22,192
Interest received 708 292
-------------- --------------
Net cash flow generated from operating
activities 16,421 120,664
-------------- --------------
Net cash flow generated from/(used
in) operating activities
Interest paid (8,393) (3,679)
Repayment on lease liability (49,585) (48,176)
-------------- --------------
Net cash flow used in financing activities (57,978) (51,855)
Net movement in cash and cash equivalents (41,557) 68,809
Cash and cash equivalents at beginning
of period 466,623 391,783
Exchange gain on cash and cash equivalents - (1,748)
-------------- --------------
Cash and cash equivalents at end of
period 425,066 458,844
============== ==============
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 SEPTEMBER 2022
Period from 1 April 2022 to 30 September 2022 (Unaudited)
Share Translation Accumulated Total
capital reserve losses
GBP GBP GBP GBP
As at 1 April 2022 1,000,000 (16,737) (486,528) 496,735
Loss for the period - - (30,681) (30,681)
Translation of foreign
operation - 26,995 - 26,995
---------- ------------ ------------ ---------
Total comprehensive
income for the period - 26,995 (30,681) (3,686)
---------- ------------ ------------ ---------
As at 30 September
2022 1,000,000 10,258 (517,209) 493,049
========== ============ ============ =========
Period from 1 April 2021 to 30 September 2021 (Unaudited)
Share Translation Accumulated Total
capital reserve losses
GBP GBP GBP GBP
As at 1 April 2021 1,000,000 (23,713) (521,247) 455,040
---------- ------------ ------------ ---------
Profit for the year - - 44,804 44,804
Translation of foreign
operation - (17,653) - (17,653)
---------- ------------ ------------ ---------
Total comprehensive
income for the year - (17,653) 44,804 27,151
As at 30 September
2021 1,000,000 (41,366) (476,442) 482,191
========== ============ ============ =========
Period from 1 April 2021 to 31 March 2022 (Audited)
Share Translation Accumulated Total
capital reserve losses
GBP GBP GBP GBP
As at 1 April 2021 1,000,000 (23,713) (521,247) 455,040
---------- ------------ ------------ --------
Profit for the year - - 34,719 34,719
Translation of foreign
operation - 6,976 - 6,976
---------- ------------ ------------ --------
Total comprehensive
income for the year - 6,976 34,719 41,695
As at 31 March 2022 1,000,000 (16,737) (486,528) 496,735
========== ============ ============ ========
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT
FOR THE SIX MONTHSED 30 SEPTEMBER 2022
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.
Shares of the Company are traded on London Stock Exchange's main market for listed securities since 2017.
2. ACCOUNTING POLICIES
Basis of preparation
The consolidated financial information for the period ended 30 September 2022 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 2022 to 30 September 2022.
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 International Financial Reporting Standards as adopted by the United Kingdom ("IFRS") issued by the International Accounting Standards Board ("IASB"), including related interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC"). The auditors' report on those accounts was unqualified and unmodified.
The condensed financial information is presented in British Pound Sterling ("GBP").
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 its targeted immunization and with the easing of restriction businesses are moving towards normalisation. Hence, the Board sees significant 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 next 24 months even if there is no new business or Pandemic situation gets worsen. 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 2022 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 2022.
4. REVENUE
Revenue represents the fair value of the consideration received or receivable for communication services. Revenue is recognised when it is probable that the economic benefits associated with a transaction will flow to the Company and the amount of revenue and associated costs can be measured reliably and over the period to which the charges relate.
6 months period 6 months period
ended ended
30-Sep-22 30-Sep-21
Revenue 188,039 404,614
---------------- ----------------
188,039 404,614
---------------- ----------------
Revenue is derived solely 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 loss 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 Year ended 6 months
period period ended
ended
30-Sep-22 31-Mar-22 30-Sep-21
(Loss)/Profit for the period
(GBP) (30,681) 34,719 44,804
Weighted average number of
shares (Unit) 10,000,000 10,000,000 10,000,000
Basic and diluted profit
per share (pence) (0.31) 0.35 0.45
6. RIGHT-OF-USE ASSETS
6 months Year ended 6 months
period ended period ended
30-Sep-22 31-Mar-22 30-Sep-21
GBP GBP GBP
Cost
Balance at beginning
of period 467,262 292,474 292,474
Addition during the - 167,304 -
period
Exchange difference 31,988 7,484 1,807
-------------- ----------- --------------
At end of period 499,250 467,262 294,281
-------------- ----------- --------------
Accumulated depreciation
Balance at beginning
of period 172,486 73,118 73,119
Charges for the period 52,493 97,496 49,594
Exchange difference - 1,872 452
-------------- ----------- --------------
Balance at end of period 236,786 172,486 123,165
-------------- ----------- --------------
Net book value 262,464 294,776 171,116
-------------- ----------- --------------
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 60 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:
6 months Year ended 6 months
period ended period ended
30-Sep-22 31-Mar-22 30-Sep-21
GBP GBP GBP
Great Britain Pound 25,163 15,302 20,102
Singapore Dollar 21,391 19,249 18,230
United States Dollar 31,334 26,592 25,232
Malaysia Ringgit 347,178 405,480 395,280
-------------- ----------- --------------
425,066 466,623 458,844
-------------- ----------- --------------
8. TRADE AND OTHER RECEIVABLES
6 months Year 6 months
period ended ended period ended
30-Sep-22 31-Mar-22 30-Sep-21
GBP GBP GBP
Trade receivables 73,263 21,478 117,636
Prepayment and
Deposit 55,702 47,231 22,182
Other receivables 17,065 57,226 53,266
----------
146,030 125,935 193,084
------------- ---------- -------------
9. TRADE AND OTHER PAYABLES
6 months Year 6 months
period ended ended period ended
30-Sep-22 31-Mar-22 30-Sep-21
GBP GBP GBP
Amount due to directors 3,185 3,051 2,990
Trade creditors 3,865 - 57,333
Accruals 21,339 33,487 34,523
Contract liability - 8,136 25,049
Other payables 46,752 51,149 45,408
---------- -------------
75,141 95,823 165,303
------------- ---------- -------------
10. LEASE LIABILITIES
Lease liabilities are payable as follow:
6 months Year 6 months
period ended ended period ended
30-Sep-22 31-Mar-22 30-Sep-21
GBP GBP GBP
Less than one year 100,657 93,552 47,130
More than one year 164,713 201,224 128,420
265,370 294,776 175,550
------------- ---------- -------------
11. SHARE CAPITAL
Number of GBP
ordinary
shares
Paid up:
10,000,000 ordinary shares
at LIR0.10 each 10,000,000 1,000,000
----------- ----------
At 30 September 2022, 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
6 months 6 months
period ended period ended
30-Sep-22 30-Sep-21
GBP GBP
Amount due to directors
- Sayed Mustafa Ali 1,250 1,250
- Wong Chee Keong 1,935 1,740
3,185 2,990
------------- -------------
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.
*Ends*
For more information:
Orient Telecoms plc Sayed Mustafa Ali mustafa@orient-telecoms.com
About Orient Telecoms PLC
ORIENT is an information technology company that offers managed telecommunication services as its core business, which include managed services in machine to machine networking, solutions for internet of things (IOT), cyber security, big data solutions as well as full spectrum of other managed services.
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(END) Dow Jones Newswires
November 22, 2022 02:00 ET (07:00 GMT)
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