K-One Technology Berhad
[Registration No. 200101004001 (539757-K)]
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED 31 MARCH 2024
K-One Technology Berhad
[Registration No. 200101004001 (539757-K)]
Condensed Consolidated Statements of Comprehensive Income
For The First Quarter Ended 31 March 2024
3 months ended | 3 months ended | |||
Figures in RM'000 | ||||
31.3.2024 | 31.3.2023 | 31.3.2024 | 31.3.2023 | |
Unaudited | Unaudited | Unaudited | Unaudited | |
Operating revenue | 44,891 | 40,947 | 44,891 | 40,947 |
Cost of sales | (38,619) | (35,783) | (38,619) | (35,783) |
Gross profit | 6,272 | 5,164 | 6,272 | 5,164 |
Other income | 2,759 | 608 | 2,759 | 608 |
Interest income | 175 | 165 | 175 | 165 |
Operating expense | (6,907) | (6,165) | (6,907) | (6,165) |
Profit/(Loss) before tax | 2,299 | (228) | 2,299 | (228) |
Income tax expense | (614) | (197) | (614) | (197) |
Profit/(Loss) for the period | 1,685 | (425) | 1,685 | (425) |
Non-controlling interests | 138 | - | 138 | - |
Profit/(Loss) after tax after | ||||
non-controlling interests | 1,823 | (425) | 1,823 | (425) |
Profit/(Loss) attributable to: | ||||
Owners of the Parent | 1,823 | (425) | 1,823 | (425) |
Non-controlling interests | (138) | - | (138) | - |
1,685 | (425) | 1,685 | (425) | |
Earnings/(Loss) per share | ||||
EPS/(LPS) attributable to | ||||
owners of the Parent (sen): | ||||
Basic EPS/(LPS) | 0.22 | (0.05) | 0.22 | (0.05) |
Diluted EPS/(LPS) | 0.22 | (0.05) | 0.22 | (0.05) |
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K-One Technology Berhad
[Registration No. 200101004001 (539757-K)]
Condensed Consolidated Statements of Comprehensive Income
For The First Quarter Ended 31 March 2024 (Cont'd)
3 months ended | 12 months ended | |||
Figures in RM'000 | ||||
31.3.2024 | 31.3.2023 | 31.3.2024 | 31.3.2023 | |
Unaudited | Unaudited | Unaudited | Unaudited | |
Profit/(Loss) for the period | 1,685 | (425) | 1,685 | (425) |
Items that may be subsequently | ||||
reclassified to profit: | ||||
Foreign currency translation | 108 | 45 | 108 | 45 |
Total comprehensive | 1,793 | (380) | 1,793 | (380) |
income/(loss) | ||||
Total comprehensive | ||||
income/(loss) attributable to: | ||||
Owners of the Parent | 1,931 | (380) | 1,931 | (380) |
Non-controlling interests | (138) | - | (138) | - |
1,793 | (380) | 1,793 | (380) | |
The above condensed consolidated statements of comprehensive income should be read in conjunction with the audited financial statements for the year ended 31 December 2023 and the accompanying explanatory notes attached to the interim financial statements.
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K-One Technology Berhad
[Registration No. 200101004001 (539757-K)]
Condensed Consolidated Statements of Financial Position
As At 31 March 2024
Unaudited | Audited | |
Figures in RM'000 | 31.3.2024 | 31.12.2023 |
ASSETS | ||
Non-Current Assets | ||
Property, plant and equipment | 19,144 | 19,329 |
Intangible assets | 2,448 | 2,068 |
Goodwill on consolidation | 22,676 | 22,676 |
Investment property | 4,512 | 4,536 |
Deferred tax assets | 3,086 | 3,302 |
Total Non-Current Assets | 51,866 | 51,911 |
Current Assets | ||
Inventories | 27,912 | 33,049 |
Trade receivables | 40,023 | 29,185 |
Other receivables | 3,728 | 4,599 |
Contract costs | 4,988 | 3,943 |
Tax recoverable | 956 | 744 |
Short term cash investments | 6,146 | 8,634 |
Cash and bank balances | 40,755 | 39,924 |
Total Current Assets | 124,508 | 120,078 |
TOTAL ASSETS
176,374
171,989
EQUITY AND LIABILITIES | ||
Equity | ||
Share capital | 123,644 | 123,644 |
Reserves | 106 | (2) |
Non-controlling interests | 1,316 | 1,454 |
Retained earnings | (6,817) | (8,640) |
Total Equity | 118,249 | 116,456 |
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K-One Technology Berhad
[Registration No. 200101004001 (539757-K)]
Condensed Consolidated Statements of Financial Position
As At 31 March 2024 (Cont'd)
Unaudited | Audited | |
Figures in RM'000 | 31.3.2024 | 31.12.2023 |
EQUITY AND LIABILITIES (Cont'd) | ||
Non-Current Liabilities | ||
Other payable | - | 33 |
Lease Liability | 392 | 447 |
Total Non-Current Liabilities | 392 | 480 |
Current Liabilities | ||
Trade payables | 36,840 | 35,369 |
Other payables and accruals | 7,321 | 6,313 |
Contract liabilities | 13,189 | 13,024 |
Lease liability | 215 | 211 |
Tax payable | 165 | 136 |
Total Current Liabilities | 57,733 | 55,053 |
Total Liabilities | 58,125 | 55,533 |
TOTAL EQUITY AND LIABILITIES | 176,374 | 171,989 |
Net assets per share attributable to Owners of the | 14.21 | 14.00 |
Parent (sen) | ||
The above condensed consolidated statements of financial position should be read in conjunction with the audited financial statements for the year ended 31 December 2023 and the accompanying explanatory notes attached to the interim financial statements.
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K-One Technology Berhad
[Registration No. 200101004001 (539757-K)]
Condensed Consolidated Statements of Changes in Equity
For The First Quarter Ended 31 March 2024
---------------------- | Attributable to Owners of the Parent---------------- > | Non- | ||||||
controlling | Total | |||||||
Interests | Equity | |||||||
Non-distributable | Distributable | |||||||
Foreign | ||||||||
Share | Currency | |||||||
Share | Option | Translation | Other | Retained | ||||
Figures in RM'000 | Capital | Reserve | Reserve | Reserve | Earnings | Sub-Total | ||
At 1 January 2024 | 123,644 | - | (2) | - | (8,640) | 112,002 | 1,454 | 116,456 |
Comprehensive | ||||||||
income | ||||||||
Profit for the period | - | 1,823 | 1,823 | (138) | 1,685 | |||
Other comprehensive | ||||||||
income | ||||||||
Foreign currency | - | - | 108 | - | - | 108 | - | 108 |
translation difference | ||||||||
Total comprehensive | - | - | 108 | - | 1,823 | 1,931 | (138) | 1,793 |
Income | ||||||||
At 31 March 2024 | ||||||||
123,644 | - | 106 | - | (6,817) | 116,933 | 1,316 | 118,249 | |
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K-One Technology Berhad
[Registration No. 200101004001 (539757-K)]
Condensed Consolidated Statements of Changes in Equity
For The Fourth Quarter Ended 31 December 2023 (Cont'd)
---------------------- | Attributable to Owners of the Parent | --------------> | Non- | |||||
controlling | Total | |||||||
Interests | Equity | |||||||
Non-distributable | Distributable | |||||||
Foreign | ||||||||
Share | Currency | |||||||
Share | Option | Translation | Other | Retained | ||||
Figures in RM'000 | Capital | Reserve | Reserve | Reserve | Earnings | Sub-Total | ||
At 1 January 2023 | 123,644 | - | (40) | - | (8,995) | 114,609 | - | 114,609 |
Comprehensive loss | ||||||||
Loss for the period | - | - | - | - | (425) | (425) | - | (425) |
Other comprehensive | ||||||||
income | ||||||||
Foreign currency | - | - | 45 | - | - | 45 | - | 45 |
translation difference | ||||||||
Total comprehensive | - | - | 45 | - | (425) | (380) | - | (380) |
income/(loss) | ||||||||
At 31 March 2023 | 123,644 | - | 5 | - | (9,420) | 114,229 | - | 114,229 |
The above condensed consolidated statements of changes in equity should be read in conjunction with the audited financial statements for the year ended 31 December 2023 and the accompanying explanatory notes attached to the interim financial statements.
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K-One Technology Berhad
[Registration No. 200101004001 (539757-K)]
Condensed Consolidated Statements of Cash Flows
For The First Quarter Ended 31 March 2024
Figures in RM'000 | 3 months ended | |
31.3.2024 | 31.3.2023 | |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Profit/(Loss) before taxation | 2,299 | (228) |
Adjustments for: | ||
Amortisation of computer software | 4 | 4 |
Depreciation of property, plant and equipment | 800 | 629 |
Depreciation of investment property | 24 | 24 |
Fair value gain on short term cash investment | (12) | - |
Interest income | (175) | (165) |
Foreign exchange gain - unrealized | (235) | (535) |
Interest expense on lease liabilities | 11 | - |
Inventories written down | - | 538 |
Impairment loss on trade receivables | - | 43 |
Operating profit before working capital changes | 2,716 | 310 |
Changes in working capital: | ||
Decrease/(Increase) in inventory | 5,137 | (774) |
(Increase)/Decrease in receivables | (11,012) | 995 |
Increase in payables | 2,647 | 2,564 |
Net cash (used in)/generated from operations | (512) | 3,095 |
Taxation paid | (364) | (409) |
Interest income | 175 | 165 |
Net cash (used in)/generated from operating activities | (701) | 2,851 |
CASH FLOW FROM INVESTING ACTIVITIES | ||
Withdrawal/(Placement) of short-term cash fund | 2,500 | (3,000) |
Withdrawal of deposits with licensed bank | 3,376 | - |
Capitalisation of intangible assets | (384) | - |
Purchase of property, plant and equipment | (615) | (757) |
Net cash generated from/(used in) investing activities | 4,877 | (3,757) |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Interest paid on lease liabilities | (11) | - |
Payment of lease liabilities | (52) | - |
Net cash used in financing activities | (63) | - |
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K-One Technology Berhad
[Registration No. 200101004001 (539757-K)]
Condensed Consolidated Statements of Cash Flows For
The First Quarter Ended 31 March 2024 (Cont'd)
Figure in RM'000 | 3 months ended | |
31.3.2024 | 31.3.2023 | |
Net increase/(decrease) in cash and cash equivalents | 4,113 | (906) |
Effect of exchange rate changes | 117 | 242 |
Cash and cash equivalents at beginning of the financial year | 17,927 | 17,876 |
CASH AND CASH EQUIVALENT AT END OF THE PERIOD | 22,157 | 17,212 |
COMPOSITION OF CASH AND CASH EQUIVALENTS | ||
Figure in RM'000 | 3 months ended | |
31.3.2024 | 31.3.2023 | |
Cash and bank balances | 22,157 | 17,212 |
Deposit placed with licensed banks | 18,598 | 19,500 |
40,755 | 36,712 | |
Less: Non-short term fixed deposits | (18,598) | (19,500) |
22,157 | 17,212 | |
The above condensed consolidated statements of cash flows should be read in conjunction with the audited financial statements for the year ended 31 December 2023 and the accompanying explanatory notes attached to the interim financial statements.
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K-One Technology Berhad
[Registration No. 200101004001 (539757-K)]
Part A: Explanatory Notes Pursuant to Financial Reporting Standard 134 ("FRS 134") - Interim Financial Reporting
1. BASIS OF PREPARATION
The interim financial statements are unaudited and has been prepared in accordance with MFRS 134 - Interim Financial Reporting issued by the Malaysian Accounting Standards Board (MASB) and Rule 9.22 of the Listing Requirements of Bursa Malaysia Securities Berhad (Bursa Securities) for the ACE Market and should be read in conjunction with the audited statutory financial statements presented for the financial year ended 31 December 2023.
The accounting policies and presentation adopted for this interim report are consistent with those adopted in the audited financial statements for the financial year ended 31 December 2023, except for the following Malaysian Financial Reporting Standards (MFRSs) and IC Interpretations (IC Int):
Amendments/Improvements to MFRSs
MFRS 7 | Financial Instruments: Disclosures |
MFRS 16 | Leases |
MFRS 101 | Presentation of Financial Statements |
MFRS 107 | Statement of Cash Flows |
- AUDITORS' REPORT ON PRECEDING ANNUAL FINANCIAL STATEMENT
The audited financial statements of the preceding financial year were not subjected to any qualification. - COMMENTS ABOUT SEASONAL OR CYCLICAL FACTORS
The K-One Group's Electronic Manufacturing Services (EMS) business is predominantly export-oriented (97.8% export in 1Q'24; 93.5% export in 1Q'23) and is subject to seasonal fluctuations. Business in the second half of the year is normally stronger than the first half due to surge in demand attributed mainly to the consumer electronics market in conjunction with Christmas and New Year seasons overseas.
Revenue contribution from the Cloud Computing (Cloud) business is mainly derived from Malaysia, Singapore and Indonesia. Cloud revenue is not subject to any obvious seasonality.
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K-ONE Technology Bhd published this content on 27 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 May 2024 10:26:03 UTC.