[TALIWORKS CORP BHD，继续就来自SPLASH的延迟付款作出贴现]
高额贸易应收款项，特别是SPLASH欠款仍然是一个主要问题，因为雪州水务重组工作存在不确定性，因此长期未偿还。达力的贸易应付款项由1.329亿令吉增加至1.482亿令吉，主要由于建设部门及SHSB的贸易应付款增加所致，原因是部分SPLASH付款限制了SHSB完全支付其债权人。以FVTPL指定的投资，存款，银行和现金余额总额为2.03亿令吉（从2亿1420万令吉减低），主要由于股息及利息支付，被经营和投资活动产生的净现金流所抵销。在折扣拨备影响之前，本季度达力收入录得轻微下降，从9190万令吉减至9070万令吉，主要是由于建筑业务贡献减少所致。财务期间现金及现金等价物（不包括汇率变动的影响）减少了810万令吉。
Qoq，达力的PBT（扣除折扣影响后）录得减少RM1070万至2290万令吉，而上季则是3,340万令吉，原因如下：
（i）回拨Grand Saga的重大维修的超额拨备，以及Grand Sepadu在上一季度收取通行费补偿;和
（ii）Mengkuang Dam Expansion项目的建设成本向下修订，导致上季度建设活动的盈利高达320万令吉。
前景：
年初至今SSP1的平均计量产量略低，约989 MLD，而一年前为1,002 MLD。在重组水务结果之前，达力将继续就来自SPLASH的延迟付款作出贴现。在收费公路部门，Cheras-Kajang高速公路和NNKSB的ADT增长预计将是温和的。
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James Ng
The high trade receivables particularly the amount owing by SPLASH continues to be a major concern as it has been long outstanding due to the uncertainties in the Selangor water restructuring exercise. The Group’s trade payables increased from RM132.9 million to RM148.2 million mainly due to the increase in trade payables in the construction division as well as in SHSB, owing to the partial payments received from SPLASH which limits the ability of SHSB in paying its creditors in full. Investment designated at FVTPL, deposits, bank and cash balances totalled RM203.0 million, down from RM214.2 million principally from dividend and interest payments offset by net cash generated from operations and investing activities. Before the impact from provision for discounting, the Group’s revenue recorded a slight decrease from RM91.9 million to RM90.7 million in the current quarter mainly due to lower contribution from the construction business. The cash and cash equivalents (excluding the effects of foreign exchange rate changes) decreased by RM8.1 million during the financial period.
Qoq, the Group’s PBT (after stripping out the effects of discounting) registered a decrease of RM10.7 million to RM22.9 million compared to RM33.4 million in the previous quarter due to the following: -
(i) the write-back of over-provision for heavy repairs in Grand Saga, and the receipt of toll compensation by Grand Sepadu in previous quarter; and
(ii) the downward revision in the construction cost of Mengkuang Dam Expansion Project which resulted in higher profit recognised for the construction activities amounting to RM3.2 million in previous quarter.
Prospects:
The YTD SSP1 operation average metered production came in slightly lower at about 989 MLD compared to 1,002 MLD a year ago. Pending the outcome of the Water Restructuring, the Group will continue to provide for discounting on a deferred payment consideration in respect of delay in payments from SPLASH. In the toll highway division, the growth in ADT at both the Cheras-Kajang Highway and the NNKSB is expected to be moderate.
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James Ng
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