TIDMORNT
RNS Number : 3720T
Orient Telecoms PLC
14 November 2023
ORIENT TELECOMS PLC
("ORIENT" or the "Company")
HALF YEAR REPORTED 30 SEPTEMBER 2023
ORIENT is an information technology company that offers managed
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, announces its half year report ended 30
September 2023
The interim report and accounts is available on the Company's
website at: www.orient-telecoms.com
For more information please contact:
Orient Telecoms plc
mustafa@orient-telecoms.com
Sayed Mustafa Ali
Director's Statement
I am pleased to present the interim financial statements for
Orient Telecoms Plc and its subsidiary undertaking, collectively
referred to as "the Group," covering the six-month period ending on
September 30, 2023.
Within this financial reporting period, the Group has recorded a
net profit of GBP14,870, resulting in an earnings per share of 0.14
pence.
Introduction
Orient Telecoms Plc has continued to operate as a sophisticated
fully managed overlay network service provider in the South East
Asia Region during the past six months. This operational paradigm
has conferred distinct advantages, reducing the imperative for
substantial capital investments in proprietary network
infrastructure, setting us apart from conventional
telecommunications companies. Notably, the region has been
characterized by an atmosphere of heightened anticipation and
enthusiasm concerning the comprehensive deployment and expansion of
5G infrastructure and services by various cellular
telecommunication operators.
Opportunities in 5G Infrastructure
The widespread rollout of 5G networks in our region has created
exciting business opportunities for Orient Telecoms. Our Board is
actively working on strategies to expand our range of managed
services in line with the growing use of 5G technology. The
increasing need for faster internet, driven by data-hungry apps,
makes us a valuable provider of complete solutions. This lets
telecom companies and businesses focus on what they do best while
we handle their internet and tech needs.
Enhancing Services and Technology
Orient Telecoms has continued to exhibit an unwavering
commitment to bolstering our product suite and managed service
offerings. Our accomplished technology team is dedicated to the
conception and implementation of a bespoke operating system
engineered to optimize service management and operational efficacy
for our esteemed clientele.
Exploration of Artificial Intelligence (AI)
In consonance with evolving market dynamics, Orient Telecoms has
embarked on a definitive expedition into the realm of AI-driven
applications, poised to augment our extant service offerings.
Preliminary negotiations with prospective collaborators for
AI-centric projects are already underway, underscoring our
relentless pursuit of innovation.
Marketing and Sales Initiatives
Throughout this reporting period, our organizational focus has
remained steadfast on refining our marketing endeavours,
characterized by an accentuated emphasis on digital marketing
initiatives. Furthermore, we have augmentatively expanded our sales
personnel roster, in a concerted effort to broaden our outreach and
fortify our market presence.
Operational Excellence
Our main goal is to provide services that match what our
customers need. We are strongly committed to making sure our
customer support is top-notch, so the quality of our service always
meets and often exceeds what our customers expect.
Outlook
Based on how well we've been doing and our strong predictions,
Orient Telecoms expects to have a successful financial year ending
in March 2024.
Responsibility Statement
The Board of Directors at Orient Telecoms Plc takes full
responsibility for carefully preparing the interim financial
statements. We follow the rules set by the United Kingdom's
Financial Conduct Authority (DTR) and International Accounting
Standard 34 on Interim Financial Reporting (IAS 34), which is
accepted by the European Union.
We hereby affirm that, to the best of our knowledge and
expertise, the interim financial statements have been meticulously
and diligently crafted in strict compliance with IAS 34, as
enshrined by the European Union. These financial statements
encompass a thorough, objective assessment of requisite
information, as prescribed by DTR 4.2.7 and DTR 4.2.8, specifically
including an elucidation of pivotal events that have transpired
during the initial half of the fiscal year and their consequential
ramifications on the interim financial statements.
Furthermore, the document provides a comprehensive overview of
the principal risks and uncertainties foreseen in the latter half
of the financial period. It also undertakes an in-depth analysis of
significant related-party transactions in the initial six months,
accompanied by any noteworthy modifications relative to the
related-party transactions delineated in the antecedent annual
report.
Sayed Mustafa Ali
Director
6 months 6 months
period ended period ended
30-Sep-23 30-Sep-22
Notes GBP GBP
(Unaudited) (Unaudited)
INCOME 4 212,120 188,039
DIRECT COST (20,940) (25,081)
-------------- --------------
GROSS PROFIT 191,180 162,958
Administrative expenses (173,255) (186,481)
-------------- --------------
OPERATING (LOSS)/PROFIT 17,925 (23,523)
Other income 1,713 1,637
Finance income 1,351 708
Finance cost (6,119) (9,503)
-------------- --------------
OPERATING (LOSS)/PROFIT BEFORE TAXATION 14,870 (30,681)
Income tax expense - -
-------------- --------------
(LOSS)/PROFIT FOR THE PERIOD ATTRIBUTABLE
TO EQUITY HOLDERS 14,870 (30,681)
OTHER COMPREHENSIVE INCOME
Items that will or may be reclassified
to profit or loss:
Translation of foreign operation - -
TOTAL COMPREHENSIVE (LOSS)/INCOME
FOR THE PERIOD 14,870 (30,681)
-------------- --------------
Basic and diluted profit per share
(pence) 5 0.14 (0.31)
-------------- --------------
CONDENSED CONSOLIDATED STATEMENT OF COMPREHESIVE INCOME
FOR THE SIX MONTHSED 30 SEPTEMBER 2023
As at As at As at
30-Sep-23 31-Mar-23 30-Sep-22
GBP GBP GBP
Notes (Unaudited) (Audited) (Unaudited)
ASSETS
NON-CURRENT ASSETS
Right-of-use assets 6 142,193 198,762 262,464
CURRENT ASSETS
Bank 7 263,148 329,792 425,066
Trade and other receivables 8 360,411 275,612 146,030
----------
623,559 605,404 571,096
------------ ---------- ------------
CURRENT LIABILITIES
Trade and other payables 9 68,377 59,118 75,141
Lease liability 10 47,865 98,650 100,657
------------ ---------- ------------
116,242 157,768 175,798
------------ ---------- ------------
NET ASSETS 649,510 646,398 657,762
------------ ---------- ------------
EQUITY ATTRIBUTABLE
TO EQUITY HOLDERS OF
THE COMPANY
Share capital 11 1,000,000 1,000,000 1,000,000
Translation reserve (20,011) (13,132) 10,258
Accumulated losses (431,339) (446,209) (517,209)
----------
548,650 540,659 493,049
----------
NON- CURRENT LIABILITIES
Lease liabilities 10 100,860 105,739 164,713
------------ ---------- ------------
100,860 105,739 164,713
------------ ---------- ------------
TOTAL EQUITY AND NON
-CURRENT LIABILITIES 649,510 646,398 657,762
------------ ---------- ------------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 SEPTEMBER 2023
6 months 6 months
period ended period ended
30-Sep-23 30-Sep-22
GBP GBP
(Unaudited) (Unaudited)
Cash flow from operating activities
(Loss)/Profit before tax 14,870 (30,681)
Adjustment for:
Translation of foreign operation (6,880)
Unrealised exchange loss 26,993
Depreciation of right-of-use-assets 56,569 52,493
Finance income (1,351) (708)
Interest on lease liabilities 6,119 8,393
--------------
69,327 56,490
Changes in working capital
(Increase)/Decrease in trade and other
receivables (84,799) (20,095)
Increase/(Decrease) in trade and other
payables 9,259 (20,682)
-------------- --------------
Cash flow from operations (6,213) 15,713
Interest received 1,351 708
-------------- --------------
Net cash flow generated from operating
activities (4,862) 16,421
-------------- --------------
Net cash flow generated from/(used
in) operating activities
Interest paid (6,119) (8,393)
Repayment on lease liability (55,663) (49,585)
-------------- --------------
Net cash flow used in financing activities (61,782) (57,978)
Net movement in cash and cash equivalents (66,644) (41,557)
Cash and cash equivalents at beginning
of period 329,792 466,623
Exchange gain on cash and cash equivalents - -
-------------- --------------
Cash and cash equivalents at end of
period 263,148 425,066
============== ==============
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 SEPTEMBER 2023
Period from 1 April 2023 to 30 September 2023 (Unaudited)
Share Translation Accumulated Total
capital reserve losses
GBP GBP GBP GBP
As at 1 April 2023 1,000,000 (13,132) (446,209) 540,659
Profit for the period - - 14,870 14,870
Translation of foreign
operation - (6,879) - (6,879)
---------- ------------ ------------ --------
Total comprehensive
income for the period - (6,879) 14,870 7,991
---------- ------------ ------------ --------
As at 30 September
2023 1,000,000 (20,011) (431,339) 548,650
========== ============ ============ ========
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 year - - (30,681) (30,681)
Translation of foreign
operation - 26,995 - 26,995
---------- ------------ ------------ ---------
Total comprehensive
income for the year - 26,995 (30,681) (3,686)
As at 30 September
2022 1,000,000 10,258 (517,209) 493,049
========== ============ ============ =========
Period from 1 April 2022 to 31 March 2023 (Audited)
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
---------- ------------ ------------ --------
Profit for the year - - 40,319 40,319
Translation of foreign
operation - 3,605 - 3,605
---------- ------------ ------------ --------
Total comprehensive
income for the year - 3,605 40,319 43,924
As at 31 March 2023 1,000,000 (13,132) (446,209) 540,659
========== ============ ============ ========
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT
FOR THE SIX MONTHSED 30 SEPTEMBER 2023 (continued)
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 0(TH) 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 2023 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 2023 to 30 September 2023.
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 2023,
which have been prepared in accordance with International Financial
Reporting Standards as adopted by the UK ("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. The Company relies on outsourcing companies to
perform its international service maintenance which helps the
company to manage its cost 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 2023 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 2023.
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-23 30-Sep-22
Revenue 212,120 188,039
---------------- ----------------
212,120 188,039
---------------- ----------------
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 6 months
period ended Year ended period ended
30-Sep-23 31-Mar-2023 31-Sep-22
(Loss)/Profit for the period
(GBP) 14,870 40,319 (30,681)
Weighted average number of
shares (Unit) 10,000,000 10,000,000 10,000,000
Basic and diluted profit
per share (pence) 0.14 0.40 (0.31)
6. RIGHT-OF-USE
6 months Year ended 6 months
period ended period ended
30-Sep-23 31-Mar-2023 30-Sep-2022
GBP GBP GBP
Cost
Balance at beginning
of period 472,598 472,598 467,262
Addition during the - - -
period
Exchange difference - - 31,988
-------------- ------------ --------------
At end of period 472,598 472,598 499,250
-------------- ------------ --------------
Accumulated depreciation
Balance at beginning
of period 273,836 177,822 172,486
Charges for the period 56,569 96,014 52,493
Exchange difference - - -
-------------- ------------ --------------
Balance at end of period 330,405 273,836 236,786
-------------- ------------ --------------
Net book value 142,193 198,762 262,464
-------------- ------------ --------------
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
period ended 6 months
period ended
30-Sep-23 31-Mar-23 30-Sep-2022
GBP GBP GBP
Great Britain Pound 38,423 14,520 25,163
Singapore Dollar 20,579 20,858 21,391
United States Dollar 48,374 35,410 31,334
Malaysia Ringgit 155,772 259,005 347,178
-------------- ----------- ---------------
263,148 329,792 425,066
-------------- ----------- ---------------
8. TRADE AND OTHER RECEIVABLES
6 months Year 6 months
period ended period
ended
30-Sep-23 31-Mar-23 30-Sep-22
GBP GBP GBP
Trade receivables 189,580 142,599 73,263
Prepayment and Deposit 37,092 32,981 55,702
Other receivables 133,739 100,032 17,065
----------
360,411 275,612 146,030
-------------- ---------- ----------
9. TRADE AND OTHER PAYABLES
6 months Year 6 months
period ended period
ended ended
30-Sep-23 31-Mar-23 30-Sep-22
GBP GBP
Amount due to directors 12,068 4,830 3,185
Trade creditors - - 3,865
Accruals 24,433 34,108 21,339
Contract liability - 4,125 -
Other payables 31,876 16,055 46,752
68,377 59,118 75,141
------------- ---------- ----------
10. LEASE LIABILITIES
Lease liabilities are payable as follow:
6 months Year 6 months
period ended period
ended ended
30-Sep-23 31-Mar-23 30-Sep-22
GBP GBP GBP
Less than one year 47,865 98,650 100,657
More than one year 100,860 105,739 164,713
----------
148,725 204,389 265,370
---------- ---------- ----------
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 2023, 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-23 30-Sept-22
GBP GBP
Amount due to directors
- Sayed Mustafa Ali 1,251 1,250
- Wong Chee Keong 1,817 1,935
- Michael Goh Seng 9,000 -
Kim
12,068 3,185
------------- -------------
The amount due to related party is interest-free and they are
payable on demand.
14. SUBSEQUENT EVENT
On 18 October 2023, The Board of Director approved to appoint
Kirubarharan Ponnia as a Non-Executive Director. Following his
appointment, Kirubarharan will become a member of the Audit
Committee and the Nomination Committee.
Subsequently, The Company announced the resignation of Michael
Goh Seng Kim as a Non-executive director of the company with
effective from 19 October 2023.
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END
IR DZLBFXFLLFBD
(END) Dow Jones Newswires
November 14, 2023 02:29 ET (07:29 GMT)
Orient Telecoms (LSE:ORNT)
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