DSG publishes results for nine months ended 30 September 2019Nov 17 ,2019
Depa PLC (“Depa”), the leading global interior solutions group, reports that on 15 November 2019, Design Studio Group Ltd (“DSG”), Depa’s Asian key business unit, published its results for the period ended 30 September 2019.
DSG announced that for 9M2019, revenue has decreased by 41.7% to S$73.4 million as compared with revenue for 9M2018 due mainly to lower revenue recognised in the Singapore, Malaysia and manufacturing business units, while the Group recognised an increase in revenue in its International business unit. DSG recognised impairment losses of S$6.9 million on contract assets and receivables in 9M2019 primarily attributable to the Malaysia and Singapore business units.
Overall DSG incurred a net loss after tax of S$35.1 million for 9M2019 (9M2018: S$ 10.2 million), mainly due to reductions in estimated project margins as a result of higher than expected project costs including defects and provisions for foreseeable loss on certain projects.
DSG’s backlog as at 30 September 2019 was S$163.0 million as compared with S$158.7 million at 30 September 2018.
DSG is currently negotiating with Depa United Group PJSC, the DSG’s controlling shareholder, for a term loan to be provided to DSG for working capital requirements to support its ongoing operations.
DSG’s results can be viewed by investors on DSG’s website and/or on SGXNET.
For further information, please contact:
Tel: + 971 4 446 2100
Kevin Lewis, Group Chief Executive Officer
Steven Salo, Group Chief Financial Officer
For more information, please refer to the corporate website: www.depa.com
Notes to editors:
Depa is a strategic management company specialising in global interior solutions. Depa’s four key business units hold leading positions in their respective markets: DSG, Vedder, Depa Interiors and Deco Group. Employing thousands of people worldwide, the Group’s operations are centred on three regional hubs: Asia, Europe and the Middle East.
Depa’s mission, shared by each of its key business units, is to deliver sustainability, profitability and performance for its clients, shareholders and employees. The Group’s five core values are integral to everything Depa does: transparency, integrity, accountability, professionalism and exceptional service.
Depa PLC is listed on the Nasdaq Dubai (DEPA: DU) and is headquartered in Dubai, United Arab Emirates.
This document may contain certain 'forward looking statements' with respect to Depa's financial condition, results of operations and business and certain of Depa's plans and objectives with respect to these items. By their very nature, forward looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events, and depend on circumstances, which may occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements. All written or verbal forward looking statements, whether made in this document or made subsequently, which are attributable to Depa or any other member of the Group or persons acting on their behalf are expressly qualified on this basis. Depa does not intend to update any such forward looking statements.