Income Statement

Earnings Waterfall
QAF Ltd

Revenue
636.1m SGD
Cost of Revenue
-334.1m SGD
Gross Profit
302m SGD
Operating Expenses
-266.5m SGD
Operating Income
35.5m SGD
Other Expenses
-802k SGD
Net Income
34.7m SGD

Income Statement
QAF Ltd

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Income Statement
Currency: SGD
Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Jun-2020 Dec-2020 Jun-2021 Dec-2021 Jun-2022 Dec-2022 Jun-2023 Dec-2023 Jun-2024 Dec-2024
Revenue
Revenue
992
N/A
985
-1%
984
0%
995
+1%
1 010
+2%
1 019
+1%
1 024
+1%
1 017
-1%
1 011
-1%
1 016
+1%
1 023
+1%
1 037
+1%
1 036
0%
1 023
-1%
998
-2%
993
-1%
949
-4%
918
-3%
890
-3%
847
-5%
841
-1%
835
-1%
826
-1%
815
-1%
811
0%
810
0%
815
+1%
823
+1%
840
+2%
853
+2%
497
-42%
1 000
+101%
562
-44%
830
+48%
559
-33%
561
+0%
578
+3%
609
+5%
629
+3%
636
+1%
636
0%
Gross Profit
Cost of Revenue
(536)
(531)
(517)
(527)
(541)
(547)
(559)
(552)
(547)
(544)
(547)
(555)
(551)
(542)
(521)
(513)
(486)
(467)
(453)
(431)
(427)
(425)
(427)
(426)
(433)
(440)
(443)
(453)
(463)
(469)
(261)
(519)
(278)
(417)
(293)
(305)
(317)
(332)
(337)
(336)
(334)
Gross Profit
457
N/A
454
-1%
467
+3%
468
+0%
468
+0%
472
+1%
466
-1%
464
0%
464
0%
473
+2%
477
+1%
482
+1%
484
+0%
481
-1%
477
-1%
480
+0%
463
-4%
451
-3%
436
-3%
416
-5%
414
0%
410
-1%
399
-3%
388
-3%
378
-3%
370
-2%
372
+0%
370
-1%
377
+2%
384
+2%
236
-38%
481
+103%
284
-41%
414
+46%
266
-36%
256
-4%
261
+2%
276
+6%
291
+5%
300
+3%
302
+1%
Operating Income
Operating Expenses
(389)
(392)
(414)
(415)
(422)
(427)
(419)
(416)
(410)
(414)
(415)
(420)
(419)
(413)
(405)
(405)
(385)
(357)
(367)
(352)
(357)
(364)
(362)
(356)
(358)
(356)
(365)
(357)
(359)
(362)
(216)
(418)
(233)
(349)
(241)
(232)
(233)
(240)
(251)
(258)
(267)
Selling, General & Administrative
(250)
(251)
(253)
(254)
(256)
(258)
(261)
(259)
(258)
(260)
(260)
(264)
(263)
(260)
(257)
(255)
(242)
(232)
(225)
(222)
(232)
(242)
(232)
(248)
(248)
(245)
(228)
(242)
(242)
(242)
(120)
(272)
(131)
(225)
(130)
(141)
(146)
(154)
(163)
(166)
(148)
Depreciation & Amortization
(36)
(36)
(36)
(37)
(38)
(38)
(38)
(38)
(37)
(37)
(37)
(37)
(37)
(36)
(35)
(37)
(36)
(34)
(31)
(31)
(31)
(32)
(32)
(34)
(35)
(34)
(35)
(37)
(39)
(42)
(31)
(59)
(34)
(52)
(34)
(31)
(29)
(25)
(25)
(27)
(27)
Other Operating Expenses
(103)
(105)
(125)
(124)
(128)
(131)
(120)
(119)
(114)
(117)
(118)
(119)
(120)
(117)
(113)
(113)
(107)
(91)
(111)
(100)
(94)
(90)
(97)
(74)
(76)
(76)
(102)
(78)
(78)
(78)
(65)
(87)
(68)
(72)
(77)
(60)
(59)
(61)
(63)
(65)
(92)
Operating Income
68
N/A
62
-9%
53
-13%
53
-2%
46
-12%
45
-2%
46
+2%
48
+4%
54
+12%
59
+8%
61
+4%
62
+1%
65
+5%
68
+4%
73
+8%
75
+3%
78
+4%
94
+20%
69
-26%
63
-9%
57
-9%
46
-20%
37
-20%
33
-11%
20
-39%
15
-27%
7
-52%
13
+90%
18
+33%
22
+23%
21
-5%
63
+206%
51
-18%
65
+27%
25
-62%
24
-3%
27
+13%
36
+31%
40
+12%
42
+4%
36
-15%
Pre-Tax Income
Interest Income Expense
(6)
(6)
(5)
(5)
(5)
(5)
(4)
(4)
(4)
(4)
(3)
(3)
(3)
(3)
(4)
(3)
(1)
1
2
7
4
5
5
1
3
1
6
3
(1)
(2)
2
3
3
7
2
0
(10)
(23)
(13)
(2)
3
Non-Reccuring Items
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
0
59
59
48
47
(1)
(7)
(7)
(7)
0
(4)
(5)
(4)
0
(7)
0
(7)
2
11
19
17
14
6
6
Pre-Tax Income
62
N/A
56
-9%
48
-14%
48
-1%
42
-13%
41
-2%
42
+4%
44
+5%
51
+14%
55
+9%
58
+5%
59
+1%
62
+5%
65
+5%
69
+6%
72
+5%
87
+20%
95
+10%
131
+37%
129
-2%
110
-15%
98
-11%
41
-58%
26
-35%
16
-39%
8
-48%
13
+58%
11
-14%
12
+5%
15
+28%
23
+48%
58
+155%
54
-6%
65
+20%
29
-56%
36
+25%
37
+3%
30
-19%
41
+36%
47
+14%
45
-4%
Net Income
Tax Provision
(14)
(13)
(10)
(8)
(9)
(9)
(10)
(11)
(11)
(11)
(11)
(12)
(12)
(12)
(14)
(14)
(13)
(13)
(14)
(15)
(17)
(16)
(10)
(7)
(4)
(4)
(5)
(4)
(5)
(6)
(4)
(15)
(12)
(15)
(6)
(7)
(11)
(14)
(13)
(12)
(10)
Income from Continuing Operations
48
43
39
39
33
32
32
33
40
44
47
47
50
53
55
58
74
82
116
113
93
82
30
19
12
5
9
7
7
10
18
43
42
50
22
29
26
16
28
35
35
Income to Minority Interest
(5)
(5)
(4)
(3)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(1)
(1)
4
5
5
4
2
2
2
1
(1)
(1)
(1)
(1)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
0
0
Net Income (Common)
43
N/A
38
-11%
35
-10%
36
+4%
31
-15%
30
-2%
30
+0%
31
+4%
38
+20%
42
+11%
45
+8%
45
+1%
48
+6%
51
+5%
53
+4%
56
+6%
72
+30%
81
+12%
120
+48%
118
-2%
98
-17%
86
-12%
32
-62%
21
-35%
14
-33%
6
-56%
8
+31%
7
-17%
6
-10%
9
+51%
28
+200%
59
+113%
28
-53%
55
+99%
52
-6%
33
-37%
19
-41%
16
-17%
27
+70%
35
+28%
35
-1%
EPS (Diluted)
0.09
N/A
0.08
-11%
0.07
-13%
0.07
N/A
0.06
-14%
0.06
N/A
0.06
N/A
0.06
N/A
0.07
+17%
0.07
N/A
0.08
+14%
0.08
N/A
0.08
N/A
0.09
+13%
0.09
N/A
0.1
+11%
0.13
+30%
0.14
+8%
0.21
+50%
0.21
N/A
0.17
-19%
0.15
-12%
0.06
-60%
0.03
-50%
0.02
-33%
0.01
-50%
0.01
N/A
0.01
N/A
0.01
N/A
0.02
+100%
0.03
+50%
0.1
+233%
0.04
-60%
0.09
+125%
0.09
N/A
0.05
-44%
0.04
-20%
0.03
-25%
0.05
+67%
0.06
+20%
0.06
N/A