Delaware
(State
or other jurisdiction of
incorporation
or organization)
11 North Water Street, Mobile,
Alabama (Address of principal executive
offices)
|
36-2989662
(I.R.S.
Employer
Identification
No.)
36602
(Zip
Code)
|
|
|
Yes o
|
No þ
|
Yeso
|
No þ
|
Yes þ
|
No o
|
Large
accelerated filer o
|
Accelerated
filer þ
|
Non-accelerated
filer o
|
Smaller
Reporting Company o
|
Yes o
|
No þ
|
Class
Common
Stock, $1 par value,
|
Outstanding at March 31, 2008
7,675,142
shares
|
(i)
|
The
following financial statement schedules of Dry Bulk Cape Holding Inc. are
included on pages A-1 through A-11 of this Form 10-K/A pursuant to Rule
3-09 of Regulation S-X:
|
(ii)
|
The
following financial statement schedules of Belden Shipholding PTE LTD
included on pages B-1 through B-2 of this
Form 10-K/A pursuant to Rule 3-09 of Regulation S-X; These
statements are unaudited and include a reconciliation to U.S. Generally
Accepted Accounting Principles.
|
2.
|
Exhibits
|
(3.1)
|
Restated
Certificate of Incorporation of the Registrant (filed with the Securities
and Exchange Commission as Exhibit 3.1 to the Registrant's Form 10-Q for
the quarterly period ended September 30, 2004 and incorporated herein by
reference)
|
(3.2)
|
By-Laws
of the Registrant (filed with the Securities and Exchange Commission as
Exhibit 3.2 to the Registrant's Form 10-Q for the quarterly period ended
September 30, 2004 and incorporated herein by
reference)
|
(4.1)
|
Specimen
of Common Stock Certificate (filed as an exhibit to the Registrant's Form
8-A filed with the Securities and Exchange Commission on April 25, 1980
and incorporated herein by
reference)
|
(10.1)
|
Credit
Agreement, dated as of September 30, 2003, by and among LCI Shipholdings,
Inc. and Central Gulf Lines, Inc., as Joint and Several Borrowers, the
banks and financial institutions listed therein, as Lenders, Deutsche
Schiffsbank Aktiengesellschaft as Facility Agent and Security Trustee, DnB
NOR Bank ASA, as Documentation Agent, and the Registrant, as Guarantor
(filed with the Securities and Exchange Commission as Exhibit 10.2 to
Pre-Effective Amendment No. 2, dated December 10, 2004 and filed with the
Securities and Exchange Commission on December 10, 2004, to the
Registrant's Registration Statement on Form S-1 (Registration No.
333-120161) and incorporated herein by
reference)
|
(10.2)
|
Credit
Agreement, dated as of December 6, 2004, by and among LCI Shipholdings,
Inc., Central Gulf Lines, Inc. and Waterman Steamship Corporation, as
Borrowers, the banks and financial institutions listed therein, as
Lenders, Whitney National Bank, as Administrative Agent, Security Trustee
and Arranger, and the Registrant, Enterprise Ship Company, Inc., Sulphur
Carriers, Inc., Gulf South Shipping PTE Ltd. and CG Railway, Inc., as
Guarantors (filed with the Securities and Exchange Commission as Exhibit
10.3 to Pre-Effective Amendment No. 2, dated December 10, 2004 and filed
with the Securities and Exchange Commission on December 10, 2004, to the
Registrant's Registration Statement on Form S-1 (Registration No.
333-120161) and incorporated herein by
reference)
|
(10.3)
|
Credit
Agreement, dated September 26, 2005, by and among Central Gulf Lines,
Inc., as Borrower, the banks and financial institutions listed therein, as
Lenders, DnB NOR Bank ASA, as Facility Agent and Arranger, and Deutsche
Schiffsbank Aktiengesellschaft, as Security Trustee and Arranger, and the
Registrant, as Guarantor (filed with the Securities and Exchange
Commission as Exhibit 10.1 to the Registrant's Current Report on Form 8-K
dated September 30, 2005 and incorporated herein by
reference)
|
(10.4)
|
Credit
Agreement, dated December 13, 2005, by and among CG Railway, Inc., as
Borrower, the investment company, Liberty Community Ventures III, L.L.C.,
as Lender, and the Registrant, as
Guarantor
|
(10.5)
|
Consulting
Agreement, dated January 1, 2006, between the Registrant and Niels W.
Johnsen (filed with the Securities and Exchange Commission as Exhibit 10.5
to the Registrant's Form 10-K for the annual period ended December 31,
2005 and incorporated herein by
reference)
|
(10.6)
|
Consulting
Agreement, dated April 30, 2007, between the Registrant and Erik F.
Johnsen (filed with the Securities and Exchange Commission as Exhibit 10.6
to the Registrant’s Form 10-K for the annual period ended December 31,
2007 and incorporated herein by
reference)
|
(10.7)
|
International
Shipholding Corporation Stock Incentive Plan (filed with the Securities
and Exchange Commission as Exhibit 10.5 to the Registrant's Form 10-K for
the annual period ended December 31, 2004 and incorporated herein by
reference)
|
(10.8)
|
Form
of Stock Option Agreement for the Grant of Non-Qualified Stock Options
under the International Shipholding Corporation Stock Incentive Plan
(filed with the Securities and Exchange Commission as Exhibit 10.6 to the
Registrant's Form 10-K for the annual period ended December 31, 2004 and
incorporated herein by reference)
|
(10.9)
|
Description
of Life Insurance Benefits Provided by the Registrant to Niels W. Johnsen
and Erik F. Johnsen Plan (filed with the Securities and Exchange
Commission as Exhibit 10.8 to the Registrant's Form 10-K for the annual
period ended December 31, 2004 and incorporated herein by
reference)
|
(10.10)
|
Memorandum
of Agreement of the Registrant, dated as of August 24, 2007, providing for
the Registrant’s purchase of one 6400 CEU Panamanian flagged pure car and
truck carrier (filed with the Securities and Exchange Commission as
Exhibit 10.10 to the Registrant's Form 10-K for the annual period ended
December 31, 2007 and incorporated herein by reference) (Confidential
treatment requested on certain portions of this exhibit. An
unredacted version of this exhibit has been filed separately with the
Securities and Exchange
Commission.)
|
(10.11)
|
Loan
Agreement, dated as of September 10, 2007, by and amongWaterman Steamship
Corporation, as borrower, the Registrant, as guarantor, DnB NOR Bank ASA,
as facility agent and security trustee. (filed with the Securities and
Exchange Commission as Exhibit 10.11 to the Registrant's Form 10-K for the
annual period ended December 31, 2007 and incorporated herein by
reference)
|
(10.12)
|
SHIPSALES
Agreement, dated as of September 21, 2007, by and between East Gulf
Shipholding, Inc., as buyer, and Clio Marine Inc., as
seller (filed with the Securities and Exchange Commission as Exhibit 10.12
to the Registrant's Form 10-K for the annual period ended December 31,
2007 and incorporated herein by reference) (Confidential treatment
requested on certain portions of this exhibit. An unredacted
version of this exhibit has been filed separately with the Securities and
Exchange Commission.)
|
(10.13)
|
Facility
Agreement, dated as of January 23, 2008, by and among East Gulf
Shipholding, Inc., as borrower, the
Registrant, as guarantor, the banks and financial institutions party
thereto, as lenders, DnB NOR Bank ASA, as facility agent, and Deutsche
Schiffsbank Aktiengesellschaft, as security trustee (filed with the
Securities and Exchange Commission as Exhibit 10.13 to the Registrant's
Form 10-K for the annual period ended December 31, 2007 and incorporated
herein by reference)
|
(23.1)
|
Consent
of Ernst & Young LLP*
|
(23.2)
|
Consent
of Deloitte & Touche S.p.A., Independent Registered Public Accounting
Firm*
|
(31.1)
|
Certification
of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 *
|
(31.2)
|
Certification
of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 *
|
(32.1)
|
Certification
of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
*
|
(32.2)
|
Certification
of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
*
|
*
|
Submitted
electronically herewith.
|
June
27, 2008
|
By
|
/s/
Manuel G. Estrada
|
DRY
BULK CAPE HOLDING INC.
|
||||||||
CONSOLIDATED
BALANCE SHEETS
|
||||||||
(In
thousands of USD)
|
||||||||
December
31,
2007
|
December
31,
2006
|
|||||||
ASSETS
|
||||||||
CURRENT
ASSETS
|
||||||||
Cash
(Note 3)
|
2,351 | 54 | ||||||
Receivables
from the Shipping Pool (Note 4)
|
2,946 | 2,207 | ||||||
Receivables
from management company (Note 5)
|
1,517 | 179 | ||||||
Other
receivable (Note 6)
|
195 | 1,786 | ||||||
Inventories
(Note 7)
|
215 | 359 | ||||||
Other
current assets
|
4 | 3 | ||||||
Total
current assets
|
7,228 | 4,588 | ||||||
Restricted
Cash (Note 3)
|
1,000 | 1,000 | ||||||
Vessels,
net of accumulated depreciation (Note 8)
|
104,921 | 110,058 | ||||||
Vessels
under construction (Note 9)
|
13,636 | - | ||||||
Other
assets (Note 10)
|
987 | 701 | ||||||
TOTAL
ASSETS
|
127,772 | 116,347 | ||||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Advances
to a related party (Note 11)
|
- | 198 | ||||||
Accrued
expenses (Note 12)
|
784 | 720 | ||||||
Advances
from shareholders (Note 13)
|
260 | 260 | ||||||
Current
portion of bank borrowings (Note 14)
|
6,500 | 6,500 | ||||||
Total
current liabilities
|
7,544 | 7,678 | ||||||
Long
term bank borrowings, net of current portion (Note
14)
|
96,036 | 90,500 | ||||||
Total
liabilities
|
103,580 | 98,178 | ||||||
SHAREHOLDERS’
EQUITY (Note 15)
|
||||||||
Common
shares
|
- | - | ||||||
Additional
paid-in capital
|
8,202 | 6,702 | ||||||
Retained
earnings
|
15,990 | 11,467 | ||||||
Total
shareholders’ equity
|
24,192 | 18,169 | ||||||
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
127,772 | 116,347 | ||||||
See
notes to consolidated financial statements.
|
DRY
BULK CAPE HOLDING INC.
|
||||||||||||
CONSOLIDATED
STATEMENTS OF INCOME
|
||||||||||||
(In
thousands of USD)
|
||||||||||||
For
the year ended December 31, 2007
|
For
the year ended December 31, 2006
|
For
the year ended December 31, 2005
|
||||||||||
Shipping
income (Note 16)
|
31,772 | 25,805 | 15,595 | |||||||||
Costs
of shipping income
|
||||||||||||
Vessel
expenses (Note 17)
|
(6,080 | ) | (5,549 | ) | (2,701 | ) | ||||||
Vessel
depreciation
|
(5,137 | ) | (5,356 | ) | (3,277 | ) | ||||||
(11,217 | ) | (10,905 | ) | (5,978 | ) | |||||||
GROSS
PROFIT
|
20,555 | 14,900 | 9,617 | |||||||||
Management
fees (Note 18)
|
(768 | ) | (768 | ) | (526 | ) | ||||||
General
and administrative expenses
|
(221 | ) | (90 | ) | (38 | ) | ||||||
(989 | ) | (858 | ) | (564 | ) | |||||||
OPERATING
INCOME
|
19,566 | 14,042 | 9,053 | |||||||||
Financial
expenses, net (Note 19)
|
(6,243 | ) | (6,426 | ) | (2,965 | ) | ||||||
NET
INCOME
|
13,323 | 7,616 | 6,088 | |||||||||
See
notes to consolidated financial statements.
|
Additional
|
||||||||||||||||||||
Common
|
Paid-In
|
Retained
|
Comprehensive
|
|||||||||||||||||
Stock
|
Capital
|
Earnings
|
Total
|
Income
|
||||||||||||||||
BALANCE—
January
1, 2005
|
- | 6,662 | 4,363 | 11,025 | ||||||||||||||||
Net
income
|
- | - | 6,088 | 6,088 | 6,088 | |||||||||||||||
Capital
increase
|
- | 40 | - | 40 | ||||||||||||||||
Dividends
paid
|
- | - | (5,000 | ) | (5,000 | ) | ||||||||||||||
BALANCE—
December
31, 2005
|
- | 6,702 | 5,451 | 12,153 | ||||||||||||||||
Net
income
|
- | - | 7,616 | 7,616 | 7,616 | |||||||||||||||
Dividends
paid
|
- | - | (1,600 | ) | (1,600 | ) | ||||||||||||||
BALANCE—
December
31, 2006
|
- | 6,702 | 11,467 | 18,169 | ||||||||||||||||
Net
income
|
- | - | 13,323 | 13,323 | 13,323 | |||||||||||||||
Capital
increase
|
1,500 | 1,500 | ||||||||||||||||||
Dividends
paid
|
- | - | (8,800 | ) | (8,800 | ) | ||||||||||||||
BALANCE—
December
31, 2007
|
- | 8,202 | 15,990 | 24,192 | ||||||||||||||||
See
notes to consolidated financial statements.
|
DRY
BULK CAPE HOLDING INC.
|
||||||||||||
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
||||||||||||
(In
thousands of USD)
|
||||||||||||
Year
ended December 31, 2007
|
Year
ended December 31, 2006
|
Year
ended December31, 2005
|
||||||||||
OPERATING
ACTIVITIES:
|
||||||||||||
Net
income
|
13,323 | 7,616 | 6,088 | |||||||||
Adjustments
to reconcile net income to net cash provided
|
||||||||||||
by
operating activities:
|
||||||||||||
Depreciation
of vessels
|
5,137 | 5,356 | 3,277 | |||||||||
Amortization
of deferred dry-docking charges
|
121 | 5 | - | |||||||||
Amortization
of deferred financing costs
|
66 | 66 | 71 | |||||||||
Fair
value adjustment on derivative instruments
|
- | - | (236 | ) | ||||||||
Changes
in operating assets and liabilities:
|
||||||||||||
Other
receivables
|
1,591 | (1,475 | ) | 172 | ||||||||
Inventories
|
144 | (175 | ) | 20 | ||||||||
Payments
for dry-docking charges
|
(473 | ) | (250 | ) | - | |||||||
Other
assets and receivables from Shipping Pool and management
company
|
(2,078 | ) | (1,869 | ) | (152 | ) | ||||||
Trade
accounts payable
|
- | (285 | ) | (434 | ) | |||||||
Accrued
expenses and payables to related companies
|
(134 | ) | (355 | ) | 1,074 | |||||||
Interest
rate swap termination
|
- | - | (292 | ) | ||||||||
Net
cash provided by operating activities
|
17,697 | 8,634 | 9,588 | |||||||||
INVESTING
ACTIVITIES:
|
||||||||||||
Purchases
of vessels / payments on vessels under construction
|
(13,636 | ) | - | (48,500 | ) | |||||||
Increase
in Restricted Cash
|
- | (1,000 | ) | - | ||||||||
Net
variation in settlement account with DryLog Group
|
- | 520 | (350 | ) | ||||||||
Net
cash used in investing activities
|
(13,636 | ) | (480 | ) | (48,850 | ) | ||||||
FINANCING
ACTIVITIES:
|
||||||||||||
Proceeds
from bank borrowings
|
12,036 | - | 103,500 | |||||||||
Repayments
of bank borrowings
|
(6,500 | ) | (6,500 | ) | (59,238 | ) | ||||||
Capital
increase
|
1,500 | - | - | |||||||||
Dividends
paid
|
(8,800 | ) | (1,600 | ) | (5,000 | ) | ||||||
Net
cash provided by / (used in) financing activities
|
(1,764 | ) | (8,100 | ) | 39,262 | |||||||
NET
INCREASE IN CASH
|
2,297 | 54 | - | |||||||||
CASH
AT BEGINNING OF YEAR
|
54 | - | - | |||||||||
CASH
AT END OF YEAR
|
2,351 | 54 | - | |||||||||
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW
|
||||||||||||
INFORMATION:
|
||||||||||||
Interest
paid
|
6,666 | 6,365 | 2,280 | |||||||||
See
notes to consolidated financial statements.
|
1.
|
ORGANIZATION
AND BUSINESS
|
2.
|
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
|
3.
|
CASH
AND RESTRICTED CASH
|
4.
|
RECEIVABLES FROM THE SHIPPING
POOL
|
5.
|
RECEIVABLES
FROM MANAGEMENT COMPANY
|
6.
|
OTHER
RECEIVABLES
|
7.
|
INVENTORIES
|
8.
|
VESSELS,
NET OF ACCUMULATED DEPRECIATION
|
2007
|
2006
|
|||||||
Cost
|
||||||||
At
January 1,
|
121,500 | 121,500 | ||||||
Acquisitions
in
|
- | - | ||||||
At
December 31,
|
121,500 | 121,500 | ||||||
Accumulated
depreciation
|
||||||||
At
January 1,
|
11,442 | 6,086 | ||||||
Charge
for the year
|
5,137 | 5,356 | ||||||
At
December 31,
|
16,579 | 11,442 | ||||||
Net
Book Value
|
||||||||
At
January 1,
|
110,058 | 115,415 | ||||||
At
December 31,
|
104,921 | 110,058 |
9.
|
VESSELS
UNDER CONSTRUCTION
|
10.
|
OTHER
ASSETS
|
-
|
USD
390 thousand (USD 456 thousand as of December 31, 2006) related to
unamortized deferred financing costs, including legal expenses in
connection with bank borrowings from HSH Nordbank AG,
and
|
-
|
USD
597 thousand (USD 245 thousand as of December 31, 2006) related to the
unamortized deferred dry-docking
charges.
|
Deferred
|
Deferred
|
Total
|
||||||||||
Financing
|
Dry-docking
|
|||||||||||
Costs
|
Charges
|
|||||||||||
Balance
as of January 1, 2006
|
411 | - | 411 | |||||||||
Increase
|
111 | 250 | 361 | |||||||||
Amortization
|
(66 | ) | (5 | ) | (71 | ) | ||||||
Balance
as of December 31, 2006
|
456 | 245 | 701 | |||||||||
Increase
|
- | 473 | 473 | |||||||||
Amortization
|
(66 | ) | (121 | ) | (187 | ) | ||||||
Balance
as of December 31, 2007
|
390 | 597 | 987 |
11.
|
ADVANCES
TO A RELATED PARTY
|
12.
|
ACCRUED
EXPENSES
|
Current
|
Long
term
|
Total
|
||||||||||
portion
|
portion
|
|||||||||||
HSH
Nordbank AG - USD 103,500 loan facility
|
6,500 | 84,000 | 90,500 | |||||||||
HSH
Nordbank AG - USD 30,090 loan facility
|
- | 12,036 | 12,036 | |||||||||
Balance
as of December 31, 2007
|
6,500 | 96,036 | 102,536 |
o
|
an
amount not exceeding USD 6,347 thousand per shareholder,
and
|
o
|
all
amounts payable from time to time by the Group under the loan agreements
to the extent to which such amounts cannot be funded by the net earnings
of the Group.
|
o
|
mortgage,
pledge or otherwise encumber its legal or beneficial interest in the
shares,
|
o
|
sell,
transfer or otherwise dispose of all or any of its shares or any legal
interest therein, and or
|
o
|
enter
into any agreement with respect to the voting rights attached to all or
any of its shares.
|
2007
|
2006
|
2005
|
||||||||||
Revenues
from Shipping Pool
|
24,527 | 19,060 | 14,943 | |||||||||
Revenues
from time charters contracts
|
7,245 | 6,745 | 652 | |||||||||
Total
shipping income
|
31,772 | 25,805 | 15,595 |
2007
|
2006
|
2005
|
||||||||||
Wages
|
2,681 | 2,425 | 1,239 | |||||||||
Maintenance
|
467 | 767 | 220 | |||||||||
Lube
oils
|
831 | 643 | 256 | |||||||||
Insurance
|
577 | 505 | 330 | |||||||||
Stores
|
333 | 301 | 162 | |||||||||
Spare
parts
|
310 | 287 | 124 | |||||||||
Victualling
|
227 | 265 | 128 | |||||||||
Certificates
& Class
|
111 | 123 | 45 | |||||||||
Amortization
of deferred dry-docking charges
|
121 | 5 | - | |||||||||
Sundry
expenses
|
422 | 228 | 197 | |||||||||
Total
|
6,080 | 5,549 | 2,701 |
18.
|
MANAGEMENT
FEES
|
2007
|
2006
|
2005
|
||||||||||
Ceres
Hellenic Shipping Enterprises Ltd
|
- | - | 264 | |||||||||
Unisea
Shipping Ltd
|
576 | 576 | 158 | |||||||||
DryLog
Ltd
|
192 | 192 | 104 | |||||||||
Total
|
768 | 768 | 526 |
19.
|
FINANCIAL
EXPENSES, NET
|
2007
|
2006
|
2005
|
||||||||||
Interest
income
|
149 | 62 | 45 | |||||||||
Loan
interest expenses
|
(6,326 | ) | (6,422 | ) | (3,175 | ) | ||||||
Interest
rate swaps
|
- | - | 236 | |||||||||
Amortization
of deferred financing costs
|
(66 | ) | (66 | ) | (71 | ) | ||||||
Total
financial expenses, net
|
(6,243 | ) | (6,426 | ) | (2,965 | ) |
20.
|
RELATED
PARTIES
|
Notional
|
Expiration
|
Fair
|
|||||
Obligor
|
Amount
|
Date
|
Value
|
||||
(portion
attributable to the Group)
|
|||||||
Bulk
Africa
|
25,900
|
Dec.
31, 2005
|
1,620
|
||||
Bulk
Australia
|
26,600
|
Dec.
31, 2006
|
1,665
|
||||
Total
|
52,500
|
3,285
|
Year
|
USD/000
|
||
2008
|
26,189 | ||
2009
|
20,966 | ||
2010
|
25,420 | ||
Total
|
72,575 |
Non-Audited
Statements
|
Reconciliation
to US GAAP
|
US
GAAP Statements
|
|||||||||||||
US$
|
US$
|
US$
|
|||||||||||||
ASSETS
|
|||||||||||||||
Current
assets
|
5,125,485 | 5,125,485 | |||||||||||||
Non-current
assets
|
120,268,034 | 120,268,034 | |||||||||||||
Total
Assets
|
$ | 125,393,519 | $ | 125,393,519 | |||||||||||
LIABILITIES
AND STOCKHOLDERS’ INVESTMENT
|
|||||||||||||||
Current
liabilities
|
4,039,220 | 4,039,220 | |||||||||||||
Non-current
liabilities
|
103,796,356 | 103,796,356 | |||||||||||||
Total
Liabilities
|
107,835,576 | 107,835,576 | |||||||||||||
Stockholder’s
Investment:
|
|||||||||||||||
Share
capital
|
230,000 | 230,000 | |||||||||||||
Other
Comprehensive Loss
|
- | a | (310,442 | ) | (310,442 | ) | |||||||||
Retained
Earnings
|
17,327,943 | a | 310,442 | 17,638,385 | |||||||||||
Total
Stockholders’ Investment
|
17,557,943 | 17,557,943 | |||||||||||||
Total
Liabilities and Stockholders’ Investment
|
$ | 125,393,519 | $ | 125,393,519 |
Non-Audited
Statements
|
Reconciliation
to US GAAP
|
US
GAAP Statements
|
||||||||||||||
US$
|
US$
|
US$
|
||||||||||||||
Revenue
|
24,498,804 | 24,498,804 | ||||||||||||||
Other
income
|
1,442,886 | 1,442,886 | ||||||||||||||
Vessel
operating expenses
|
(10,359,676 | ) | (10,359,676 | ) | ||||||||||||
Commission
|
(299,357 | ) | (299,357 | ) | ||||||||||||
Depreciation
of property, plant and equipment
|
(4,940,637 | ) | (4,940,637 | ) | ||||||||||||
Legal
and consultancy fee
|
(80,521 | ) | (80,521 | ) | ||||||||||||
Staff
costs
|
(687,628 | ) | (687,628 | ) | ||||||||||||
Other
operating expenses
|
(1,873,661 | ) | (1,873,661 | ) | ||||||||||||
Profit
from operations
|
7,700,210 | 7,700,210 | ||||||||||||||
Finance
costs
|
(4,422,951 | ) | a | 310,442 | (4,112,509 | ) | ||||||||||
Share
of results of associate
|
- | - | ||||||||||||||
Profit
before taxation
|
3,277,259 | 3,587,701 | ||||||||||||||
Income
tax expense
|
- | - | ||||||||||||||
Profit
after taxation
|
$ | 3,277,259 | $ | 3,587,701 |