Full Year Financial Statement

Full-year financial statement on consolidated results for the year ended 31 December 2001. These figures have not been audited.

-	-	Latest year 31/12/2001	Previous year 31/12/2000 Proforma	Change	Latest year 31/12/2001	Previous year 31/12/2000	Change
1.(a)	Turnover	98,077	138,251	(29)	3,962	0	NM
1.(b)	Investment income	0	0	0	0	0	0
1.(c)	Other income including interest income	1,089	1,318	(17)	461	331	39
2.(a)	Operating profit before income tax, minority interests, extraordinary items, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items	7,739	10,717	(28)	4,230	71	5,858
2.(b)(i)	Interest on borrowings	(81)	(94)	(14)	0	0	0
2.(b)(ii)	Depreciation and amortisation	(314)	(194)	62	0	0	0
2.(b)(iii)	Foreign exchange gain/(loss)	266	26	923	112	(6)	NM
2.(c)	Exceptional items	0	0	0	0	0	0
2.(d)	Operating profit before income tax, minority interests and extraordinary items but after interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items	7,610	10,455	(27)	4,342	65	6,580

-	-	Latest year 31/12/2001	Previous year 31/12/2000 Proforma	Change	Latest year 31/12/2001	Previous year 31/12/2000	Change
2.(e)	Income derived from associated companies	303	(13)	NM	0	0	0
2.(f)	Less income tax	(767)	(2,570)	(70)	(1,071)	(23)	4,556
2.(g)(i)	Operating profit after tax before deducting minority interests	7,146	7,872	(9)	3,271	42	7,688
2.(g)(ii)	Less minority interests	0	0	0	0	0	0
2.(h)	Operating profit after tax attributable to members of the company	7,146	7,872	(9)	3,271	42	7,688
2.(i)(i)	Extraordinary items	0	0	0	0	0	0
2.(i)(ii)	Less minority interests	0	0	0	0	0	0
2.(i)(iii)	Extraordinary items attributable to members of the company	0	0	0	0	0	0
2.(i)(iv)	Transfer to/from Exchange Reserve	0	0	0	0	0	0
2.(i)(v)	Transfer to Capital Reserve	0	0	0	0	0	0
2.(i)(vi)	Transfer to Reserve Fund	0	0	0	0	0	0
2.(j)	Operating profit after tax and extraordinary items attributable to members of the company	7,146	7,872	(9)	3,271	42	7,688

NM - Not meaningful

Notes to 2000 comparatives:

1) Pursuant to a group restructuring exercise ("Restructuring Exercise") which took effect on 2 May 2000, the Company became the holding company of the Group. The Restructuring Exercise is described in the Company's prospectus dated 13 May 2000.

The proforma consolidated financial statements of the Group for year ended 31 December 2000 have been prepared on the basis as if the Company has been the holding company of the Group throughout the years. The results of the Group for the year ended 31 December 2000 therefore include the results of the subsidiary companies for the financial period from 1 January 2000 to 31 December 2000.

The actual post-restructuring consolidated results of the operations of the Group (including results of the Group's subsidiary companies for the period from 1 May 2000 to 31 December 2000) for the period ended 31 December 2000 are set out below:

	Group S$'000 8 months (1/5/2000 to 31/12/2000)	Company S$'000 For the year ended 31/12/2000
Turnover	93,568	3,962
Operating profit before income tax	6,955	4,342
Less: Income tax	(1,604)	(1,071)
Profit after tax	5,351	3,271

2) The comparative figures for the financial year had been adjusted to comply with the accounting requirements of the revised Singapore Statement of Accounting Standards ("SAS"), in particular SAS 10 and SAS 17.

3.(a)	Operating profit [2(g)(i) above] as a percentage of turnover [1(a) above]	7.29%	5.69%
3.(b)	Operating profit [2(h) above] as a percentage of issued capital and reserves at end of year	20.67%	27.29%
3.(c)	Earnings per ordinary share for the year based on 2(h) above after deducting any provision for preference dividends:-
3.(c)(i)	Based on existing issued share capital	3.61cents	3.97 cents
3.(c)(ii)	On a fully diluted basis	3.45 cents	3.97 cents
3.(d)	Earnings per share based on 2(j) above:-
	(i) Based on existing issued share capital	3.61 cents	3.97 cents
	(ii) On a fully diluted basis	3.45 cents	3.97 cents
3.(e)	Net tangible asset backing per ordinary share	17.04 cents	14.34 cents

Note:

The computations of earnings per share and net tangible asset backing per ordinary share are based on the weighted issued share capital as at 31 December 2001 of 198,135,740 (31/12/2000: 198,135,740) ordinary shares of S$0.05 each.

Fully diluted earnings per share is calculated on the same basis as basic earnings per share except that the Group's operating profit attributable to ordinary shareholders and the number of ordinary shares outstanding during the year have been adjusted for the effects of the dilutive potential of the outstanding share options.

-	-	Latest year 31/12/2001	Previous year 31/12/2000 Proforma	Change	Latest year 31/12/2001	Previous year 31/12/2000	Change
4.(a)	Sales reported for first half year	50,708	66,080	(23)	1,981	0	0
4.(b)	Operating profit [2(g)(i) above] reported for first half year	3,742	4,001	(6)	1,752	16	10,850
4.(c)	Sales reported for second half year	47,369	72,171	(34)	1,981	0	NM
4.(d)	Operating profit [2(g)(i) above] reported for second half year	3,404	3,871	(12)	1,519	26	5,742