Half Year Financial Statement

Half-year financial statement on consolidated results for the six months ended 30 June 2001. These figures have not been audited.

		Current half year to 30/06/2001	Previous half year to 30/06/2000 (Proforma)	Change	Current half year to 30/06/2001	Previous half year to 30/06/2000	Change
1.(a)	Turnover	50,708	66,080	(23.3)	0	0	0
1.(b)	Investment income	0	0	0	0	0	0
1.(c)	Other income including interest income	485	328	47.9	180	45	NM
2.(a)	Operating profit before income tax, minority interests, extraordinary items, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items	4,025	5,723	(29.7)	261	24	NM
2.(b)(i)	Interest on borrowings	(41)	(49)	(16.3)	0	0	0
2.(b)(ii)	Depreciation and amortisation	(121)	(92)	31.5	0	0	0
2.(b)(iii)	Foreign exchange gain/(loss)	439	(152)	NM	121	0	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	4,302	5,430	(20.7)	382	24	NM

		Current half year to 30/06/2001	Previous half year to 30/06/2000 (Proforma)	Change	Current half year to 30/06/2001	Previous half year to 30/06/2000	Change
2.(e)	Income derived from associated companies	1	2	(50.0)	0	0	0
2.(f)	Less income tax	(561)	(1,431)	(60.8)	(126)	(8)	NM
2.(g)(i)	Operating profit after tax before deducting minority interests	3,742	4,001	(6.5)	256	16	NM
2.(g)(ii)	Less minority interests	0	0	0	0	0	0
2.(h)	Operating profit after tax attributable to members of the company	3,742	4,001	(6.5)	256	16	NM
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	3,742	4,001	(6.5)	256	16	NM

NM - Not meaningful

Note to 2000 comparatives:

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 consolidated financial statements of the Group for the six months ended 30 June 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 six months ended 30 June 2000 therefore include the results of the subsidiaries for the financial period from 1 January 2000 to 30 June 2000.

3.(a)	Earnings per share based on 2(h) above after deducting any provision for preference dividends:-
3.(a)(i)	Based on existing issued share capital	1.89 cents	2.02 cents
3.(a)(ii)	On a fully diluted basis	1.89 cents	2.02 cents
3.(b)	Earnings per share based on 2(j) above:-
	(i) Based on existing issued share capital	1.89 cents	2.02 cents
	(ii) On a fully diluted basis	1.89 cents	2.02 cents
3.(c)	Net tangible asset backing per ordinary share	15.51 cents	12.63 cents

Note:

The computations of basic earnings per share and net tangible asset backing per ordinary share are based on the issued share capital as at 30 June 2001 of 198,135,740 (30/6/2000: 198,135,740) ordinary shares of S$0.05 each.