Half Year Financial Statement And Dividend Announcement

Set out below are the financial statements for the six months ended 30th June 2002. The Company was incorporated only on 13 October 2001 and there are no comparative numbers for the Group and Company for the period ended 30th June 2001.
These figures have not been audited.

-	-	Group			Company
-	-	S$'000		%	S$'000		%
-	-
-	-	Jan-June 2002	Proforma Previous Corresponding Period	Increase/ (Decrease)	Jan-June 2002	Proforma Previous Corresponding Period	Increase/ (Decrease)
1.(a)	Turnover	6,028	0	nm	0	0	nm
1.(b)	Cost of sales or classification as followed in the most recent audited annual financial statements	(4,361)	0	nm	0	0	nm
1.(c)	Gross profit/(loss)	1,667	0	nm	0	0	nm
1.(d)	Investment income	0	0	nm	0	0	nm
1.(e)	Other income including interest income	4	0	nm	0	0	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	521	0	nm	(4)	0	nm
2.(b)(i)	Interest on borrowings	(23)	0	nm	0	0	nm
2.(b)(ii)	Depreciation and amortisation	(11)	0	nm	0	0	nm
2.(b)(iii)	Foreign exchange gain/(loss)	41	0	nm	0	0	nm
2.(c)	Exceptional items (provide separate disclosure of items)	0	0	nm	0	0	nm
-	-
-	-	S$'000		%	S$'000		%
-	-
-	-	Jan-June 2002	Proforma Previous Corresponding Period	Increase/ (Decrease)	Jan-June 2002	Proforma Previous Corresponding Period	Increase/ (Decrease)
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	528	0	nm	(4)	0	nm
2.(e)	Income derived from associated companies (With separate disclosure of any items included therein which are exceptional because of size & incidence)	0	0	nm	0	0	nm
2.(f)	Operating profit before income tax	528	0	nm	(4)	0	nm
2.(g)	Less income tax (Indicate basis of computation)	(42)	0	nm	0	0	nm
2.(g)(i)	Operating profit after tax before deducting minority interests	486	0	nm	(4)	0	nm
2.(g)(ii)	Less minority interests	16	0	nm	0	0	nm
2.(h)	Operating profit after tax attributable to members of the company	502	0	nm	(4)	0	nm
2.(i)(i)	Extraordinary items (provide separate disclosure of items)	0	0	nm	0	0	nm
2.(i)(ii)	Less minority interests	0	0	nm	0	0	nm
2.(i)(iii)	Extraordinary items attributable to members of the company	0	0	nm	0	0	nm

-	-	Group			Company
-	-	S$'000		%	S$'000		%
-	-
-	-	Jan-June 2002	Proforma Previous Corresponding Period	Increase/ (Decrease)	Jan-June 2002	Proforma Previous Corresponding Period	Increase/ (Decrease)
2.(i)(iv)	Transfer to/from Exchange Reserve	0	0	nm	0	0	nm
2.(i)(v)	Transfer to Capital Reserve	0	0	nm	0	0	nm
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	502	0	nm	(4)	0	nm

Note: nm - not meaningful

Group Figures
-	-	Latest period	Previous corresponding period
3.(a)	Operating profit [2(g)(i) above] as a percentage of turnover [1(a) above]	8.06%	0.00%
3.(b)	Operating profit [2(h) above] as a percentage of issued capital and reserves at end of the period	7.74%	0.00%
3.(c)	Earnings per ordinary share for the period based on 2(h) above after deducting any provision for preference dividends:-
	(i) Based on weighted average number of ordinary shares in issue *	0.41 cents	0
	(ii) On a fully diluted basis (To disclose the basis used in arriving at the weighted average number of shares for the purposes of (c)(i) above and to provide details of any adjustments made for the purpose of (c)(ii) above) *	0.41 cents	0
3.(d)	Net tangible asset backing per ordinary share based on existing issued share capital as at the end of the period reported on *	5.32 cents	0

3.(e) To provide an analysis of expenses based on their function within the group for

the current and previous corresponding period



	Group			Company
	30 June 02 S$'000	Proforma Previous Corresponding Period	Change %	30 June 02 S$'000	Proforma Previous Corresponding Period	Change %
Selling and Distribution	361	0	nm	0	0	nm
General & Administration	788	0	nm	0	0	nm

3(b) to (d) nm	-*Based on pre-invitation share capital of 121,956,380 shares of S$0.05 each - not meaningful
-

-	-	Group			Company
Item 4 is not applicable to interim results		S$'000		%	S$'000		%
-	-
-	-	Jan-June 2002	Proforma Previous Corresponding Period	Increase/ (Decrease)	Jan-June 2002	Proforma Previous Corresponding Period	Increase/ (Decrease)
4.(a)	Sales reported for first half year