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ASL Marine registered earnings of S$71.1 million for FY2009 (19 Aug 09)

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  • Revenue: -11.4% (4Q09), +8.7% (FY09)
  • Net Profit: -58.7% (4Q09), +17.9% (FY09)
  • Press Release: Revenue increased by 9% to S$435.4 million and net profit increased by 18% including a S$12.2 million gain relating to disposal of a jointlycontrolled entity partially offset by higher impairment loss of S$4.0 million
  • Shipbuilding order book from external customers stand at S$523 million comprising 33 vessels with delivery schedule up to FY2011
  • Proposed a final dividend of 3 cents and a special dividend of 1 cent per share
  • Outlook: The outlook for new shipbuilding orders remains weak amidst current uncertainties over the economy recovery and the tight liquidity situation.
  • The Group however remains reasonably optimistic with respect to the longer term outlook of the shiprepair segment, on the back of its enhanced facility at its Batam yard, and the shipchartering segment, on the back of the Group’s enlarged fleet.
  • The Group will continue its focus on strengthening project execution on existing order book deliveries, tightening cost control and cash flow management whilst seeking to make selective investments and exploit strategic opportunities in related businesses.
  • The Group’s net profit for FY2009 of $71.1 million included a one-off gain of $12.2 million relating to divestment of ASLE.
  • Barring any unforeseen circumstances and fair value provisions and expected lower other operating income, the Group expects lower but healthy earnings for the financial year ending 30 June 2010 (“FY2010”).
FINANCIAL RECORDS

Revenue (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2009 118,648 107,694 106,893 102,207 435,442
2008 93,345 100,028 91,689 115,378 400,440

FY 1H 2H Total
2007 156,356 162,046 318,402
2006 105,165 92,493 197,658
2005 69,088 70,092 139,180
2004 NA NA 118,279
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Earnings (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2009 23,938 16,269 23,375 7,488 71,070
2008 13,276 14,708 14,163 18,149 60,296

FY 1H 2H Total
2007 16,766 23,482 40,248
2006 12,332 10,734 23,066
2005 5,876 7,710 13,586
2004 NA NA 9,944
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Dividends

FY Interim Final Special (SGD)
2009 NA 0.030 0.010
2008 NA 0.030 0.010
2007 NA 0.025 0.003
2006 NA 0.018 0.004
2005 NA 0.018 NA
2004 NA 0.014 NA
2003 NA 0.014 NA
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Bonus / Rights / Stock Split

Date Type Details
2004-03-04 Rights OFFER OF 1 FOR 4
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Share Data (SGD)

NAV = $0.9632
EPS = $0.2368 (12M FY09)
Diluted EPS = $0.2368 (12M FY09)
No of Shares = 299,589,002
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date
NA



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