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• Revenue: +26.7% (2Q09), +1.6% (1H09)
• Net Profit: NM (2Q09), -32.3% (1H09)
• Press Release: 1H09 revenue up 1.6% year-on-year, led by chartering and shipbuilding activities.
• Pre-tax profit in 2Q09 versus pre-tax loss in 2Q08
• Outlook: Despite a widely anticipated global economic decline marked by easing commodity prices, reduced capital spending and tighter credit controls, the offshore and marine sector is expected to keep growing - albeit at a slower pace - as the industry actually continues at sustainable levels to meet basic energy demand, and older vessels make way for new tonnage.
• In the coming months, the Group expects to secure shipbuilding orders, particularly from customers operating in the offshore oil and gas sector, and continue with its fleet renewal programme.

FINANCIAL RECORDS

Revenue (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2009 17,847 27,415
2008 22,926 21,642

FY 1H 2H Total
2008 44,568 53,827 98,395
2007 34,670 46,614 81,284
2006 23,668 32,016 55,684
2005 23,439 41,980 65,419
2004 20,406 26,486 46,892
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Earnings (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2009 2,192 (647)
2008 4,123 (1,842)

FY 1H 2H Total
2008 2,281 6,561 8,842
2007 695 7,104 7,799 (Incl. gain on disposal of motor launches and leasehold building)
2006 489 559 1,254
2005 (3,665) (162) (3,827)
2004 (2,012) (167) (2,179)
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Dividends

FY Interim Final Special (SGD)
2009 NA
2008 NA NA NA
2007 0.25 NA NA
2006 NA 0.001 NA
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Bonus / Rights / Stock Split

Date Type Details
2008-12-15 Rights OFFER OF 1 FOR 4 @ $0.05
2000-09-13 Rights OFFER OF 2 FOR 5 @ $0.04
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Share Data (SGD)

NAV = $0.1841
EPS = $0.0024 (6M FY09)
No of Shares = 660,518,052
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date
NA