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• Revenue: +41.81% (2Q09), +27.70% (1H09)
• Net Profit: -11.57% (2Q09), -57.09% (1H09)
• Outlook: For the remaining quarters of 2009, we expect our cement and PVC pipes & fittings operations to continue to benefit from the 4 trillion yuan stimulus package introduced by the Chinese government to stimulate the domestic economy.
• The Group expects its Dali plant to make more contribution to the Group’s profitability as it scales up its operation and increases the production of higher grade cement which has better profit margin.
• Demand for the Group's PVC pipes and fittings products is expected to remain strong, however, the profit margin may be subject to cost pressure as the price of PVC resins have recently reversed the downward trend and increased.
• The operating environment of our hotel operation is expected to remain challenging.

FINANCIAL RECORDS

Revenue (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2009 37,848 49,067
2008 33,462 34,600 41,240 46,036 155,338
2007 36,954 37,372 43,479 44,864 162,669

FY 1H 2H Total
2006 57,453 71,138 128,601
2005 47,164 66,977 114,141
2004 36,980 45,498 82,478
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Earnings (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2009 1,338 2,041
2008 5,566 2,308 (356) 6 7,524
2007 4,895 1,528 864 3,528 10,815

FY 1H 2H Total
2006 1,305 8,638 9,943
2005 (390) 3,908 3,518
2004 2,067 (4,996) (2,929)
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Dividends

FY Interim Final Special (SGD)
2009 NA
2008 NA 0.003 NA
2007 0.008 0.010 NA
2006 NA 0.016 NA
2005 NA 0.010 NA
2004 NA 0.005 NA
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Bonus / Rights / Stock Split

Date Type Details
2009-04-07 Bonus OFFER OF 1 FOR 5
1999-11-04 Bonus OFFER OF 1 FOR 5
1997-09-23 Rights 150WTFOR1000SHS OFFER OF 15 FOR 100 @ $0.2
1996-06-14 Bonus OFFER OF 1 FOR 5
1995-07-07 Rigths 2SHARES,1WT OFFER OF 2 FOR 10 @ $0.63
1994-06-28 Bonus OFFER OF 1 FOR 10
1992-06-01 Bonus OFFER OF 1 FOR 10
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Share Data (SGD)

NAV = $0.82
EPS = $0.0097 (6M FY09)
No of Shares = 346,914,763
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date
NA