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• Revenue: -11.6% (2Q09), -14.4% (1H09)
• Net Profit: -77.0% (2Q09), -75.3% (1H09)
• Outlook: The property rental market is expected to remain subdued in the near term although it is stabilising.
• No revenue contribution is expected from the Property Development Division as all progressive revenue from villa sales in Tunisia had been recognised.
• The market conditions in the countries in which the Hotel Division operates are expected to remain competitive.
• Given the weak economies resulting in lower tourist arrivals as well as business travel due to cutback in corporate spending, the operating results are expected to remain weak in the near to medium term.
• Construction work on the hotel in Zanzibar is underway and expected to be completed within the next 12 months.
• The Food & Beverage Division will continue to face challenging market conditions.
• The Industrial Division will continue to face challenging market conditions.
• Minimal contribution is expected from the Investment Division.

FINANCIAL RECORDS

Revenue (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2009 50,933 51,625
2008 61,397 58,385 59,492 64,748 244,022
2007 82,544 84,029 66,937 64,267 297,777
2006 57,941 69,973 73,610 89,476 291,000
2005 51,009 54,972 62,324 65,777 234,082
2004 NA NA 50,989 55,369 221,617
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Earnings (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2009 6,252 14,321
2008 18,929 64,331 7,653 (43,171) 47,742
2007 8,409 15,626 9,678 80,087 113,800
2006 4,279 8,547 8,359 11,514 33,010
2005 2,741 2,998 5,567 11,028 22,334
2004 NA NA 1 ,602 5,592 21,090
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Dividends

FY Interim Final Special (SGD)
2009 NA
2008 NA 0.0300 NA
2007 NA 0.0369 NA
2006 NA 0.045 0.150
2005 NA 0.045 NA
2004 NA 0.040 NA
2003 NA 0.025 NA
2002 NA 0.020 NA
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Bonus / Rights / Stock Split

Date Type Details
2007-05-11 Rights OFFER OF 1 FOR 5 @ $0.615
2000-07-24 Bonus OFFER OF 1 FOR 10
1997-09-17 Rights 3WTFOR10SHR OFFER OF 3 FOR 10 @ $0.35
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Share Data (SGD)

NAV = $1.56
EPS = $0.05116 (6M FY09)
No of Shares = 402,167,668
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date
NA