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• Revenue: +4%
• Net Profit: -68%
• Press Release: Revenue rose by 6.1% to S$89.9 million spurred by steady growth in the Oilfield Engineering division with a record revenue contribution of S$55.4 million
• Profit from operating activities up by 36.2% to S$15.3 million
• Healthy balance sheet with positive cash generated from operations of S$11.2 million for FY2009
• Consistent dividend payout of 3.0 Singapore cents for FY2009
• Outlook: The new Financial Year FY10 is expected to be more challenging as prospects of a quick global economic recovery remains elusive despite concerted international efforts to tackle the problem.
• The Oilfield Engineering Division has also experienced an easing of demand for its products and services in the final quarter of FY09 and is likely to face pressure in both revenue and margin.
• The Australia Engine Systems operation has shown resilience in the face of sluggish consumer and industry spending.
• Despite the challenges, overall the Group is cautiously confident that it will remain profitable for the coming Financial Year.

FINANCIAL RECORDS

Revenue (SGD '000)

FY 1H 2H Total
2009 46,068 44,829 90,897
2008 41,898 45,572 87,470
2007 33,779 35,591 69,370
2006 27,822 29,590 57,412
2005 NA NA 56,972
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Earnings (SGD '000)

FY 1H 2H Total
2009 7,020 5,097 12,117
2008 33,236 4,381 37,809 (Incl. Exceptional Gain)
2007 2,373 2,346 4,719
2006 699 3,413 4,112
2005 NA NA (1,964)
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Dividends

FY Interim Special Final Special (SGD)
2009 0.01 NA 0.02 NA
2008 0.01 0.24 0.020 NA
2007 0.01 NA 0.015 NA
2006 0.01 NA 0.015 NA
2005 0.01 NA 0.015 NA
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Bonus / Rights / Stock Split

Date Type Details
1998-08-25 Bonus OFFER OF 2 FOR 1
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Share Data (SGD)

NAV = $0.6658
EPS = $0.1335 (12M FY09)
No of Shares = 88,059,000
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date
NA