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• Revenue: -30%
• Net Profit: +16%
• Press Release: Increase in profit despite 30% decline in revenue
• Net profit margin up 1.8 percentage points with improvement in average gross margin
• Strong order book of approximately S$439 million
• Substantial portion to be completed by end FY2010
• Healthy balance sheet with cash and fixed deposits of S$54.5 million
• Outlook: The Group noted the recent strong market sentiment of the residential property market in Singapore.
• URA statistics show that developers sold 1,825 units of new homes in June this year, up from 1,673 units in May, with monthly take-up rate surprassing the high of 1,731 units recorded in August 2007.
• The Group has a construction order book of approximately S$439 million in Singapore as at 30 June 2009 of which a substantial part of it would be carried out during the financial year ending 31 March 2010.
• Nevertheless, the Group remains cautious on the possible impacts that the economic conditions and uncertainty in labour and materials cost may have on the performance of the Group for the next 12 months.
• Barring unforeseen circumstances, the Group should remain profitable for the current financial year.

FINANCIAL RECORDS

Revenue (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2010 59,955
2009 85,170

FY 1H 2H Total
2009 179,508 149,142 328,650
2008 79,674 102,328 182,002
2007 61,483 71,806 133,289
2006 NA NA 117,961
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Earnings (SGD '000)

FY 1Q 2Q 3Q 4Q Total
2010 2,739
2009 2,353

FY 1H 2H Total
2009 12,033 1,974 14,007
2008 2,867 28,530 31,397 (Includes Revaluation Gains)
2007 2,421 3,678 6,099
2006 NA NA 5,308
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Dividends

FY Interim Final Special (SGD)
2009 0.015 0.010 0.010
2008 NA 0.011 NA
2007 NA 0.025 NA
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Bonus / Rights / Stock Split

Date Type Details
2008-01-16 Stock Split STOCK SPLIT OFFER OF 2 FOR 1
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Share Data (SGD)

NAV = $0.4735
EPS = $0.0137 (3M FY10)
Diluted EPS = $0.0137 (3M FY10)
No of Shares = 200,287,452
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date
NA