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Furama Ltd reports 2Q FY09 Results (05 Aug 09)

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  • Revenue: -21.0% (2Q09), -16.4% (1H09)
  • Net Profit: -98.9% (2Q09), -93.3% (1H09)
  • Outlook: Until the second quarter of 2009, the tourism industry has yet to recover from the economic downturn.
  • The A(H1N1) flu outbreak in 2009 further compounded the impact of the economic downturn.
  • Singapore continues to report lower visitor arrivals, hotel room revenue and average occupancy rates in the second quarter of 2009.
  • Visitor arrivals for year 2009 are expected to decline to between 9 and 9.5 million, a year-on-year decline of 6% to 11%.
  • Total tourism receipts are also expected to fall between 15% to 18% to $12 billion to $12.5 billion.
  • Thailand's tourism industry is also adversely affected, with visitor arrivals down 19% for the first 4 months of 2009 compared to the same period last year.
  • Visitor arrivals for year 2009 are also expected to be lower than the 14.59 million visitors in 2008.
  • In view of the uncertain economic conditions in Thailand, the Group does not expect its four joint venture entities in Thailand to contribute positively to its bottomline in the third quarter of 2009.
  • In view of the above, the Directors expect the Group's performance in 3Q2009 to be lower than that of 3Q2008.

FINANCIAL RECORDS

Revenue (SGD '000)

FY 1Q 2Q 3Q 4Q Total

2009 20,933 19,278
2008 23,716 24,405 23,877 25,814 97,812
2007 15,917 18,009 20,038 22,572 76,536
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Earnings (SGD '000)

FY 1Q 2Q 3Q 4Q Total

2009 8,071 1,548
2008 8,798 135,687 9,486 4,433 158,404 (Incl. Sale of Asset)
2007 2,540 5,513 5,097 16,378 29,528
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Dividends

FY Interim Final Special (SGD)

2009 NA
2008 0.04 0.06 (Spe) 0.75 (Spe)
2007 0.06639 0.06 NA
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Bonus / Rights / Stock Split

Date Type Details

NA
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Share Data (SGD)

NAV = $1.45
EPS = $0.0623 (6M FY09)
Diluted EPS = $0.0623 (6M FY09)
No of Shares = 154,301,000
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date

NA



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