PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS 1(a) An income statement (for the group) together with a comparative statement for thecorresponding period of the immediately preceding financial year. |
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The Group |
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3Q 2004 |
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3Q 2003 |
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+ / (-) |
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S$'000 |
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S$'000 |
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% |
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Turnover |
165,403 |
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131,555 |
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25.7 |
Cost of services |
(134,333) |
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(124,134) |
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8.2 |
Gross profit |
31,070 |
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7,421 |
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318.7 |
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Marketing expenses |
(3,701) |
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(1,902) |
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94.6 |
Administrative expenses |
(3,154) |
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(2,068) |
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52.5 |
Other operating income |
155 |
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- |
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n.m |
Profit from operations |
24,370 |
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3,451 |
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n.m |
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Finance expenses, net |
(967) |
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(1,320) |
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(26.7) |
Operating profit |
23,403 |
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2,131 |
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n.m |
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Share of results of associated company |
228 |
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117 |
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94.9 |
Profit before tax |
23,631 |
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2,248 |
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n.m |
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Tax |
(261) |
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(62) |
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n.m |
Profit after tax |
23,370 |
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2,186 |
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n.m |
Minority interests |
(195) |
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7 |
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n.m |
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Net profit attributable to shareholders |
23,175 |
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2,193 |
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n.m |
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n.m = not meaningful | ![]() |
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Notes to the Income Statements | ![]() |
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The Group |
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3Q 2004 |
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3Q 2003 |
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+ / (-) |
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S$'000 |
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S$'000 |
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% |
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Other income including interest income |
279 |
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84 |
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n.m |
Interest on borrowings |
(765) |
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(853) |
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(10.3) |
Depreciation and amortisation |
(4,367) |
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(4,549) |
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(4.0) |
(Provision for) / Write back of doubtful trade debts and bad trade debts written off |
(35) |
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523 |
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n.m |
Foreign exchange loss |
(326) |
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(551) |
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(40.8) |
Gain on disposal of fixed assets |
27 |
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- |
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n.m |
Unrealised gain on investment securities |
114 |
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33 |
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n.m |
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The Group |
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The Company | ||
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30/9/2004 |
31/12/2003 |
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30/9/2004 |
31/12/2003 |
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S$'000 |
S$'000 |
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S$'000 |
Share capital and reserves | ![]() |
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Share capital (457,675,000 shares) |
45,768 |
45,768 |
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45,768 |
45,768 |
Share premium |
53,432 |
53,432 |
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53,432 |
53,432 |
Share redemption reserve |
504 |
504 |
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504 |
504 |
Capital reserve |
267 |
267 |
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- |
- |
Translation reserve |
3,552 |
3,635 |
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- |
- |
Accumulated profits |
123,626 |
92,173 |
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87,767 |
62,852 |
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227,149 |
195,779 |
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187,471 |
162,556 |
Minority interests |
1,819 |
1,429 |
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- |
- |
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228,968 |
197,208 |
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187,471 |
162,556 |
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Subsidiaries |
- |
- |
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71,440 |
71,275 |
Associated company |
743 |
445 |
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283 |
283 |
Fixed assets |
163,421 |
177,636 |
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1,437 |
19,133 |
Deferred charges |
9,579 |
6,646 |
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- |
- |
Other non-current assets |
41 |
59 |
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36 |
54 |
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Current assets | ![]() |
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Stocks |
2,271 |
1,887 |
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- |
- |
Trade debtors |
96,729 |
72,024 |
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90,775 |
66,634 |
Other debtors, deposits and prepayments |
14,576 |
12,463 |
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11,885 |
11,155 |
Due from immediate holding company (trade) |
1,809 |
623 |
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1,184 |
623 |
Due from subsidiaries (trade) |
- |
- |
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1,598 |
508 |
Due from subsidiaries (non-trade) |
- |
- |
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11,307 |
9,484 |
Due from related companies (trade) |
2 |
552 |
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- |
- |
Due from associated company (non-trade) |
147 |
283 |
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147 |
283 |
Investment securities |
19,896 |
10,725 |
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19,896 |
10,725 |
Call and fixed deposits |
20,487 |
12,667 |
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17,142 |
9,588 |
Cash and bank balances |
27,577 |
19,784 |
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18,136 |
11,954 |
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183,494 |
131,008 |
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172,070 |
120,954 |
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Current liabilities | ![]() |
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Trade creditors |
37,741 |
37,903 |
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30,833 |
31,705 |
Other creditors and accruals |
23,361 |
13,666 |
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16,382 |
8,552 |
Due to immediate holding company (non-trade) |
- |
486 |
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- |
- |
Due to related companies (trade) |
2,282 |
1,404 |
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- |
84 |
Hire purchase creditors, current portion |
102 |
104 |
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68 |
66 |
Bank term loans (secured), current portion |
15,306 |
14,961 |
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1,876 |
- |
Provision for tax |
771 |
697 |
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273 |
312 |
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79,563 |
69,221 |
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49,432 |
40,719 |
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Net current assets |
103,931 |
61,787 |
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122,638 |
80,235 |
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Non-current liabilities | ![]() |
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Due to subsidiary (non-trade) |
- |
- |
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8,147 |
8,153 |
Deferred tax |
375 |
344 |
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- |
- |
Hire purchase creditors, non-current portion |
403 |
458 |
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216 |
271 |
Bank term loans (secured), non-current portion |
47,969 |
48,563 |
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- |
- |
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228,968 |
197,208 |
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187,471 |
162,556 |
As at 30/09/2004 |
As at 31/12/2003 |
Secured |
Unsecured |
Secured |
Unsecured |
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S$15.41 mil |
0 |
S$15.07 mil |
0 |
As at 30/09/2004 |
As at 31/12/2003 |
Secured |
Unsecured |
Secured |
Unsecured |
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S$48.37 mil |
0 |
S$49.02 mil |
0 |
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3Q 2004 S$'000 |
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3Q 2003 S$'000 |
Cash flows from operating activities | ![]() |
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Profit before tax |
23,631 |
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2,248 |
Adjustments: | ![]() |
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|
1,449 |
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1,204 |
|
2,918 |
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3,345 |
|
765 |
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853 |
|
(124) |
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(51) |
|
35 |
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(523) |
|
(114) |
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(33) |
|
(228) |
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(117) |
|
(27) |
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- |
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Operating profit before working capital changes |
28,305 |
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6,926 |
(Increase) decrease in: | ![]() |
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|
9 |
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28 |
|
(18,504) |
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(3,129) |
|
(1,756) |
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(259) |
|
(413) |
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(540) |
|
- |
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424 |
Increase (decrease) in: | ![]() |
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|
2,313 |
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7,904 |
|
5,973 |
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(1,117) |
|
(188) |
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(794) |
|
- |
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252 |
|
- |
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(349) |
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Cash generated from operations |
15,739 |
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9,346 |
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Interest paid |
(765) |
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(853) |
Tax paid |
(98) |
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(8) |
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Net cash generated from operating activities |
14,876 |
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8,485 |
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Cash flows from investing activities | ![]() |
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Interest income received |
124 |
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51 |
Acquisition of fixed assets |
(9,524) |
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(12,739) |
Proceeds from disposal of fixed assets |
53 |
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- |
Additions to deferred charges |
(573) |
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(3,343) |
Purchase of investment securities |
(5,362) |
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(620) |
Acquisition of shares of a subsidiary from a minority shareholder |
- |
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(490) |
Issuance of shares of a subsidiary to minority shareholders |
- |
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342 |
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Net cash used in from investing activities |
(15,282) |
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(16,799) |
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Cash flows from financing activities | ![]() |
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(Repayments of) Proceeds from hire purchase liabilities, net |
(20) |
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32 |
Proceeds from bank term loans |
8,764 |
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8,837 |
Repayments of bank term loan |
(3,746) |
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(5,069) |
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Net cash generated from financing activities |
4,998 |
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3,800 |
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Net increase / (decrease) in cash and cash equivalents |
4,592 |
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(4,514) |
Effect of exchange rate changes on cash and cash equivalents |
52 |
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56 |
Cash and cash equivalents at the beginning of the third quarter |
43,420 |
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35,356 |
Cash and cash equivalents at the end of the third quarter |
48,064 |
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30,898 |
GROUP 3Q 2004 |
Share capital |
Share premium |
Share redemption reserve |
Capital reserve |
Translation reserve |
Accumulated profits |
Total |
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S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
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Balance as at 1 Jul 2004 |
45,768 |
53,432 |
504 |
267 |
4,164 |
100,451 |
204,586 |
Currency translation |
- |
- |
- |
- |
(612) |
- |
(612) |
Net profit for the period |
- |
- |
- |
- |
- |
23,175 |
23,175 |
Balance as at 30 Sept 2004 |
45,768 |
53,432 |
504 |
267 |
3,552 |
123,626 |
227,149 |
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GROUP 3Q 2003 |
Share capital |
Share premium |
Share redemption reserve |
Capital reserve |
Translation reserve |
Accumulated profits |
TOTAL |
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S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
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Balance as at 1 Jul 2003 |
45,768 |
53,432 |
504 |
267 |
6,860 |
92,641 |
199,472 |
Currency translation |
- |
- |
- |
- |
(1,629) |
- |
(1,629) |
Net profit for the period |
- |
- |
- |
- |
- |
2,193 |
2,193 |
Balance as at 30 Sept 2003 |
45,768 |
53,432 |
504 |
267 |
5,231 |
94,834 |
200,036 |
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COMPANY 3Q 2004 |
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Share capital |
Share premium |
Share redemption reserve |
Accumulated profits |
TOTAL |
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S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
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Balance as at 1 Jul 2004 | ![]() |
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45,768 |
53,432 |
504 |
67,234 |
166,938 |
Net profit for the period | ![]() |
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- |
- |
- |
20,533 |
20,533 |
Balance as at 30 Sept 2004 | ![]() |
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45,768 |
53,432 |
504 |
87,767 |
187,471 |
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COMPANY 3Q 2003 |
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Share capital |
Share premium |
Share redemption reserve |
Translation reserve |
Accumulated profits |
TOTAL |
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S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
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Balance as at 1 Jul 2003 | ![]() |
45,768 |
53,432 |
504 |
23 |
65,720 |
165,447 |
Net profit for the period | ![]() |
- |
- |
- |
- |
545 |
545 |
Currency translation | ![]() |
- |
- |
- |
(8) |
- |
(8) |
Balance as at 30 Sept 2003 | ![]() |
45,768 |
53,432 |
504 |
15 |
66,265 |
165,984 |
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Group Figures | |
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3Q 2004 |
3Q 2003 |
Earnings per ordinary share for the period based on net profit attributable to shareholders: | ![]() |
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(i) Based on weighted average number of ordinary shares in issue |
5.06 cents |
0.48 cents |
(ii) On a fully diluted basis |
N.A. |
N.A. |
(a) current financial period reported on; and
(b) immediately preceding financial year.
3Q 2004 |
Group |
Company | ||
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30 Sept 2004 |
31 Dec 2003 |
30 Sept 2004 |
31 Dec 2003 |
Net asset value backing per ordinary share based on issued share capital as at the end of the period |
50.03 cents |
43.09 cents |
40.96 cents |
35.52 cents |
(a) any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable seasonal or cyclical factors; and
(b) any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on.
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Latest Full Year () |
Previous Full Year () |
Ordinary |
0 |
0 |
Preference |
0 |
0 |
Total: |
0 |
0 |
Name of Interested Persons | Aggregate value of all interested person transactions during the financial year under review | Aggregate value of all interested person transactions conducted under a shareholders' mandate pursuant to Rule 920 of the SGX Listing Manual | ||
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Group |
Group | ||
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3Q 2004 |
3Q 2003 |
3Q 2004 |
3Q 2003 |
Provision of services (by Holding Company) |
S$'000 |
S$'000 |
S$'000 |
S$'000 |
Management Fees |
- |
- |
174 |
174 |
Agency Commission |
- |
- |
1,192 |
1,150 |
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Provision of services (by Related Companies) | ![]() |
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Management Fees |
- |
- |
12 |
12 |
Agency Commission |
- |
- |
10 |
- |
Ship Management Fees |
- |
- |
260 |
301 |