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Half Year Financial Statement And Dividend Announcement

BackAug 20, 2003
PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS

Group
Half Year Ended 30 June
2003
2002*
Increase/
$'000
$'000
(Decrease)
%
Turnover
17,261
14,114
22.3%
Cost of sales
(6,045)
(4,705)
28.5%
Gross profit
11,216
9,409
19.2%
Other operating income
28
-
N.A.
Distribution and selling expenses
(8,516)
(6,327)
34.6%
Administrative expenses
(2,155)
(1,386)
55.5%
Profit from operations
573
1,696
(66.2%)
Other income
66
1
6500.0%
Interest expenses
(115)
(40)
187.5%
Other financial expenses
(8)
(14)
(42.9%)
Profit before tax
516
1,643
(68.6%)
Tax expense
(212)
(463)
(54.2%)
Net Profit attributable to shareholders
304
1,180
(74.2%)

Group
Company
30.6.2003
31.12.2002*
30.6.2003
31.12.2002*
$'000
$'000
$'000
$'000
Non-Current Assets
Fixed assets
10,068
9,079
-
-
Subsidiaries
-
-
5,239
500
Trade mark
134
89
-
-
10,202
9,168
5,239
500
Current Assets
Inventories
614
425
-
-
Trade receivables
587
214
-
-
Other receivables, deposits and prepayments
2,421
2,119
111
-
Fixed deposits
8,252
344
7,000
-
Cash on hand and at bank
2,589
2,848
555
-
14,463
5,950
7,666
-
Current Liabilities
Trade payables
2,464
2,539
-
-
Other payables and accrued expenses
2,755
3,609
449
-
Amount due to subsidiaries
-
-
736
-
Deferred revenue
-
40
-
-
Provision for income tax
430
755
15
-
Term loans (current portion)
1,951
1,300
-
-
Finance lease obligations (current portion)
268
120
-
-
7,868
8,363
1,200
-
Net Current Assets / (Liabilities)
6,595
(2,413)
6,466
-
Non-Current Liabilities
Term loans (non-current portion)
3,351
435
-
-
Finance lease obligations (non-current portion)
576
366
-
-
Deferred tax
826
626
-
-
4,753
1,427
-
-
Net assets
12,044
5,328
11,705
500
Share capital and reserves
Share capital
6,519
500
6,519
500
Share premium
5,132
-
5,132
-
Accumulated profits
393
4,828
54
-
12,044
5,328
11,705
500
Group
Half Year Ended 30 June
2003
2002*
$'000
$'000
Cash flows from operating activities
Profit before tax
516
1,643
Adjustment for:
Depreciation of fixed assets
1,167
641
Amortisation of trade mark
11
-
Interest expenses
115
40
Interest income
(4)
(1)
Operating profit before working capital changes
1,805
2,323
(Increase)/ decrease in:
Inventories
(189)
(28)
Trade receivables
(372)
(57)
Other receivables, deposits and prepayments
(299)
(1,015)
Amount due from directors
-
(265)
Increase/ (decrease) in:
Trade payables
(75)
130
Other payables and accrued expenses
(216)
794
Deferred revenue
(40)
-
Amount due to directors
-
(15)
Cash generated from operations
614
1,867
Interest expenses paid
(115)
(40)
Tax paid
(337)
(254)
Net cash flow from operating activities
162
1,573
Cash flows from investing activities
Interest income
4
1
Purchase of fixed assets
(2,635)
(2,869)
Trade mark costs incurred
(56)
-
Net cash flow used in investing activities
(2,687)
(2,868)
Cash flows from financing activities
Increase in fixed deposits pledged
(908)
(150)
Net proceeds from issuance of ordinary shares
6,412
-
Net financing from term loans
3,567
1,033
Additions/(repayment) of finance lease obligations
195
(25)
Dividends paid on ordinary shares
-
(300)
Net cash flow from financing activities
9,266
558
Net increase in cash and cash equivalents
6,741
(737)
Cash and cash equivalents at beginning of period
2,848
1,738
Cash and cash equivalents at end of period
9,589
1,001
Note: Cash and cash equivalents
Cash on hand and at bank
2,589
1,001
Fixed deposits
8,252
340
10,841
1,341
Less: Fixed deposits pledged
(1,252)
(340)
Cash and cash equivalents
9,589
1,001










Share Capital
Share Premium
Accumulated profits
Total
$'000
$'000
$'000
$'000
Group
As at 1 January 2002 - Proforma adjustments*
500
-
1,725
2,225
Net profit for the period
-
-
1,180
1,180
Dividend
-
-
(300)
(300)
As at 30 June 2002
500
-
2,605
3,105
As at 1 January 2003
500
-
4,828
5,328
Proforma adjustment to reflect acquisition of subsidiary pursuant to restructuring exercise

4,739
-
(4,739)
-
Issue of shares pursuant to IPO
1,280
5,132
-
6,412
Net profit for the period
-
-
304
304
As at 30 June 2003
6,519
5,132
393
12,044
Company
As at 1 January 2002 - Proforma adjustments*
500
-
-
500
Net profit for the period
-
-
-
-
As at 30 June 2002
500
-
-
500
As at 1 January 2003
500
-
-
500
Proforma adjustment to reflect acquisition of subsidiary pursuant to restructuring exercise
4,739
-
-
4,739
Issue of shares pursuant to IPO
1,280
5,132
-
6,412
Net profit for the period
-
-
54
54
As at 30 June 2003
6,519
5,132
54
11,705
Group
Half Year Ended 30 June
2003
2002*
Earnings per ordinary share for the period:
(a) Based on weighted average number of ordinary shares in issue
0.2 cents
0.9 cents
(b) On a fully diluted basis
0.2 cents
0.9 cents
Group
Company
30.6.2003
31.12.2002*
30.6.2003
31.12.2002*
$'000
$'000
$'000
$'000
Net asset value per ordinary share based on issued share capital as at the end of period reported on
7.4 cents
4.1 cents
7.2 cents
0.4 cents

PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT
(This part is not applicable to Q1, Q2, Q3 or Half Year Results)
17. Interested Person Transactions

Half Year Ended 30 June
2003
2002
$'000
$'000
Rental Expenses
Katherine Lee Lih Leng
21
21
As At
30.6.2003
31.12.2002
$'000
$'000
Gurantees For Banking Facilities
Jointly provided by George Quek Meng Tong and Katherine Lee Lih Leng
7,450
4,803
Guarantee for Finance Leases
Jointly provided by George Quek Meng Tong and Katherine Lee Lih Leng
422
-
BY ORDER OF THE BOARD

Wang Li-Er, Sherylene (Ms)
Company Secretary
20/08/2003