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Proforma Half Year Financial Statement And Dividend Announcement

BackSep 28, 2001

Half-year financial statement on consolidated results for the six months ended 30 June 2001
These figures have not been audited.

- -
Group
Company
-- --
S$'000
%
S$'000
%
- -
Latest half year
Previous half year
Change
Latest half year
Previous half year
Change
1.(a) Turnover
28,511
0
0
0
1.(b) Investment income
0
0
0
0
1.(c) Other income including interest income
55
0
13
0
2.(a) Operating profit before income tax, minority interests, extraordinary items, interest on borrowings, depreciation and amortisation,foreign exchange gain/(loss) and exceptional items
1,100
0
(220)
0
2.(b)(i) Interest on borrowings
(13)
0
0
0
2.(b)(ii) Depreciation and amortisation
(574)
0
0
0
2.(b)(iii) Foreign exchange gain/(loss)
0
0
0
0
2.(c) Exceptional items
0
0
0
0
2.(d) Operating profit before income tax, minority interests and extraordinary items but after interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items
513
0
(220)
0
2.(e) Income derived from associated companies
0
0
0
0
2.(f) Less income tax
(208)
0
0
0
2.(g)(i) Operating profit after tax before deducting minority interests
305
0
(220)
0
2.(g)(ii) Less minority interests
(9)
0
0
0
2.(h) Operating profit after tax attributable to members of the company
296
0
(220)
0
2.(i)(i) Extraordinary items
0
0
0
0
2.(i)(ii) Less minority interests
0
0
0
0
2.(i)(iii) Extraordinary items attributable to members of the company
0
0
0
0
02.(i)(iv) Transfer to/from Exchange Reserve
0
0
0
0
2.(i)(v) Transfer to Capital Reserve
0
0
0
0
2.(i)(vi) Transfer to Reserve Fund
0
0
0
0
2.(j) Operating profit after tax and extraordinary items attributable to members of the company
296
0
(220)
0

* Note: The Company was incorporated only on 29/06/2000 and there were no operations during the corresponding period ended 30/06/2000.


Group Figures
Latest half year
Previous half year
3.(a) Earnings per share based on 2(h) above after deducting any provision for preference dividends:-
.
.
3.(a)(i) Based on existing issued share capital
0.29 cents
0
3.(a)(ii) On a fully diluted basis
0.29 cents
0
3.(b) Earnings per share based on 2(j) above:-
(i) Based on existing issued share capital
0.29 cents
0
(ii) On a fully diluted basis
0.29 cents
0
3.(c) Net tangible asset backing per ordinary share
6.9 cents
0



4.(a) Amount of any adjustment for under or overprovision of tax in respect of prior years
    NIL

4.(b) Amount of any pre-acquisition profits
    NIL


4.(c) Amount of profits on any sale of investments and/or properties
















      NIL


4.(d) Any other comments relating to Paragraph 4
    NIL
5.(a) Review of the performance of the company and its principal subsidiaries
During the first half of the year 2001, the Group opened the following outlets :

1. Jade Restaurant, January 2001
2. Lao Beijing Dining Hall, March 2001
3. Teahouse at China Square, June 2001

These new outlets generated S$3.9 million in turnover, bringing the Group's revenues to $28.5 million for the first half of 2001. The Group generated a profit before tax of $513,000 and a net profit (before tax and minority interest) of $296,000.

The low net profit was attributable to start-up and running-in costs incurred by the new outlets, and additional operating expenses for the Group. Moreover, the current downturn also affected the Group's revenue.

The Group has also taken the necessary measures to control costs and further improve efficiency and productivity.

5.(b) A statement by the Directors of the Company on whether "any item or event of a material
    or unusual nature which would have affected materially the results of operations of the
    Group and Company has occurred between the date to which the report refers and the
    date on which the report is issued". If none, to include a negative statement.
      No item or event of a material or unusual nature which would affect materially the results of the operations of the Group and Company has ocurred between the date to which the report refers and the date on which the report is issued.

    6. Commentary on current year prospects
    The Group has expanded and established new outlets for future growth - a strategy that has worked for the Group in the last two recessions. The Group is moving towards creating a mixed portfolio of high-end and mid-range restaurant concepts. This strategy is to replicate tested formulas that has proven to be successful at existing outlets.

    In the second half, the group has launched two joint ventures, Asian Restaurant and Bar (Club Asiana Pte Ltd) at old Thong Chai Building and the Tung Lok Seafood Arena with a bar and caf? at the Arena Country Club. The Group also acquired and re-launched Paddyfields Thai Restaurant and relocated the successful Lingzhi Vegetarian Restaurant to Liat Towers at Orchard Road. Lingzhi Vegetarian Restaurant and House of Mao Hunan Hot Pot have each opened a branch at Far East Square in September.

    For the current year, the Group's performance will depend on the economic situation in Singapore. To face the challenge of the current conditions, the Group will continue to intensify its promotion programmes, and implement major cost reduction measures.

    Given the difficult current economic conditions, the Board does not expect the performance of the second half year to be better than that of the first half.
    7. Dividend
      (a) Any dividend declared for the present financial period? None
      (b) Any dividend declared for the previous corresponding period? None

    (c) Date payable
        N. A.



    (d) Books closing date
        N. A.



    (e) Any other comments relating to Paragraph 7
        NIL
    8. Details of any changes in the company's issued share capital
    Details of the changes to the Company's issued and paid-up capital from the date of incorporation and the issued and paid-up capital immediately preceding and proceeding the invitation are as follows:-
    No. of Shares
    2 ordinary shares of $1.00 each issued on incorporation
    2
    Issue of 1,586,714 new ordinary shares of $1.00 each as consideration for the purchase of the businesses, undertakings and operating assets from the controlling shareholders
    1,586,714
    Rights issue of 413,284 ordinary shares of $1.00 each for cash
    413,284
    ___________
    Pre-invitation issued capital
    2,000,000
    ======
    Sub-division of each ordinary share of $1.00 each into 40 ordinary shares of $0.025 each
    80,000,000
    Issue of 20,000,000 new ordinary shares of $0.025 each which form the subject of the Invitation
    20,000,000
    ___________
    Post- invitation issued capital
    100,000,000
    ======
    (Invitation - The Invitation by the Company in respect of 20,000,000 new ordinary shares of $0.025 each on the terms and conditions of the Prospectus dated 10 March 2001)
    9. Comparative figures of the group's borrowings and debt securities

    (a) Amount repayable in one year or less, or on demand
        As at 30/06/2001
        As at 31/12/2000
        Secured
        Unsecured
        Secured
        Unsecured

        $337,000

        $0

        $315,000

        $0


    (b) Amount repayable after one year
        As at 30/06/2001
        As at 31/12/2000
        Secured
        Unsecured
        Secured
        Unsecured

        $1,602,000

        $0

        $706,000

        $0


    (c) Any other comments relating to Paragraph 9
        NIL
    10. Balance sheet
    30-06-01
    31-12-00
    30-06-01
    31-12-00
    $'000
    $'000
    $'000
    $'000
    Group
    Group
    Company
    Company
    Fixed Assets
    6,877
    3,620
    -
    -
    Subsidiaries
    -
    -
    2,082
    1,587
    Intangible Assets
    204
    -
    -
    -
    Current Assets
    11,247
    9,087
    3,188
    238
    Current Liabilities
    (8,692)
    (8,555)
    (41)
    (253)
    Net Current Assets
    2,555
    532
    3,147
    (15)
    Term Loan, Non-Current Portion
    (1,311)
    (354)
    -
    -
    Hire Purchase/Lease Creditors,Non-current Portion
    (291)
    (351)
    -
    -
    Deferred Taxation
    (191)
    (191)
    -
    -
    7,843
    3,256
    5,229
    1,572
    Represented by:
    Shareholders' equity
    7,140
    2,968
    5,229
    1,572
    Minority Interests
    703
    288
    -
    -
    7,843
    3,256
    5,229
    1,572



    BY ORDER OF THE BOARD

    Tjioe Ka Men
    Managing Director
    28 September 2001