Investor Relations

Half year financial statements for the six months ended 30 June 2002.
These figures have not been audited.

-	-	Group			Company
-	-	S$'000		%	S$'000		%
-	-
-	-	Latest period	Previous corresponding period	Increase/ (Decrease)	Latest period	Previous corresponding period	Increase/ (Decrease)
1.(a)	Turnover	33,339	28,511	16.9	0	0	0
1.(b)	Cost of sales or classification as followed in the most recent audited annual financial statements	(9,568)	(8,893)	7.6	0	0	0
1.(c)	Gross profit/loss	23,771	19,618	21.2	0	0	0
1.(d)	Investment income	0	0	0	180	0	0
1.(e)	Other income including interest income	54	55	(1.8)	29	13	123.1
2.(a)	Operating profit before income tax, minority interests, extraordinary items, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items	1,679	1,100	52.6	102	(220)	146.4
2.(b)(i)	Interest on borrowings	(101)	(13)	676.9	(5)	0	0
2.(b)(ii)	Depreciation and amortisation	(1,023)	(574)	78.2	0	0	0
2.(b)(iii)	Foreign exchange gain/(loss)	0	0	0	0	0	0
2.(c)	Exceptional items (provide separate disclosure of items)	0	0	0	0	0	0
-	-
-	-	S$'000		%	S$'000		%
-	-
-	-	Latest period	Previous corresponding period	Increase/ (Decrease)	Latest period	Previous corresponding period	Increase/ (Decrease)
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	555	513	8.2	97	(220)	144.1
2.(e)	Income derived from associated companies (With separate disclosure of any items included therein which are exceptional because of size & incidence)	(1,171)	0	0	0	0	0
2.(f)	Operating profit before income tax	(616)	513	(220.1)	97	(220)	144.1
2.(g)	Less income tax (Indicate basis of computation)	(138)	(208)	(33.7)	(44)	0	0
2.(g)(i)	Operating profit after tax before deducting minority interests	(754)	305	(347.2)	53	(220)	124.1
2.(g)(ii)	Less minority interests	(74)	(9)	722.2	0	0	0
2.(h)	Operating profit after tax attributable to members of the company	(828)	296	(379.7)	53	(220)	124.1
2.(i)(i)	Extraordinary items (provide separate disclosure of items)	0	0	0	0	0	0
2.(i)(ii)	Less minority interests	0	0	0	0	0	0
2.(i)(iii)	Extraordinary items attributable to members of the company	0	0	0	0	0	0

-	-	Group			Company
-	-	S$'000		%	S$'000		%
-	-
-	-	Latest period	Previous corresponding period	Increase/ (Decrease)	Latest period	Previous corresponding period	Increase/ (Decrease)
2.(i)(iv)	Transfer to/from Exchange Reserve	0	0	0	0	0	0
2.(i)(v)	Transfer to Capital Reserve	0	0	0	0	0	0
2.(i)(vi)	Transfer to Reserve Fund	0	0	0	0	0	0
2.(j)	Operating profit after tax and extraordinary items attributable to members of the company	(828)	296	(379.7)	53	(220)	124.1

Group Figures
-	-	Latest period	Previous corresponding period
3.(a)	Operating profit [2(g)(i) above] as a percentage of turnover [1(a) above]	(2.26)%	1.07%
3.(b)	Operating profit [2(h) above] as a percentage of issued capital and reserves at end of the period	(18.34)%	4.15%
3.(c)	Earnings per ordinary share for the period based on 2(h) above after deducting any provision for preference dividends:-
	(i) Based on weighted average number of ordinary shares in issue	*(0.83) cents	*0.29 cents
	(ii) On a fully diluted basis (To disclose the basis used in arriving at the weighted average number of shares for the purposes of (c)(i) above and to provide details of any adjustments made for the purpose of (c)(ii) above)	NA	NA
3.(d)	Net tangible asset backing per ordinary share based on existing issued share capital as at the end of the period reported on	4.37 cents	6.9 cents

the current and previous corresponding period

	Jan-Jun 2002	Jan-Jun 2001
Staff Cost	10,186	9,009
Admin Expenses	1,832	1,476
Other Operating Expenses	11,150	8,663
Finance Costs	101	13

-	-	Group			Company
Item 4 is not applicable to interim results		S$'000		%	S$'000		%
-	-
-	-	Latest period	Previous corresponding period	Increase/ (Decrease)	Latest period	Previous corresponding period	Increase/ (Decrease)
4.(a)	Sales reported for first half year	0	0	0	0	0	0
4.(b)	Operating profit [2(g)(i) above] reported for first half year	0	0	0	0	0	0
4.(c)	Sales reported for second half year	0	0	0	0	0	0
4.(d)	Operating profit [2(g)(i) above] reported for second half year	0	0	0	0	0	0

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

NIL

NIL

Sale of investments/properties	$Profit/(Loss)
NIL

NIL

The Group operates in Singapore and in one main line of business, being that of restaurant business. Therefore the requirement on the disclosure of the information relating to the product or business activity and geographical segments of the operations is not applicable.

The turnover of the Group increased by 16.9% from $28.5m for the first half of 2001 to $33.3m in the first half of 2002. This was due mainly to the opening of five new outlets in the second half of 2001 which contributed additional sales of $6.7m. Net profit after tax and minority interest, however, decreased from $0.3m profit in the first half of 2001 to a loss of $0.8m in the first half of 2002. The loss was mainly due to a loss of $1.1m, arising from continued poor economic situation and run-in expenses of the two joint ventures, one of which was set up by the Group in May 2002.

the issuer must explain any variance between the forecast or prospect statement and the
actual results

As announced in July 2002, the Group entered into an agreement with Copilot Developments Limited to purchase 405,000 ordinary shares of $1/- each in Club Asiana Pte Ltd (Club Asiana) for the sum of $80,000/-. Following the acquisition, Club Asiana became a wholly-owned subsidiary of the Group. The acquisition was to enable the Group to restructure and relaunch the outlet with a view to turn it into profitability.

At the July 2002 announcement, we mentioned that the additional acquisition would not have a material impact on the Group. However, with the new plans drawn up, in the light of the attendant run-in costs and the sluggish economic conditions, the Group does not expect Club Asiana to be profitable for the financial year ending 31 December 2002.

In the last announcement made in connection with the Group 2001 results, we mentioned that barring unforeseen circumstances, the Group expected to return to profitability for the financial year ending 31 December 2002. Due to the longer than expected economic recovery, the opening of new outlets and their run-in expenses, and the cost of relaunching Club Asiana, the Group does not expect to return to profitability for the financial year ending 31 December 2002.

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 give a negative statement.

Other than as disclosed in this announcement, the Directors are not aware of any item or event of a material or unusual nature which occurred during and up to the date of this announcement which would affect materially the results of the Group and the Company.

industry in which the group operates and any known factors or events that may affect
the group in the next reporting period

In view of the challenging business environment, the Group has now focused on developing economies of scale within the Group, such as cross-referrals, loyalty programmes, improving overall customer service, and creating menus to cater to changing customer needs.

In addition to focusing on our restaurant service and business, the Group has also expanded its manufacturing capability with the new facility in Bukit Batok, and will look into expanding beyond festive products to include sauces and premixes.

Due to the sluggish economic recovery, the directors do not expect the Group to be profitable for the financial year ending 31 December, 2002.

(a) Any dividend declared for the present financial period? -		None	-
(b) Any dividend declared for the previous corresponding period?		None
(c) Total Annual Dividend
-
-	Latest Year ()	Previous Year ()
Ordinary
Preference	0	0
Total:

N.A.

N.A.

NIL

	30 Jun 02	31 Dec 01	30 Jun 02	31 Dec 01
	$'000	$'000	$'000	$'000
	Group	Group	Company	Company
Fixed Assets	10,037	9,529	-	-
Investments	(483)	(312)	3,292	2,292
Intangible Assets	142	177	-	-
Current Assets	10,158	10,150	2,617	2,935
Current Liabilities	(12,094)	(11,023)	(801)	(172)
Net Current Assets	(1,936)	(873)	1,816	2,763
Term Loan, Non-Current Portion	(2,450)	(2,341)	-	-
Hire Purchase/Lease Creditors, Non-current Portion	(234)	(259)	-	-
Deferred Taxation	(114)	(115)	-	-
	4,962	5,806	5,108	5,055
Represented by:
Share Capital	2,500	2,500	2,500	2,500
Share Premium	2,927	2,927	2,927	2,927
Accumulated Losses	(912)	(84)	(319)	(372)
Shareholders' equity	4,515	5,343	5,108	5,055
Minority Interests	447	463	-	-
	4,962	5,806	5,108	5,055

	1-Jan-02		1-Jan-01
	30-Jun-02		30-Jun-01
	(6 months)		(6 months)
	$'000		$'000
Cash flows from operating activities
Profit before income tax and share of loss in joint venture	555		513
Adjustments for:
Depreciation expense	988		574
Amortisation of goodwill	35		-
Interest income	(30)		(16)
Interest expense	101		13
Loss on disposal of plant and equipment	35		8
Operating profit before working capital changes	1,684		1,092
Receivables	(855)		(398)
Inventories	55		199
Payables	919		130
Cash generated from operations	1,803		1,023
Interest paid	(101)		(13)
Interest received	30		16
Income tax paid	(4)		(223)
Net cash from operating activities	1,728		803
Cash flows from investing activities
Proceeds from disposal of plant and equipment	7		-
Purchase of plant and equipment	(1,390)		(3,517)
Goodwill purchased	-		(204)
Capital contributed by a minority shareholder of a subsidiary	-		405
Investment in joint venture	(1,000)		-
Net cash used in investing activities	(2,383)		(3,316)
Cash flows from financing activities
Proceeds from issuing shares	-		5,013
Share issue expenses	-		(1,135)
Dividend paid to minority shareholders	(90)		-
Net proceeds from bank loans	110		831
Repayments of obligations under finance leases	(157)		(234)
Net cash from financing activities	(137)		4,475
Net decrease in cash	(792)		1,962
Cash at beginning of period/ year	4,571		4,882
Cash at end of period/ year	3,779		6,844

Note : During the financial period, the group acquired property, plant and equipment with an aggregated cost of $1,537,398, of which $147,600 was acquired by means of finance leases and balance of $1,389,798 by cash.

	GROUP						COMPANY
	Issued capital	Share Premium	Unalloted and unissued Capital	Accumulated profit/ (losses)	Total		Issued capital	Share Premium	Unalloted and unissued Capital	Accumulated profit/ (losses)	Total
	$	$	$	$	$		$	$	$	$	$
Balance as at December 31, 2000	-	-	1,586	1,381	2,967		-	-	1,586	(15)	1,571
Issue of shares pursuant to the:
- Restructuring Exercise	1,586	-	(1,586)	-	-		1,586	-	(1,586)	-	-
- Rights issue	414	-	-	-	414		414	-	-	-	414
- Public offering	500	4,100	-	-	4,600		500	4,100	-	-	4,600
Share issue expenses	-	(1,173)	-	-	(1,173)		-	(1,173)	-	-	(1,173)
Net loss for the year	-	-	-	(1,465)	(1,465)		-	-	-	(357)	(357)
Balance as at December 31, 2001	2,500	2,927	-	(84)	5,343		2,500	2,927	-	(372)	5,055
Net (loss)/profit for the period	-	-	-	(828)	(828)		-	-	-	53	53
Balance as at June 30, 2002	2,500	2,927	-	(912)	4,515		2,500	2,927	-	(319)	5,108

10.(a), (b) and (c) above

The accounting policies applied in the financial information above are unchanged from those applied in the annual report of the Group for the year ended December 31, 2001.

There were no changes in the Company's issued share capital since the end of the last financial year.

on, and comparative figures as at the end of the most recently announced financial
statements



(a) Amount repayable in one year or less, or on demand
As at 30/06/2002		As at 31/12/2001
Secured	Unsecured	Secured	Unsecured
$390,000	$960,000	$373,000	$660,000





(b) Amount repayable after one year
As at 30/06/2002		As at 31/12/2001
Secured	Unsecured	Secured	Unsecured
$2,030,000	$654,000	$2,096,000	$504,000

NIL

in the financial statements as compared with the most recent audited annual financial
statements. Where there have been any changes or departure from the accounting policies
and methods of computation, including those required by an accounting standard, this
should be disclosed together with the reasons for the change and the effect of the change

The same accounting policies and methods of computation are followed in the financial statements for the current reporting period as compared with the audited financial statements for the year ended 31 December 2001.