Page 7 - ar2012

03 Annual Report 2012
Whilst our revenue increasedbya signifcant 84%to
S$56 million, our proft attributable to shareholders,
boosted by an increase in fair value gains from the
revaluation of investment properties, surged 167%
to a high of $24.6 million. Gross proft increased
83% to S$19.7 million for FY2012, from S$10.7 million
for FY2011, and earnings per share increased to
12.82 cents for FY2012, from 4.87 cents for FY2011.
As at 30 September 2012, our cash and bank
balances stood at S$18.1 million, as compared
to S$12.9 million as at 30 September 2011. Our
fnancial position continues to be sound, with
good liquidity and free cash fow.
At the close of FY2012, the Group’s total
shareholders’ equity stood at S$52.9 million,
compared to S$30.1 million in FY2011; and net
asset value per share was 27.56 Singapore cents,
compared to 15.75 Singapore cents in FY2011.
As part of the Group’s ongoing growth plan to
generate greater shareholder value, the Board
is recommending a frst and fnal one-tier tax-
exempt dividend of 0.5 Singapore cents per share
for FY2012, subject to shareholders’ approval at
the forthcoming Annual General Meeting to be
held on 29 January 2013.
The Year Ahead
Looking ahead, 2013 will be a good year for
the Group due to a strong pipeline. However,
the Group remains cautiously optimistic about
the outlook of the property market ahead from
2013. Judging from recent market developments,
2013 will likely remain a challenging year for the
property market given the additional cooling
measures that have been introduced by the
Government to dent demand. These cooling
measures, which includes the reduction in loan-
to-value limits and the introduction of additional
buyer’s stamp duty have moderated demand for
residential properties, thereby signifyingacautious
approach by buyers in general. Additionally,
demand from buyers is also likely to be affected
by an expected moderation in growth of the
Singapore economy in 2013.
Moving forward, the Group will continue to
exercise prudence in evaluating and exploring
new opportunities with a view to reinforcing our
core competencies to enhance shareholder
value in a sustainable way.
I would like to take this opportunity to thank all
our stakeholders who have helped the Group
achieve its sterling set of results for FY2012, in
particular, my fellow Directors, management and
staff, for their contribution and dedication to the
continued success and growth of the Group. I
would also like to thank our shareholders for their
continuous support.
Ben Tan Chee Beng
Executive Chairman