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METRO HOLDINGS LIMITED

The Board of Directors of Metro Holdings Limited is pleased to announce the following:UNAUDITED RESULTS FOR THE SECOND QUARTER ENDED 30 SEPTEMBER 2009 1(a) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year.

Group 2nd Qtr 2nd Qtr ended ended 30-Sep-2009 30-Sep-2008 $'000 $'000 Revenue Cost of Revenue Gross Profit Other income including interest income General and administrative expenses Profit from operating activities Finance costs Share of associated companies' results (net of tax) Profit/(loss) from operating activities before taxation Taxation Profit/ (loss) after taxation Attributable to: Shareholders of the Company Minority interests 36,236 (25,662) 10,574 15,853 (6,370) 20,057 (1,768) (5,123) 13,166 (3,747) 9,419 33,739 (23,841) 9,898 1,990 (7,485) 4,403 (2,756) (2,995) (1,348) (3,525) (4,873) % Change

Group Half Year Half Year ended ended % 30-Sep-2009 30-Sep-2008 Change $'000 $'000 69,679 (49,519) 20,160 36,674 (11,580) 45,254 (3,722) (11,155) 30,377 (7,837) 22,540 66,325 (46,214) 20,111 10,149 (11,851) 18,409 (5,403) (6,649) 6,357 (5,532) 825 5.06 7.15 0.24 261.36 (2.29) 145.83 (31.11) 67.77 377.85 41.67 n.m

7.40 7.64 6.83 696.63 (14.90) 355.53 (35.85) 71.05 n.m. 6.30 (293.29)

9,325 94 9,419

(4,895) 22 (4,873)

(290.50) 327.27 (293.29)

22,410 130 22,540

671 154 825

n.m. (15.58) n.m.

Group 2nd Qtr ended 30-Sep-2009 $'000 Profit /(loss) for the period Other comprehensive income Currency translation adjustments on foreign operations Changes in fair value of available-for-sale assets 9. FRS1 Presentation of Financial Statement requires an entity to present all non-owner changes in equity in a Statement of Comprehensive Income.917) (20.53) (66.1(a) (i) Statement of Comprehensive Income With effect from 1 January 2009.523 1. Previously.15) 4.334) (26.173) (15.60) (120. (16.873) % Change (293.41) .366) (21.447) (21.028) (26.29) Group Half Year Half Year ended ended 30-Sep-2009 30-Sep-2008 $'000 $'000 22.484 (55.589) (17. This is a change of presentation and does not affect the recognition or measurement of the entity’s transactions.92) (61.447) (114.716) 44.121) (907) (22.41) Attributable to: Shareholders of the Company Minority interests (21.15) 2.66) (22.174 (20.272) (13.58) (152.028) (24.756) (238.81 (18. such non-owner changes were included in the Statement of Changes in Equity.589) (12.310 (46. Non-owner changes will include income and expenses recognized directly in equity.174 (17.14) (17. net of tax Total comprehensive (expense)/ income for the period (31.274) 24.77) Other comprehensive expense for the the period.530) (2.423 34.789) 29.419 2nd Qtr ended 30-Sep-2008 $'000 (4.m.39) (156.540 825 % Change n.651 4.026) (166.81) (47.447) (120.255) (2.

601 5.1 (a) (ii) Revenue Revenue of the Group comprises sales of goods and services and net commission from concessionaires.863 26.909 % Change Group Half Year Half Year ended ended % 30-Sep-2009 30-Sep-2008 Change $'000 $'000 73.078 46.52 11.432 100.15 8.831 12. is presented as follows:- Group 2nd Qtr 2nd Qtr ended ended 30-Sep-2009 30-Sep-2008 $'000 $'000 Retail Property 37.87 10.798 13.295 69.835 93. which represents the value of the overall activity of the Group based on the gross value achieved by the concessionaire on the sale.215 34.18 .09 9. Turnover of the Group reported on a gross transaction basis.90 7.766 23.417 51.

066) (43) (394) (8.00) (83.129) 295 (21.289) 345 0.018 8.082 245 373 - (93.515 783 1. n.49) Other income including interest income includes:Changes in fair value of held-for-trading investments Dividends from quoted and unquoted investments Profit on disposal of available-for-sale investments Profit on disposal of short term investments Interest income Amortisation of discount on unquoted bonds Management and advisory fees Foreign exchange gain (579) 1.00) (1.833) 3.729) (576) (32) (24) (4.m.581 944 10.156) 212 (11.1(a) (iii) Profit before taxation is arrived at after accounting for:Group 2nd Qtr 2nd Qtr ended ended 30-Sep-2009 30-Sep-2008 $'000 $'000 Cost of sales and general and administrative expenses includes:Inventories recognised as an expense Depreciation (Provision)/write back of provision for obsolete inventory Write off of inventory Provision for doubtful debts Rental expenses Foreign exchange gain/ (loss) Group Half Year Half Year ended ended 30-Sep-2009 30-Sep-2008 $'000 $'000 % Change % Change (11.760 1.m.65 8.76 (420. 31.44 n.22) (100.76) n.m.m.00) 0.m (48. 30.93) (14.582 457 494 (9.93 (100.28) n.017) (1.391 (12.840 2.14 (135.00) 22.m.150) (602) 5.79) 25.00) (0.875) (986) (1) (760) (229) (8. n.317) 1.68) (42.52 n.16) (100.m.056 944 20.119) (485) 10 (143) (214) (4.277 1.11 n.98 (100. 6.22) (22.544 479 789 - (152. .188 15.49 18.

26 (34.747 2nd Qtr ended 30-Sep-2008 $'000 2.07) 67.601 61 3.059 57 3.409 1.30 (2.998) (125) (5.155) (6. 50.05 (10.594 39 3.76) n.m 338.174 (60) 1.064) (585) (6.77 1(a) (v) Taxation Group 2nd Qtr ended 30-Sep-2009 $'000 Current Year Tax Under provision in prior years Deferred Tax Withholding Tax 2.123) (2.m.640) (355) (2.75) n.52 (31.44) 41.1 (a) (iv) Share of Associated Companies’ results (net of tax) Group 2nd Qtr 2nd Qtr ended ended 30-Sep-2009 30-Sep-2008 $'000 $'000 The Group's share of associated companies' results consists of:-Operating results -Taxation Group Half year Half year ended ended 30-Sep-2009 30-Sep-2008 $'000 $'000 % Change % Change (4.837 4.525 % Change Group Half year Half year ended ended 30-Sep-2009 30-Sep-2008 $'000 $'000 4.32 (64.649) 79.898) (257) (11.79) 71.116 59 7.67 .731 711 90 5.58) 6.532 % Change (9.995) 89.72 (56.

046 143.169 4.254 75.1(b) (i) A balance sheet (for the issuer and group).042.266 86.089 237 4.580 936.034 24.589 500 473.487 5.629 426 22.041 271.782 65.526 126.231 927.560 201.072 24.391 Shareholders' equity Share capital Treasury shares Reserves Minority interests Total equity .155 (266) 95.525 16.190 11.245 30.473 204.843 296.687 997.912 447 440 (277.153 46.326 22.502 221.526 (213.026 923.016 78.726 1.970 146.572 126.480 134.564 27.047 (180.340 2.670 3.773 335 66.352 94.295 4.188 74.333 166.601 4.418 610.781 310.693 2.532 162 443 26.634) 927.941 199.356 196.155 (266) 808.210 199.176 10.252 211.165) 199.874 447.103 933. plant and equipment Investment properties Investment properties under development Subsidiaries Amounts due from subsidiaries Associated companies Amount due from associated companies Amount due from jointly controlled entities Investments Current assets Inventories Accounts receivable Deposits and prepayments Tax recoverable Short term investments Collateral assets Cash and bank balances Current liabilities Bank borrowings Other liabilities Accounts payable Provision for taxation Net current assets Non-current liabilities Bank borrowings Amount owing to subsidiaries Financial guarantee Deferred taxation 14.210 8.853 12.280 53.965 514.526 11.868 16.799) 221.874 13.892 65.198 16.391 126.702 276.572 Company 30-Sep-2009 31-Mar-2009 $'000 $'000 8.960 500 473.421 335 409 (297.012 111.122 447 69.391 221.560 193.660 41.185 11.899 25.992 2.155 (886) 73.874 447.155 (886) 798.899 4.616) 936.210 126.567 55.488 759 171 426 29. together with a comparative statement as at the end of the immediately preceding financial year Balance Sheets as at Group 30-Sep-2009 31-Mar-2009 $'000 $'000 Non-current assets Property.311 62.

5 million. Bank loans of RMB 87. were secured by an investment property with a net book value as at 30 September 2009 of $99.913 As at 31-Mar-2009 Secured Unsecured 111.648 6.1 million).455 9. .028 As at 31-Mar-2009 Secured Unsecured 77.147.1 million) granted to a jointly controlled entity were secured by fixed deposits totaling US$ 14. Short term loans of HK$99.026.1(b) (ii) Aggregate amount of group’s borrowings and debt securities Amount repayable in one year or less. Total loans drawn on such facilities as at 30 September 2009 amounted to $103.122.4 million and a fixed deposit of $17 million.2 million (equivalent to S$20.3 million) granted to subsidiaries were secured by marketable securities and shares of subsidiaries which own an investment property with a book value as at 30 September 2009 of S$92.4 million (equivalent to S$18. Bank facilities granted to a jointly controlled entity.1 million) and US$25.500 Amount repayable after one year As at 30-Sep-2009 Secured Unsecured 146.0 million.546.313.5 million (equivalent to S$43.6 million have been mortgaged to banks for banking facilities granted to a jointly controlled entity. of which an amount of Rmb 211.0 million (equivalent to S$35.000 Details of any collateral Investment properties with a net book value as at 30 September 2009 totaling $155. 8 million) has been drawn. or on demand As at 30-Sep-2009 Secured Unsecured 72.2 million (equivalent to S$ 18.772.

together with a comparative statement for the corresponding period of the immediately preceding financial year Consolidated Cash Flow Statement for the period ended Group 2nd Qtr ended 30-Sep-2009 $'000 Cash flows from operating activities Operating profit before reinvestment in working capital Increase in inventories Decrease in accounts receivable Decrease in deposits and prepayments Decrease in short term investments Decrease in accounts payable Cash generated from/ (used in) operations Interest expense paid Interest income received Income taxes paid Net cash provided by/(used in) operating activities Cash flows from investing activities Additions to property.288 (2. plant & equipment Proceeds from issue of warrants Purchase of treasury shares Proceeds from sale of available-for-sale investments Increase in amount owing by associated companies Additional loans to jointly controlled entities Dividends received from quoted and unquoted investments Changes in fixed deposits held as security Net cash used in investing activities Cash flows from financing activities Drawdown of bank borrowings Repayment of bank borrowings Dividend paid during the period Net cash provided by financing activities Net increase / (decrease) in cash and cash equivalents Effect of exchange rate changes on cash and cash equivalents Cash & cash equivalents at beginning of financial period Cash & cash equivalents at end of financial period 29.650) (12.1(c) A cash flow statement (for the group).768) 2.005) (3.061 (4.206) 2.391) (2.760 98.098) 3.039 2.337 7.318 (3.172) (2.837) .308) 1.617 4.207) (241) 22 4.018 (2.866 1.857) (4.036) 1.756) 1.327 (2.417) (12.605) 3 (620) 3.277 (6. plant & equipment Additional cost to investment properties under development Proceeds from sale of property.194) 1.065 (753) 2.570 164.567) (7.600) 14.207 (1.867 (2.415 (7.846 (9.142) 719 107.669 8.108) 161.210 (6.965 (1.728) 2nd Qtr ended 30-Sep-2008 $'000 5.902 (10.465 (37) 405 (9.

582) (1.317 5.277) 182 579 7.112) 164. plant and equipment Gain on disposal of available-for-sale investments Gain on disposal of short term investments Interest income Dividend income Amortisation of discount on unquoted bonds Foreign exchange adjustments Changes in fair value of held-for-trading investments Operating profit before reinvestment in working capital 13. the consolidated cash and cash equivalents at the end of the financial period comprised the following: Group Half year ended 30-Sep-2009 $'000 201.756 485 2.Consolidated Cash Flow Statement for the period ended (Cont’d) Group 2nd Qtr ended 30-Sep-2009 $'000 Reconciliation between profit before taxation and operating profit before reinvestment in working capital: Profit/(loss) before taxation Adjustments for: Interest expense Depreciation of property.018) (245) 271 9.065 (1.995 143 (10) 214 (13) (8.606 (57.337 Cash and deposits Less: Fixed deposits pledged as security for credit facilities granted to subsidiary companies .166 1.082) (1.581) (944) (10.669 Half year ended 30-Sep-2008 $'000 155.269) 98. plant and equipment Share of results of associated companies Inventory written off Provision/(write back of provision) for obsolete stock Provision for doubtful debts Profit on disposal of property.123 24 32 (1) (1.465 2nd Qtr ended 30-Sep-2008 $'000 Note A : Cash and cash equivalents For the purpose of the consolidated cash flow statement.348) 2.781 (37.768 576 5.

952) (3.361 7.067 - - .891 8.643 (15.494) 23.315 4.155 126.315 16.315 4.077.327 - - 12.740 6.315 4.1 (d) (i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalization issues and distributions to shareholders.294) 24.155 126.315 4.309) (17.721) 5.155 (266) (620) (886) - (266) (620) (886) - 4.415 (100) 4.415 (100) 4.131 49.301 37. together with a comparative statement for the corresponding period of the immediately preceding financial year Statement of Changes in Shareholders’ Equity Group 2nd Quarter 2nd Quarter ended ended 30-Sep-2009 30-Sep-2008 $'000 $'0 00 Share Capital Balance at beginning and end of financial period Treasury Shares Balance at beginning of financial period Purchase of treasury shares Balance at end of financial period Warrant Reserve Balance at beginning of financial period Proceeds from issue of 63.625 (14.667 warrants Expenses relating to warrant issue Balance at end of financial period Revaluation Reserve Balance at beginning and end of financial period Fair Value Reserve Balance at beginning of financial period Other comprehensive income for the period Balance at end of financial period Foreign Currency Translation Reserve Balance at beginning of financial period Other comprehensive income for the period Balance at end of financial period Company 2nd Quarter 2nd Quarter ended ended 30-Sep-2009 30-Sep-2008 $'000 $'000 126.155 126.048 (43.301 6.315 4.

866) 63.325 756.791 (12.Statement of Changes in Shareholders’ Equity (Cont’d) Group 2nd Quarter 2nd Quarter ended ended 30-Sep-2009 30-Sep-2008 $'000 $'000 Revenue Reserve Balance at beginning of financial period Dividend. State also the number of shares that may be issued on conversion of all the outstanding convertibles.308) 834 86.295 719. As at 30 September 2009.273 (12. as well as the number of shares held as treasury shares.449 860.667) that could be exercised into ordinary shares. there were 63. less income tax Profit/(loss) for the period Balance at end of financial period Total Shareholders' equity Minority Interest Balance at beginning of financial period Total comprehensive income for the period Balance at end of financial period Total equity 760. against the total number of issued shares excluding treasury shares of the issuer.769. issue of shares or cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on.138 (907) 4. if any. share buy-backs.210 92.000 treasury shares (as at 30 September 2008: Nil). there were 1.779 199.542 223. .077.077.998 923.895) 708.600) (3.308) (4.726 865.060 (2.334) 5. As at 30 September 2009. During the financial period.016 (6. the Company acquired 1 million of its own shares through on-market purchases on the Singapore Exchange Securities Trading Limited and these shares were held as treasury shares. Each warrant carries the right to subscribe for one new share in the issued share capital of the Company.526 8.600) 9. bonus issue.313 5.210 223.313 1(d) (ii) Details of any changes in the company's share capital arising from rights issue.231 927. exercise of share options or warrants.652 (6. conversion of other issues of equity securities.667 warrants (as at 30 September 2008: 63. as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year.053 Company 2nd Quarter 2nd Quarter ended ended 30-Sep-2009 30-Sep-2008 $'000 $'000 79.325 199.

000 1. a 2009 Amendment to Appendix to FRS 18 Revenue requires revenue from concessions to be shown on a net basis. where applicable. disposal. 5.000 2. If there are any changes in the accounting policies and methods of computation. . Treasury shares as at 1 July 2009 Share Buy-back on 20 August 2009 Treasury shares as at 30 September 2009 769.676 As at 31 March 2009 (end of immediately preceding year) 630. transfers. Accordingly.007. cancellation and/or use of treasury shares as at the end of the current financial period reported on. the comparatives have been restated.007.1(d) (iii) To show the total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year.000. 4. what has changed. and the effect of. Whether the same accounting policies and methods of computation as in the issuer’s most recently audited annual financial statements have been applied Except as disclosed in paragraph 5 below. 3. including any required by an accounting standard. Whether the figures have been audited or reviewed and in accordance with which auditing standard or practice The figures have not been audited or reviewed by the Company’s auditors. The Group has adopted the new and revised Singapore Financial Reporting Standards (“FRSs”) that are mandatory for financial years beginning on and after 1 April 2009. The effect is shown in Paragraph 1 (a) and 1 (a) (ii). Where the figures have been audited or reviewed. The adoption of these standards did not result in substantial changes to the Group’s accounting policies. However.000 1. the Group has applied the same accounting policies and methods of computation in the financial statements for the current financial period as compared to the most recently audited financial statements as at 31 March 2009. and there is no material impact on the retained earnings of the Group as at 1 April 2009. being the commission received rather than the gross value achieved by the concessionaire on the sale. the change. as well as the reasons for.676 1(d) (iv) A statement showing all sales. the auditors’ report (including any qualifications or emphasis of a matter) Not applicable. As at 30 September 2009 (end of current financial period) Total number of issued shares (excluding treasury shares) 629.769.

8 cents 148.48 cents N.031. (0.77) cents N.776.6.A. Earnings per share is calculated on the Group’s profit attributable to shareholders of the Company divided by the weighted average number of ordinary shares of 630.3 cents 31.281 for the quarter ended 30 September 2009 (quarter ended 30 September 2008: 630. Earnings per ordinary share of the group for the current period reported on and the corresponding period of the immediately preceding financial year.1 cents . after deducting any provision for preference dividends Earnings Per Share Group Figures Latest Period Previous corresponding period Earnings per ordinary share based on net profit attributable to shareholders and after deducting any provision for preference dividends (a) Based on existing issued share capital (b) On a fully diluted basis 1. Diluted earnings per ordinary share is computed based on the same basis as earnings per share by applying the weighted average number of ordinary shares in issuance during the periods under review and adjusted to include all potential dilutive ordinary shares up to 30 September 2009.7 cents 35. Net asset value (for the issuer and group) per ordinary share based on issued share capital of the issuer at the end of the (a) current period reported on and (b) immediately preceding financial year Net Asset Value Group Net asset value per ordinary share based on issued share capital at end of the period reported on (a) Current Period (b) 31 March 2009 Company 146.A. 7.676).

166 (3. assets or liabilities of the group during the current financial period reported on 8(a) Segmental Results for Second Quarter ended 30 September Business segment Property $'000 2009 Sales to externa l customers Inter-segment sales Segment revenue Segment results Finance costs Share of results of associated companies Profit before taxation Taxation Profit after taxation Attributable to: Shareholders of the Company Minority interests 13.057 (1.172 Inter-segment Elimination $'000 (217) (217) Group $'000 36.236 36.417 217 13.419 . including (where applicable) seasonal or cyclical factors.819 844 328 1.419 9.634 19.747) 9.236 20.768) (5. and (b) any material factors that affected the cash flow. It must include a discussion of the following: (a) any significant factors that affected the turnover.325 94 9. working capital.451) 11. A review of the performance of the group.768) (5. costs.819 22. and earnings of the group for the current financial period reported on. to the extent necessary for a reasonable understanding of the group’s business.8.123) 13.994 Reta il $'000 22.213 (1.

236 21.873) Asean $'000 2009 Segment revenue 2008 Segment revenue 22.995) (1.819 Hong Kong and China $'000 13.895) 22 (4.739 33.8(a) Segmental Results for Second Quarter ended 30 September (Cont’d) Business segment Property $'000 2008 Sales to external customers Inter-segment sales Segment revenue Segment results Finance costs Share of results of associated companies Profit before taxation Taxation Profit after taxation Attributable to: Shareholders of the Company Minority interests 12.661 12.504) (2.348) (3.078 33.739 .295 3.661 21.756) (2.916 (2.417 Group $'000 36.525) (4.873) (4.344) Retail $'000 21.661 487 509 996 Inter-segment Elimination Group $'000 $'000 (217) (217) 33.739 4.756) (3.403 (2.078 217 12.

4% as both the property and retail division reported turnover growth. of Tenants Occupancy Rate (%) Metro City. The portfolio summary of the Group’s completed Properties as at 30 September 2009 is as follows: Percentage owned by the Group 60% Tenure No.6 million (unrealized) in the fair value of the property division’s portfolio of short term investments in 2QFY2010.3 million.2% 31. A profit before tax of $13. EC Mall soft opened from the end of September 2009 in phases and continues to build on its occupancy. mainly due to a loss of $0. Asset enhancement activities at Metro City Shanghai held back revenue growth.7 million in the previous corresponding quarter (“2QFY2009”).2 million from $33.3 million in 2QFY2009. Beijing 50% 18 88. Metro Tower and GIE Tower and a strengthening of the Chinese Yuan against the Singapore dollar accounted for the increase.0 million. a reduction in expenses and gains on disposals of available-for-sale and short term investments also contributed to the turnaround. Shanghai 36 year term from 1993 40 year term from 2004 50 year term from 1994 50 year term from 1993 Freehold 106 94. Guangzhou 100% 39 83.1 million. However.8(b) Review Group turnover for the second financial quarter to 30 September 2009 (“2QFY2010”) rose to $36.4% 31.4 million as compared to the previous 2QFY2009’s $12.5% 26 46.7% 45% 50 year term from 2002 40 year term from 2001 50 year term from 2001 13 26. The property division’s profit before taxation swung from a loss of $2.2 million was reported compared to a loss before tax of $1. Shanghai 60% 25 96.5% 1 4. The property division’s revenue for the quarter was $13.1% Metro Tower. compared to a loss of $9. both in Beijing continues to be slow.7% GIE Tower. an increase of 7. Beijing 49% 53 98. The Group’s mature properties continued to maintain high occupancy. Beijing EC Mall. Penang 1 Financial Street. Beijing Metropolis Tower.1% .2% Metro City.3 million to a profit of $12. mainly because last year’s 2QFY2009 included an unrealized decrease in the fair value of the Group’s portfolio of short term investments of $9. The higher rental income.3 million (unrealized) in 2QFY2009. Higher rental income from Metro City Beijing.6% Gurney Plaza Extension. take up of the office space at 1 Financial Street and the newly opened Metropolis Tower.

Refinancing of bank facilities by jointly controlled entities generated additional cash resources of $29. EC Mall in Beijing will continue its soft opening in phases and its contribution to rental income from 3QFY 2010 will therefore be progressive. working capital.0 million. Sales and profitability of the retail division’s associated company in Indonesia continued to be affected by the slow down in economic activities. The new Metro Department store at the new City Square Mall in Singapore soft opened in late September 2009 and has started to contribute to topline sales performance of the retail division. . A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months. or a prospect statement. Rental income of the Group’s mature properties in the PRC is expected to remain steady. The Company’s claims against the directors of GPSB are premised on oppression of a minority shareholder under Section 181 of the Malaysian Companies Act 1965 and/or the exceptions to the rule in Foss v Harbottle for harm done to GPSB. Occupancy of the new office buildings. Where a forecast. 10. any variance between it and the actual results No forecast or prospect statement has been issued for the period being reported on.9 million. The performance of the Singaporean and Indonesian economies will continue to have an impact on the retail trade. in Beijing is expected to rise slowly amidst an over supply situation. Investment properties rose to $610. There were no other material factors that affected the cashflow. The fair value of the Group’s portfolio of quoted equity investments will continue to be subject to market conditions. 1 Financial Street and Metropolis Tower. 9. There have been no material developments to date and the Company will make further announcements as and when there are any material developments. assets and liabilities of the Group during the current financial quarter reported on. proceedings continue on the two law suits filed in the High Court of Malaya at Kuala Lumpur by the Company against the directors of Gurney Plaza Sdn Bhd (“GPSB”).6 million with a reclassification from Investment properties under development on the completion of EC Mall and Metropolis Tower. Further to the announcement dated 21 July 2008. which is an indirectly owned associated company of the Company that is incorporated in Malaysia. Investments (non-current assets) declined with a decrease in the fair value of investments in Shui On Land Ltd of $13.Revenue of the retail division showed growth in spite of recessionary trading conditions as promotional events bore fruit. has been previously disclosed to shareholders.

Dividends (a) Current Financial Period Reported On Any dividend declared for the current financial period reported on? None (b) Corresponding Period of the immediately preceding financial year? None (c) Date payable Not applicable (d) Book closure date Not Applicable 12. a statement to that effect No interim dividend has been declared for the quarter ended 30 September 2009 13. nothing has come to their attention which may render the second quarter financial results to be false or misleading in any material aspect. Negative assurance statement by directors The Board of Directors confirms that to the best of their knowledge. BY ORDER OF THE BOARD Tan Ching Chek and Lee Chin Yin Joint Company Secretaries Date 13 November 2009 . If no dividend has been declared/recommended.11.