The Board is pleased to report that when compared to the second half of last year, the following were contributing factors to Group results for the half year ended 30^th June 2009: 

1. Group Revenue eased 13%.

2. Gross Margin contribution declined due to steep competition.

3. Interest income declined because market was flushed with liquidity.

4. Distribution and Administrative expenses eased.

5. Increasing sale of cars region-wide helped to cushion declining car sales in Singapore.

6. Continuing retrofitting of existing rental properties to attract better tenancy and higher returns.

7. Lower contributions from Associates.

8. Equity portfolio was the main contributor to Net Profit.

The ongoing worldwide geopolitical uncertainties, currency risks, unpredictable interest rate trend and volatile fuel prices will continue to dampen financial performance. The Group is relying on regional sales to beef up overall performance for the remaining half of the year and will continue to add more regional sales outlets and improve regional networking.