Overall Financial Performance
For 2001, Group attributable loss amounted to
$366.5 million. This loss was arrived at after accounting
for provisions of $455.1 million (net of minority interests)
made for the Group’s trading projects and landbank.
Excluding the provisions, Group attributable profit for
the year was $88.6 million.
Loss per share was 51.7 cents, compared with earnings
per share of 17.3 cents in 2000.
Proposed dividend per share was 3.0 cents, same as that
for the previous year’s and despite the loss for the year.
At end-2001, shareholders’ funds decreased by
28.2% to $1,617 million. This was due to the abovementioned
provisions and the revaluation adjustments
made for the Group’s investment properties.
Return on shareholders’ funds was negative, compared
with 5.5% in 2000.
Sales
Consolidated sales (i.e. sales excluding associated
companies) were $300.5 million versus $500.5 million
for the previous year. Revenue from Property
Investment rose by 10.3% on account of higher
occupancies of the Group’s office buildings. Property
Trading sales, from principally the sale of six Cluny Hill
bungalow plots, declined by 66.3% because poor
market conditions in the Singapore residential market
delayed the planned launches of several projects.
Hospitality and Property Services showed an increase of
30.1% in sales due mainly to higher revenues achieved
by the Group’s hotels and marketing commissions.
Earnings
After the provisions of $483.7 million (before minority
interests), operating loss was $359.8 million, compared
with an operating profit of $171.2 million for 2000.
The Group’s share of associated companies’ profit was
$8.4 million compared with $10.4 million in 2000.
Group loss before tax was $371.5 million, compared
with a profit of $161.6 million in 2000.
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