Turnover was maintained on an uptrend through the four quarters largely due to higher progressive recognition of sales for the Group’s trading projects in Singapore, One Park Avenue in Shanghai and Botanic Cove in Sydney.

Operating profit and pre-tax profit before exceptional items peaked at $44.9 million and $46.1 million respectively in the fourth quarter due to the sale of two Cluny Hill land plots and further cost adjustments from completed projects including Freesia Woods and The Edgewater.

However, profit before tax but after exceptional items of $20.3 million was lower in the fourth quarter than in the preceeding quarters. This was due to an impairment charge of $25.8 million taken against the Group’s two Myanmar hotels owing to continued uncertainty in that country.

Except for the first quarter, 2003 results at the attributable profit level were better compared with 2002. The better performance came on the back of the sale of three Cluny Hill land plots and Norfolk Road site, cost adjustment for completed projects as mentioned earlier and profits from One Park Avenue. A further boost to profits also came from tax savings of $13.4 million arising from the group tax relief system. 31