Turnover was highest in the fourth quarter due to more progressive revenue recognition for residential developments such as 8 Park Avenue in Shanghai, The Seasons in Beijing and The Waterfront in Chengdu as well as Urbana, and Park Infinia at Wee Nam in Singapore.

Operating profit was $41.6 million in the first quarter, contributed by the sale of a residual site in Botanic Cove, the Group's residential project in Sydney, Australia as well as income from 8 Park Avenue, The Seasons and The Waterfront. Contributions also came from the write-back of provisions for Butterworth 8 and Amaranda Gardens upon these projects obtaining certificates of statutory completion.

However, profit before taxation and exceptional items at $58.4 million was highest in the fourth quarter due to the write-back of provisions upon recovery of the Group's loan following the disposal of Bintan Lagoon Resort and a markedto- market gain from the Group's interest rate hedging instruments as required by financial reporting standards.

At the attributable profit level, 2005 results were better in all quarters compared with those for the corresponding quarters in 2004 with the fourth quarter recording a profit of $55.5 million. The better performance in 2005 came on the back of higher contributions from residential projects in China and Singapore and the write-back of provisions during the year. Higher profits from BG Junction, the Group's retail development in Surabaya, Indonesia as well as gains from the sale of Parco Bugis Junction to CapitaMall Trust and Bugis Junction Towers to the Company have also contributed to higher attributable profit.