L.C. Development Ltd - FinanzNachrichten.de

L.C. Development Ltd
Company Registration No.197301118N
(Incorporated in the Republic of Singapore)
UNAUDITED FIRST QUARTER FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT FOR THE PERIOD ENDED 30 SEPTEMBER 2012
INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR ANNOUNCEMENTS
1(a) An income statement and statement of comprehensive income for the group, together with a comparative
statement for the corresponding period of the immediately preceding financial year.
CONSOLIDATED INCOME STATEMENT
Revenue 14,063
Cost of sales (7,742)
Gross profit 6,321
Other operating income 179
Marketing expenses (542)
Administrative expenses (4,205)
Other operating expenses (1,669)
Operating profit 84
Finance costs (376)
Share of results of associated and joint venture companies 2,163
1
Quarter Ended
30.09.2012 30.09.2011 Change
S$'000 S$'000 %
14,326
(7,715)
6,611
900
(694)
(3,684)
(1,328)
Exceptional item - 82,159
Profit before taxation 1,871
Taxation (977)
Profit for the period 894
Attributable to :
Shareholders of the Company 94
Non-controlling interests 800
Notes to Income Statement :
1. Included in revenue were :
894
Group
1,805
(424)
106
83,646
(714)
82,932
82,307
625
82,932
Quarter Ended
30.09.2012 30.09.2011 Change
S$'000 S$'000 %
Interest income from :
Advances to an associated company 1
1
-
Advances to a joint venture company - 24 (100)
1
Group
Dividend income from unquoted equity investment - 54
25
(2)
-
(4)
(80)
(22)
14
26
(95)
(11)
1,941
(100)
(98)
37
(99)
(100)
28
(99)
(96)
(100)

Notes to Income Statement :
2. Cost of sales comprised mainly direct costs and overheads in respect of the Group’s hospitality and leisure businesses.
3. Profit before taxation is stated after crediting/(charging) :
(a) Other operating income :
4. The major components of income tax expense were :
Currrent tax
Current year 720
Over provision in respect of prior years (10)
Deferred tax
Current year (+) 267
+
'NM' : Not meaningful.
2
Quarter Ended
30.09.2012 30.09.2011 Change
S$'000 S$'000 %
Interest income from fixed deposits 98
185 (47)
Fair value gain on quoted equity investment 68
- NM
Foreign currency gains (#) - 704 (100)
Others 13
11
18
(b) Depreciation of property, plant and equipment (2,301)
(c) Depreciation of investment property (^) (145)
(d) Amortisation of club memberships (4)
(e) Provision for doubtful debts (1)
Quarter Ended
30.09.2012 30.09.2011 Change
S$'000 S$'000 %
977
Group
752
(4)
- NM
The provision of deferred tax liability in the quarter under review was mainly in respect of taxes that would be payable
on the undistributed earnings of a subsidiary company in the Group.
179
900
(2,368)
(f) Fair value loss on quoted equity investment - (24)
(g) Loss on sale of property, plant and equipment, net (1)
(h) Property, plant and equipment written off (2)
(i) Share-based compensation expense (*) (444)
(j) Foreign currency losses (#) (287)
(k) Exceptional item :
Profit on sale of interest in a joint venture company (@) - 82,159
^ The depreciation was in respect of an apartment unit in London acquired in March 2012.
*
#
@
Group
(38)
714
(80)
(3)
- NM
(4)
(49)
-
- NM
(9)
(91)
(100)
(98)
(78)
388
- NM
Share-based compensation expense for the quarter under review was in respect of the grant of share awards and
share options as announced on 6 December 2011 and 20 July 2012 respectively. For the corresponding quarter last
year, the share-based compensation expense was in respect of the grant of share options announced on
22 July 2011.
The loss on exchange was mainly because currencies of overseas countries in which the Group has operations,
namely, Thai Baht and US Dollar had weakened against Singapore Dollar during the quarter under review. In the
corresponding quarter of the last financial year, these currencies as well as Sterling Pound and Renminbi had
strengthened against Singapore Dollar.
Profit in the corresponding quarter of the last financial year was in respect of the sale of the Group's 50% interest in
LC Airport Hotel Pte Ltd which was completed on 25 July 2011. The profit on sale was stated net of provision for a
special one-time incentive payment to employees (including executive directors) of S$8.2 million.
(100)
NM
37

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Profit for the period 894
Other comprehensive (expense)/income :
Foreign currency translation (loss)/gain (2,496)
Fair value gain on quoted equity investment 99
Transfer from foreign currency translation reserve to income statement 126
3
Quarter Ended
30.09.2012 30.09.2011 Change
S$'000 S$'000 %
(2,271)
Total comprehensive (expense)/income for the period (1,377)
Attributable to :
Shareholders of the Company (1,455)
Non-controlling interests 78
'NM' : Not meaningful.
Note to Statement of Comprehensive Income :
(1,377)
Group
82,932
(99)
6,240
NM
- NM
232
(46)
6,472
89,404
86,517
2,887
89,404
Foreign currency translation (loss)/gain arose from the translation of the financial statements of foreign operations whose functional
currencies are different from that of the Group's presentation currency (Singapore Dollar). The functional currencies in Thai Baht and
US Dollar had weakened during the quarter under review. In comparison, these currencies as well as Sterling Pound and Hong Kong
Dollar had strengthened during the corresponding quarter last year.
NM
NM
NM
(97)
NM

1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the
end of the immediately preceding financial year.
30.09.2012
Restated
30.06.2012 30.09.2012 30.06.2012
S$'000 S$'000 S$'000 S$'000
Non-current assets
Property, plant and equipment 281,598 285,778
- -
Investment property 9,538 9,684
- -
Intangible assets 190
197
133
137
Subsidiary companies - - 282,977 283,750
Associated companies 1,626 1,576
- -
Joint venture companies 74,090 75,186
- -
Long-term investment 1,000 1,000
- -
Property under development 3,821 3,875
- -
Deferred tax assets 11
11
- -
4
371,874
Current assets
Investment securities 278
Inventories 679
Trade receivables 2,022
Other receivables 3,326
Tax recoverable 306
Prepayments 1,204
Cash and short-term deposits 50,139
57,954
Current liabilities
Provision 101
Trade payables 2,657
Other payables and accruals 8,025
Provision for taxation 2,219
Hire purchase creditors 183
Term loans 39,263
52,448
Net current assets 5,506
Non-current liabilities
Provision 134
Hire purchase creditors 538
Term loans 9,771
Deferred tax liabilities 24,027
34,470
Net assets 342,910
Equity attributable to
shareholders of the Company
Share capital 206,587
Treasury shares (2,233)
Reserves 84,905
289,259
Non-controlling interests 53,651
Total equity 342,910
Group Company
377,307
204
678
2,049
1,704
392
698
50,371
56,096
101
3,334
8,944
1,805
198
39,912
54,294
1,802
134
578
9,894
24,018
34,624
344,485
206,587
(2,233)
85,743
290,097
54,388
344,485
283,110
283,887
128
60
- -
- -
99
92
- -
54
9
8,751 7,166
9,032
7,327
- -
- -
543
517
- -
- -
- -
543
8,489
291,599
206,587
(2,233)
87,245
517
6,810
- -
- -
- -
- -
- -
290,697
206,587
(2,233)
86,343
291,599 290,697
- -
291,599
290,697

Notes to Statement of Financial Position :
Group
1. Apart from depreciation, the Group’s property, plant and equipment balances denominated in Thai Baht and
US Dollar were lower on translation at 30 September 2012 when compared to that at 30 June 2012 as these
foreign currencies had weakened against Singapore Dollar.
2. The movement in joint venture companies had taken into account the share of results of joint
venture companies, a dividend declared by a joint venture company and the depreciation/amortisation of the
fair value adjustments to tangible assets and intangible assets (with finite lives) of Knight Frank Pte Ltd
(“KFPL”) and its subsidiaries, arising from the purchase price allocation exercise carried out for the acquisition
of Cheong Hock Chye & Co. (Pte) Ltd (“CHC”) which owns 55% of KFPL.
3. Other receivables and prepayments were higher mainly because of a dividend receivable from an associated
company, Holiday Inn City Centre Guangzhou Co., Ltd and prepaid insurance for the Group’s hotel properties
at Phuket, Thailand respectively.
4. Trade payables were lower mainly because deposits received from hotel guests at the end of the last financial
year had been used for hotel stay and reversed to room revenue in the quarter under review.
5. The decrease in other payables and accruals was mainly attributable to the payment of expenses accrued at
the end of the last financial year.
Company
6. The increase in cash and short-term deposits was mainly because of a dividend received from a subsidiary
company, CHC during the quarter under review.
1(b)(ii) Aggregate amount of group's borrowings and debt securities.
Amount repayable in one year or less, or on demand
As at 30.09.2012 As at 30.06.2012
Secured Unsecured Secured Unsecured
S$’000 S$’000 S$’000 S$’000
39,263 - 39,912 -
Amount repayable after one year
As at 30.09.2012 As at 30.06.2012
Secured Unsecured Secured Unsecured
S$’000 S$’000 S$’000 S$’000
9,771 - 9,894 -
Details of any collaterals
The Group's borrowings are secured as follows :
1. 2 term loans of S$27.4 million :
- a mortgage on the freehold land and building owned by a company in the Group.
- a fixed and floating charge over the assets of a company in the Group.
- a corporate guarantee from a company in the Group.
2. 2 term loans of S$12.7 million :
- a mortgage on the freehold land and buildings owned by a company in the Group.
3. A revolving credit facility of S$8.9 million :
- a pledge of fixed deposit by a company in the Group.
5

1(c) A statement of cash flows (for the group), together with a comparative statement for the corresponding
period of the immediately preceding financial year.
6
Group
Quarter Ended
30.09.2012 30.09.2011
S$'000 S$'000
Cash flows from operating activities :
Profit before taxation
Adjustments for :
1,871 83,646
Depreciation of property, plant and equipment 2,301
2,368
Depreciation of investment property 145
-
Loss on sale of property, plant and equipment 1
49
Property, plant and equipment written off 2
9
Fair value (gain)/loss on quoted equity investment (68)
24
Share of results of associated and joint venture companies (2,163)
(106)
Amortisation of club memberships 4
4
Share-based compensation expense 444
91
Dividend income from unquoted equity investment - (54)
Interest income (99)
(210)
Finance costs 376
424
Exceptional item - (82,159)
Currency realignment 330
(537)
Operating profit before reinvestment in working capital 3,144
Increase in inventories (1)
Increase in receivables and prepayments (363)
(Decrease)/increase in payables (1,600)
Cash flows generated from operations 1,180
Interest received 85
Interest paid (373)
Income taxes paid (277)
Net cash flows from operating activities 615
3,549
(22)
(730)
724
3,521
193
(423)
(30)
Cash flows from investing activities :
Dividends received 1,925
1,819
Proceeds from sale of property, plant and equipment 2
8
Purchase of property, plant and equipment (806)
(752)
Investment in a joint venture company - (311)
Dividends paid to non-controlling shareholders (858)
-
Sale of interest in a joint venture company - 114,991
Net cash flows from investing activities 263
3,261
115,755
Cash flows from financing activities :
Repayment of bank loans (697) (5,707)
Repayment from a joint venture company - 6,000
Decrease in hire purchase creditors (55)
(20)
Net cash flows (used in)/from financing activities (752)
Net increase in cash and cash equivalents 126
Effects of exchange rate changes on opening cash and cash equivalents (357)
Cash and cash equivalents at beginning of period 40,277
Cash and cash equivalents at end of period 40,046
Note to Cash Flow Statement :
Cash and cash equivalents comprised the following amounts :
273
119,289
1,278
32,696
153,263
30.09.2012 30.09.2011
S$'000 S$'000
Fixed deposits 41,315 136,007
Cash and bank balances 8,824 17,256
Cash and short-term deposits per Consolidated Statement of Financial Position 50,139
Less : Fixed deposits pledged (10,093)
Cash and cash equivalents per Consolidated Statement of Cash Flows 40,046
Group
153,263
-
153,263

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 capitalisation issues and distributions to shareholders,
together with a comparative statement for the corresponding period of the immediately preceding financial year.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 SEPTEMBER 2012
7
Non-controlling Total
interests equity
Foreign
Total currency Asset Share-based Fair value
2013 Share Treasury other Legal translation revaluation compensation adjustment Revenue Total
Group capital shares reserves reserve reserve reserve reserve reserve reserve reserves
S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000
As at 1 July 2012
- as previously reported 206,587
(2,233)
25,153
30
(19,970)
- Effects of purchase price allocation - - - - - - - - (752)
- as restated 206,587
(2,233)
25,153
Total comprehensive (expense)/income for the period - - (1,549)
Share-based compensation expense - - 444
30
(19,970)
- (1,629)
43,481
43,481
1,392
1,392
220
220
- - 80
- - - 444
61,342
60,590
94
86,495
(752)
85,743
(1,455)
- - 444
Dividends paid to non-controlling shareholders - - - - - - - - - - (858)
Increase in net assets of a joint venture company - - - - - - - - 173
As at 30 September 2012 206,587
(2,233)
24,048
30
(21,599)
43,481
1,836
300
60,857
173
84,905
54,388
54,388
78
43
53,651
345,237
- (752)
344,485
(1,377)
- 444
(858)
216
342,910
Non-controlling Total
interests equity
Foreign
Total currency Asset Share-based Fair value
2012 Share Treasury other Legal translation revaluation compensation adjustment Revenue Total
Group capital shares reserves reserve reserve reserve reserve reserve reserve reserves
S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000
As at 1 July 2011 206,587
(1,772)
15,142
Total comprehensive income for the period - - 4,210
Transfer from asset revaluation reserve to
revenue reserve - - (16,543)
Share-based compensation expense - - 91
Lapsing of share options - - (2)
As at 30 September 2011 206,587
------------------------------------------------------------------Attributable to shareholders of the Company-------------------------------------------------------------------
------------------------------------------------------------------Attributable to shareholders of the Company-------------------------------------------------------------------
(1,772)
2,898
30
30
(26,088)
- 4,210
41,025
- - (16,543)
175
- - - 91
- - - (2)
(21,878)
24,482
- (18,650)
- - - 82,307
264
- - 16,543
(3,508)
86,517
- - 91
- 2
- 80,202
83,100
39,749
2,887
241,056
89,404
- - -
- 91
- - -
42,636
330,551

Share-based
2013 Share Treasury compensation Revenue Total Total
Company capital shares reserve reserve reserves equity
S$'000 S$'000 S$'000 S$'000 S$'000 S$'000
As at 1 July 2012 206,587
8
(2,233)
1,392
84,951
Total comprehensive income for the period - - - 458
Share-based compensation expense - - 444
As at 30 September 2012 206,587
(2,233)
1,836
85,409
86,343
458
- 444
87,245
290,697
458
444
291,599
Share-based
2012 Share Treasury compensation Revenue Total Total
Company capital shares reserve reserve reserves equity
S$'000 S$'000 S$'000 S$'000 S$'000 S$'000
As at 1 July 2011 206,587
(1,772)
175
6,254
Total comprehensive income for the period - - - 56,925
Share-based compensation expense - - 91
Lapsing of share options - - (2)
As at 30 September 2011 206,587
(1,772)
264
6,429
56,925
- 91
2
63,181
63,445
211,244
56,925
91
- -
268,260
1(d)(ii) Details of any changes in the company’s share capital arising from rights issue, bonus issue,
share buy-backs, exercise of share options or warrants, conversion of other issues of equity
securities, issue of shares for cash or as consideration for acquisition or for any other
purpose since the end of the previous period reported on. State also the number of shares
that may be issued on conversion of all the outstanding convertibles, as well as the number
of shares held as treasury shares, if any, against the total number of issued shares excluding
treasury shares of the issuer, 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.
There was no change in the Company’s share capital since the end of the previous period
reported on. The Company’s issued and fully paid-up shares as at 30 September 2012 comprised
1,024,322,464 (30 September 2011 : 1,027,432,464) ordinary shares with voting rights and 14,454,000
(30 September 2011 : 11,344,000) ordinary shares (treasury shares) with no voting rights.
Under the LCD Share Option Scheme (“Option Scheme”), the number of shares that may be issued on
conversion of all the outstanding share options under the Option Scheme as at 30 September 2012 was
21,022,800 (30 September 2011 : 8,010,800) shares.
Under the LCD Performance Share Award Scheme (“Award Scheme”), the number of shares that may be
issued on vesting of all the outstanding share awards under the Award Scheme as at 30 September 2012
was 14,340,000 (30 September 2011 : Nil) shares.
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.
Total number of ordinary shares excluding treasury shares
30.09.2012
1,024,322,464
30.06.2012
1,024,322,464
1(d)(iv) A statement showing all sales, transfers, disposal, cancellation and/or use of treasury shares
as at the end of the current financial period reported on.
No treasury shares were sold, transferred, disposed, cancelled and/or used as at the end of the current
financial period reported on.
2 Whether the figures have been audited or reviewed and in accordance with which auditing
standard or practice.
The figures in this announcement have not been audited or reviewed by the auditors.

3 Where the figures have been audited or reviewed, the auditors’ report (including any
qualifications or emphasis of a matter).
Not applicable.
4 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, the financial statements have been prepared based on the
accounting policies and methods of computation consistent with those adopted in the most recent audited
financial statements for the year ended 30 June 2012.
The adoption of the new and revised Financial Reporting Standards (“FRS”) and Interpretations of FRS
that are relevant to the Group’s operations from 1 July 2012 is not expected to have a material impact on
the financial statements.
5 If there are any changes in the accounting policies and methods of computation, including
any required by an accounting standard, what has changed, as well as the reasons for, and
the effect of, the change.
FRS 103 : Business Combinations
The Company completed the acquisition of Cheong Hock Chye & Co. (Pte) Ltd which owns 55% of a joint
venture company, Knight Frank Pte Ltd (“KFPL”) in December 2011. In accordance with FRS 103, the
purchase price allocation of the fair value of the acquisition consideration to goodwill, fair values of
intangible assets and other assets of KFPL and its subsidiaries have been finalised. Accordingly, the
comparative figures of the Group’s statement of financial position have been restated as follows :
As
previously
reported
S$’000
9
As
restated
S$’000
Joint venture companies
75,938 75,186
Reserves 86,495 85,743
6 Earnings per ordinary share of the group for the current financial period reported on and the
corresponding period of the immediately preceding financial year, after deducting any
provision for preference dividends.
Earnings per ordinary share of the Group after deducting any
provision for preference dividends :-
(a) Based on weighted average number of ordinary shares in issue
(b) On a fully diluted basis
Weighted average number of ordinary shares in issue for basic
earnings per share (‘000)
Adjustment for assumed vesting of share awards granted under the
LCD Performance Share Award Scheme (‘000)
Adjustment for assumed exercise of share options granted under
the LCD Share Option Scheme (‘000)
Weighted average number of ordinary shares for diluted earnings
per share (‘000)
30.09.2012
Group
Quarter Ended
0.01 cent
0.01 cent
1,024,322
10,536
152
1,035,010
30.09.2011
8.01 cents
8.01 cents
1,027,432
-
-
1,027,432

7 Net asset value (for the issuer and group) per ordinary share based on the total number of
issued shares excluding treasury shares of the issuer at the end of the :-
(a) current financial period reported on; and
(b) immediately preceding financial year.
Net asset* value per ordinary
share based on issued share
capital (excluding treasury shares
which have no voting rights) as at
the end of the financial period
* Net asset is defined as total equity.
Group
Restated
Company
30.09.2012 30.06.2012 30.09.2012 30.06.2012
S$0.33
10
S$0.34
S$0.28
S$0.28
8 A review of the performance of the group, to the extent necessary for a reasonable
understanding of the group’s business. It must include a discussion of the following :-
(a) any significant factors that affected the turnover, costs, and earnings of the group for
the current financial period reported on, including (where applicable) seasonal or
cyclical factors; and
(b) any material factors that affected the cash flow, working capital, assets or liabilities of
the group during the current financial period reported on.
Revenue
Revenue of the Group for the quarter under review of S$14.0 million was S$0.3 million or 2% lower than
the revenue reported in the corresponding quarter last year.
Hotel
Revenue of S$11.1 million was S$0.1 million or 1% marginally lower than the corresponding quarter last
year. The average room rates and food and beverage revenues of both Crowne Plaza London
Kensington and Holiday Inn Resort Phuket in their functional currencies had improved over the
corresponding quarter last year. However, the increases were affected by the depreciation of Sterling
Pound and Thai Baht against Singapore Dollar.
Serviced Residence
Revenue of S$1.1 million was about the same as the corresponding quarter last year.
Leisure and Others
Revenue of S$1.8 million was S$0.1 million or 3% lower than the corresponding quarter last year mainly
because of a marginal drop in revenue of the Group’s family entertainment business.
Property
The Group had completed all its management projects and there was no revenue for this sector in the
quarter under review. The revenue of S$0.1 million in the corresponding quarter last year was in respect
of project management fees and dividend from an unquoted equity investment.
Costs and Expenses
The increase in total operating expenses comprising marketing, administrative and other operating
expenses by S$0.7 million or 12% was mainly due to share-based compensation expense and exchange
losses as explained in the Notes to Income Statement on page 2.
Operating Profit
Group operating profit for the quarter under review of S$0.1 million was S$1.7 million or 95% lower than
the same quarter last year.
Hotel
This sector posted an operating profit of S$1.3 million which was S$1.2 million or 47% lower than the
corresponding quarter last year. The drop was mainly due to higher share-based compensation expense
and overheads incurred. In addition, the sector had recognised exchange losses in the quarter under
review compared to exchange gains in the same quarter of the preceding year.
Serviced Residence
This sector made an operating profit of S$0.2 million for the quarter under review. The decrease in
operating profit by S$0.2 million or 50% was mainly due to exchange losses recognised on translation of
US Dollar cash and receivable balances.

Leisure and Others
This sector incurred an operating loss of S$0.9 million which was S$0.2 million or 28% higher than the
operating loss of the corresponding quarter last year mainly because of lower revenue of the Group’s
family entertainment business and higher share-based compensation expense.
Property
This sector’s operating loss of S$0.5 million was S$0.1 million or 34% higher than the corresponding
quarter last year. It was mainly because of the lower revenue as explained in the fifth paragraph under
“Revenue” above.
Results of Associated and Joint Venture Companies
The Group’s share of the results of its associated and joint venture companies for the quarter under
review was a profit of S$2.2 million compared to a profit of S$0.1 million in the corresponding quarter
last year. This was mainly because Holiday Inn City Centre Guangzhou had contributed a higher profit
and Knight Frank Pte Ltd, which was acquired in December 2011, had also contributed positively to the
results.
9 Where a forecast, or a prospect statement, has been previously disclosed to shareholders,
any variance between it and the actual results.
Not applicable.
10 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.
11 Dividend.
Works to redevelop and upgrade the Group’s newly acquired property at Rawai, Phuket into a luxury
resort are in progress. Key consultants have been appointed and are working towards finalising the
conceptual plans for the first phase of the project. We are targeting to complete the first phase of the
redevelopment and for the hotel to be operational in 2014.
Holiday Inn Resort Phuket has commenced on the refurbishment of its Main Wing starting with the public
areas which include enhancement works to the lobby as well as Food and Beverage outlets.
Improvement works to the rooms as well as other public areas will be carried out next year. With these
works in progress, there will inevitably be disruptions to the business but this will be minimised through
careful planning as well as phasing of the works with the hotel operator. The performance of the hotel is
expected to be affected to some extent during this period.
Although the restrictions imposed by the Chinese government on property purchases have affected the
pace of the sale of our residential apartment units in Xuzhou, China, we continue to see units being
progressively taken up. To-date, we have sold approximately 40% of 576 units launched for sale.
Holiday Inn City Centre Guangzhou, in which the Group has a 50% interest, will no longer contribute to
the Group’s results after December 2012 when the ownership of this hotel is returned to the Chinese
partner.
The outlook for the global economy remains uncertain with concerns over the fragile economic situation
in Europe and the United States. Whilst maintaining a cautious and prudent approach in managing the
Group's businesses, we will also continually seek and evaluate sound investment opportunities for growth
in Singapore and regionally.
(a) Current Financial Period Reported On.
Any dividend declared for the current financial period reported on?
None.
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(b) Corresponding Period of the Immediately Preceding Financial Year.
Any dividend declared for the corresponding period of the immediately preceding financial year?
The Group had recognised an exceptional profit on the sale of its 50% interest in LC Airport Hotel
Pte Ltd in the first quarter of financial year 2012 and the Company had declared a special interim
dividend as follows :
Name of Dividend : Special Interim Dividend
Dividend Type : Cash
Dividend per share : 0.50 cent per ordinary share
Tax Rate : Tax exempt (one-tier)
(c) Date payable.
Not applicable.
(d) Books closure date.
Not applicable.
12 If no dividend has been declared/recommended, a statement to that effect.
No dividend has been declared or recommended for the current financial period reported on.
13 Confirmation pursuant to Rule 920(1)(a)(ii) of the Listing Manual.
The Company does not have a general mandate from shareholders for interested person transactions.
14 Confirmation by the Board pursuant to Rule 705(5) of the Listing Manual
The Directors of the Company hereby confirm to the best of their knowledge that nothing has come to
the attention of the Board of Directors which may render the unaudited financial statements for the
first quarter ended 30 September 2012 to be false or misleading in any material respect.
On behalf of the Board of Directors
David Lum Kok Seng Kelvin Lum Wen Sum
Director Director
BY ORDER OF THE BOARD
Iris Wu Hwee Tan
Lee Kin Meng
Company Secretaries
9 November 2012
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