L.C. Development Ltd - FinanzNachrichten.de

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.
11