FRONTLINE COVER FA 070606 CR2.indd

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46 frontline technologies corporation ltd annual report 2006 > auditors’ report to the members of frontline technologies corporation ltd We have audited the accompanying financial statements of Frontline Technologies Corporation Ltd (the Company) and its subsidiaries (collectively the Group) for the year ended 31 March 2006, set out on pages 47 to 92. These financial statements are the responsibility of the Company’s directors. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements for the financial year ended 31 March 2005 were audited by another firm of auditors whose report dated 1 July 2005 expressed an unqualified opinion on those financial statements. We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the directors, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, (a) (b) the consolidated financial statements of the Group and the balance sheet of the Company are properly drawn up in accordance with the provisions of the Singapore Companies Act, Cap. 50 (the Act) and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Group and of the Company as at 31 March 2006 and the results, changes in equity and cash flows of the Group for the financial year ended on that date; and the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act. Baker Tilly TFWLCL Certified Public Accountants Singapore Engagement Partner: Foong Daw Ching 4 July 2006
frontline technologies corporation ltd annual report 2006 47 > consolidated income statement for the financial year ended 31 march 2006 Note 2006 2005 $ $ Revenue 4 169,062,783 147,463,591 Cost of sales (125,254,705) (110,583,741) Gross profit 43,808,078 36,879,850 Other operating income 3,775,399 5,069,543 Financial income 5 1,215,561 431,086 Distribution and selling expenses (21,945,214) (16,733,138) Administrative expenses (16,492,577) (16,851,433) Financial expenses 6 (2,382,984) (2,720,088) Share of results of associated companies 7 3,132,223 2,134,050 Profit from operations before tax 8 11,110,486 8,209,870 Tax 11 (1,812,416) (1,323,207) Net profit for the year 9,298,070 6,886,663 Attributable to Equity holders of the Company 7,293,056 5,154,394 Minority interest 2,005,014 1,732,269 9,298,070 6,886,663 Earnings per share (cents) – Basic 12 0.89 0.63 The accompanying notes form an integral part of these financial statements.
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FRONTLINE COVER FA 070606 CR2.indd

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