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Gains from en bloc property sales comprised profit of$57.7 million from the divestment of Hotel InterContinentalSingapore and $27.1 million from the divestment of OceanTowers in Shanghai. Owing to continued uncertainties inMyanmar, the Group made an additional impairment chargeof $32.2 million for its two hotels. In addition, the Groupprovided $5 million against its investment in an associatedcompany that owns the hotel in Manado and $1.5 million forEvergro’s investment building.PATMI was $200.3 million, an improvement of 29% over thatof the previous year.Earnings from overseas represented 64% of the Group’s profitbefore en bloc property sales and impairment loss, comparedwith 59% for 2005.Returns to shareholdersEarnings per share improved to 27.9 cents in 2006 from21.8 cents in 2005. In April 2006, 144.4 million units inK-REIT Asia amounting to a book value of $262.9 million wasdistributed to shareholders as a dividend in specie (grossequivalent of 44 cents per share), resulting in the loweraverage equity employed for the year. The lower equityemployed, together with the improved earnings, has givenrise to the higher return on equity of 12.8% compared with9.5% for 2005.A final dividend of 6 cents per share amounting to about$43.2 million for 2006 has been recommended by theDirectors. The dividend for 2005 was $36 million or 5 centsper share.Earnings and dividends per sharecents353025201510%50Return on shareholders’ equity151296303503002502001501005003.77.720023.61.720023.57.56.820038.78.6200411.69.52005Return before tax but after en bloc property sales and impairment lossReturn after tax and en bloc property sales and impairment lossDividend payout200215.84.02003200314.219.020042005200615.312.82006$ million centsSpecial dividendin specie (grossequivalent of44 cents per share,amounting to$262.9 million)36.019.3 22.7 28.53.54.0 5.0 5.0Final dividend paid/payable ($ million)Gross final dividend per share (cents)5.0 5.0200418.726.7200521.833.627.96.02006Earnings before tax but after en bloc property sales and impairment lossEarnings after tax and en bloc property sales and impairment lossGross final dividend306.150.0706050403020100Financial reviewKeppel Land LimitedReport to Shareholders 200675