1Q Unaudited Financial Statement Announcement - SC Global ...

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8. A review of the performance of the group, to the extent necessary for a reasonableunderstanding of the group’s business. It must include a discussion of thefollowing:-(a)(b)any significant factors that affected the turnover, costs, and earnings of thegroup for the current financial period reported on, including (whereapplicable) seasonal or cyclical factors; andany material factors that affected the cash flow, working capital, assets orliabilities of the Group during the financial period reported on.Group revenue decreased by 70% from $11.4 million to $3.4 million compared to thecorresponding quarter. The decline was due to lower recognition of sales compared to thecorresponding quarter as projects achieved TOP. Revenue from sales achieved in TheBoulevard Residence have progressively been recognized during the quarter.Staff and administrative expenses increased by 103% to $0.9 million mainly due to theincrease in staff strength to manage and undertake marketing and sales of the Group’sportfolio of properties. In addition, other costs from projects which have achieved TOPhave been expensed during the quarter as opposed to being capitalized in thecorresponding quarter last year.The Group’s associate company in Australia, AVJennings Homes Limited, continued tocontribute significantly to the Group’s profit.As a result of the above, profit attributable to shareholders for the period decreased by 15%to $6.5 million.9. Where a forecast, or a prospect statement, has been previously disclosed toshareholders, any variance between it and the actual resultsThe current announced results are in line with the prospect commentary previouslydisclosed to shareholders in the results announcement for the full year ended 31 December2003.10. A commentary at the date of the announcement of the significant trends andcompetitive conditions of the industry in which the group operates and any knownfactors or events that may affect the group in the next reporting period and the next12 monthsThe Singapore economy has shown strong growth in the first quarter of 2004, with GDPincreasing by 7.3% over the same period in 2003. The improvement has also helpedunderpin sentiment in the general residential property market as several property launchesduring the quarter were well receivedThe Group’s associate, AVJennings Home Limited in Australia is expected to continue tocontribute positively to the Group’s profitability.Save as disclosed in this announcement, the Group is not aware of any known factors orevents that may affect the Group’s profitability in the next reporting period or the next 9months.Page 8 of 9
11. Dividend(a) Current <strong>Financial</strong> Period reported on:Any dividend declared for the current financial period reported on?None(b) Corresponding Period of the Immediately Preceding <strong>Financial</strong> YearAny dividend declared for the corresponding period of the immediately precedingfinancial year? None(c) Date payableNot applicable.(d) Books closure dateNot applicable.12. If no dividend has been declared/recommended, a statement to that effectNo dividend has been declared/recommended for the first quarter ended 31 March 2004BY THE ORDER OF THE BOARDFong Keng CheeCompany Secretary28 May 2004Page 9 of 9
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1Q Unaudited Financial Statement Announcement - SC Global ...

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