ANNUAL REPORT

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Middle East Development Singapore ltdannual report 2007 37CONSOLIDATED INCOMESTATEMENTYear ended 30 June 2007GroupNotes 2007 2006$ $Revenue 17 11,808,164 11,708,761Cost of sales (7,824,514) (7,853,325)Gross profit 3,983,650 3,855,436Other operating income 56,607 24,859Financial income 18 361,745 78,417Financial expense 18 (113,811) (289,058)Distribution costs (1,590,142) (1,513,840)Administrative expenses (2,869,438) (2,409,236)Other credits/ (charges) 19 30,295 (32,068)Loss before income tax (141,094) (285,490)Income tax (expense)/ credits 20 (175,557) 91,795Loss for the year (316,651) (193,695)Loss per share for loss attributable to the equity holders of the Company(expressed in cents per share)– Basic 21 (0.16) (0.18)– Diluted 21 (0.11) (0.18)See accompanying notes to financial statements.
38Middle East Development Singapore ltdannual report 2007STATEMENTS OF CHANGES INEQUITYYear ended 30 June 2007GroupForeignShare currencyShare Statutory option translation Retainedcapital reserves reserve reserves Earnings Total$ $ $ $ $ $Balance at 1 July 2005 4,311,012 262,778 80,470 (510,018) 1,009,007 5,153,249Exchange differences on translating – – – (113,118) – (113,118)foreign operationsTransfer to statutory reserves – 22,101 – – (22,101) –Net income/ (loss) recognised directly – 22,101 – (113,118) (22,101) (113,118)in equityNet loss for the year – – – – (193,695) (193,695)Total recognised income/ (loss) for the year – 22,101 – (113,118) (215,796) (306,813)Balance at 30 June 2006 4,311,012 284,879 80,470 (623,136) 793,211 4,846,436Balance at 1 July 2006 4,311,012 284,879 80,470 (623,136) 793,211 4,846,436Exchange differences on translating – – – 101,976 – 101,976foreign operationsTransfer to share capital upon exercise 70,956 – (70,956) – – –of share option (Note 15)Transfer to statutory reserves – 41,352 – – (41,352) –Net income/ (loss) recognised directly 70,956 41,352 (70,956) 101,976 (41,352) 101,976in equityIssuance of share capital (Note 14) 14,254,375 – – – – 14,254,375Share issue expenses (Note 14) (659,418) – – – – (659,418)Exercise of share options (Note 14) 319,200 – – – – 319,200Net loss for the year – – – – (316,651) (316,651)Total recognised income/ (loss) for the year 13,985,113 41,352 (70,956) 101,976 (358,003) 13,699,482Balance at 30 June 2007 18,296,125 326,231 9,514 (521,160) 435,208 18,545,918(a) & (b) (a) (a)(a)(b)Not available for distribution as cash dividendsRefer to Note 16 for details.See accompanying notes to financial statements.
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ANNUAL REPORT

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