A recovery in Singapore’s economy seems palpable as recent economic figures indicate. However, performance was mixed for different markets.

For the year ended 31 March 2010, revenue for the Group declined by 26 percent to $36 million from $49 million. Total cost of sales consequently declined 36.2 percent. Uneven market conditions impacted the performance of the property division, resulting in a decline in revenue by 57.2 percent. This was mainly due to lower sale of properties.

During this period, we restructured the media division after a comprehensive review of the business in the face of secular changes in the industry and the trends of related markets. The proactive measures adopted cushioned the impact on our media division; resulting in a marginal dip in revenue by 7 percent. Marketing services maintained its growth, with revenue increasing by 5 percent. Consequent to the decline in revenue, mainly attributed to the property division, gross profit for the Group fell by 43.5 percent, while gross profit margin eased from 62.8 percent to 52.4 percent.

In spite of the challenges, our Group remained profitable, albeit, a decline by 57 percent to $8.3 million.

The Group continues to strengthen its balance sheet with cash and cash equivalent increasing from $23.9 million last year to $25.3 million this year. Borrowings decreased from $48 million to $44.7 million as short-term borrowings were reduced by 56 percent to $2.8 million. Development properties were reduced from $60 million last year to $41 million this year mainly due to completion of the projects, thereby increasing the investment properties from $16 million to $29 million this year.

As the economic outlook improves, the Group is stepping up its search for opportunities in the region, including opportunities in the hospitality and warehousing sectors.

A final dividend of 0.333 cents per share has been proposed. This would bring total dividends for the year to 0.733 cents.

On behalf of the Board, I thank our management and staff for their dedication and invaluable contributions during a remarkable period. Appreciation and thanks also go to my colleagues on the Board for their valuable insights and wisdom. To our shareholders, customers and partners, my gratefulness for their steadfast support.