Steel Trading

Turnover for the steel business decreased by $94m from $190m to $96m due to the slowdown in construction demand and falling steel prices. Despite write-backs of $3.4m, operating profit for Steel declined by $2.0m from $6.7m to $4.7m due to lower turnover and contribution.

Regional Property Development & Management

Turnover for property development improved by $12.7m from $11.7 to $24.4m due to higher sales in Singapore and Malaysia. Operating profit improved by $7.2m to $6.5m compared to a loss of $0.7m for FY2009 mainly due to a write-back of S$2.1m in foreseeable losses on properties under development compared to provision of $3.6m in FY2009. Turnover for Property Rental improved by S$0.1m while operating profit improved by $6.1m from $1.2m to $7.3m mainly due to a fair value gain on investment property of $3.8m compared to a loss of $2.0m in FY2009.