29th Apr 2010 10:25
To: Business Editor 29th April 2010
For immediate release
MCL Land Limited
First Quarter 2010 Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 77%-owned subsidiary, MCL Land Limited.
For further information, please contact:
Hongkong Land Limited
John R Witt (852) 2842 8101
GolinHarris
Sue So (852) 2501 7984
29th April 2010
MCL LAND LIMITED
FIRST QUARTER 2010 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
"Sentiment in Singapore's residential property market remains positive, underpinned by an improving economic outlook. The Group's results for 2010 should benefit from the completion of two development projects in Singapore, Waterfall Gardens and D'Pavilion, and the write back of the impairment charge on The Estuary."
Y K Pang, Chairman
29th April 2010
Group Results
|
|
Three months ended 31st March |
||||
|
|
2010 |
2009 |
Change |
2010 |
Change |
|
|
US$m |
US$m |
% |
S$m |
% |
|
Revenue |
0.2 |
8.3 |
- 97 |
0.3 |
- 98 |
|
Profit before tax |
47.1 |
2.0 |
n/m |
66.4 |
n/m |
|
Profit attributable to shareholders |
48.7 |
1.4 |
n/m |
68.5 |
n/m |
|
|
US¢ |
US¢ |
|
S¢ |
|
|
Earnings per share |
13.15 |
0.38 |
n/m |
18.53 |
n/m |
|
|
At 31.3.2010 |
At 31.12.2009 |
Change |
At 31.3.2010 |
Change |
|
|
US$m |
US$m |
% |
S$m |
% |
|
Shareholders' funds |
583.4 |
533.2 |
9 |
817.6 |
9 |
|
|
US$ |
US$ |
|
S$ |
|
|
Net asset value per share |
1.58 |
1.44 |
10 |
2.21 |
9 |
n/m = not meaningful
The exchange rate of US$1=S$1.40 (31.12.2009: US$1=S$1.40) was used for translating assets and liabilities at the balance sheet date. Average monthly transaction rates were used for translating the results for the financial period (average rate for 2010: US$1=S$1.40, 2009: US$1=S$1.52).
The financial results for the three months ended 31st March 2010 and 31st March 2009 have been prepared based on the International Financial Reporting Standards ("IFRS"). The financial results for 31st March 2010 have not been audited or reviewed by the Company's Auditors.
Overview
Group Performance
MCL Land recorded nominal revenue for the quarter ended 31st March 2010, mainly representing rental income from investment properties, compared with US$8 million in the corresponding period in 2009. Net profit attributable to shareholders for the first quarter was US$49 million primarily arising from the write back of an impairment charge of US$51 million on The Estuary. This compares with US$1 million in the first three months of 2009. The Group continues to carry an impairment charge of US$134 million against a number of its other development properties.
Shareholders' funds were US$583 million at 31st March 2010, up from US$533 million at 31st December 2009. Progress payments received in respect of the Group's development properties continued to enhance the Group's financial position with net cash of US$140 million at 31st March 2010, compared with US$93 million at the end of 2009.
The Board is not recommending the payment of an interim dividend for the first quarter of 2010 (2009: Nil).
Properties
Sales of the Group's development properties in Singapore continued to progress well. The Estuary, a 608-unit condominium development at Yishun Avenue 1, was successfully launched in February 2010 and 98% of the units had been committed by the end of March. By the same date, pre-sales had reached 74% at D'Pavilion, a 50-unit apartment development at Upper Serangoon Road; 96% at Parvis, a 248-unit freehold condominium joint venture development at Holland Road; and 100% at The Peak@Balmeg, a 180-unit condominium development at Balmeg Road.
Construction of the Group's various projects is progressing well. Waterfall Gardens, a fully sold 132-unit condominium development at Farrer Road, and D'Pavilion are on schedule to complete by the second and fourth quarter of 2010, respectively. The Peak@Balmeg is due to complete in 2011, followed by Parvis in 2012. D'Mira, a 65-unit apartment development at Boon Teck Road, and The Estuary are expected to be completed in 2013. In addition, the Group has four other development projects in Singapore with a total gross floor area of some 57,000 square metres that are at various stages of planning approval. It is planned to launch these development projects progressively over the next few years.
The Group's joint venture developments in Malaysia continued to perform well. Riana Green Phase 1 was completed in January 2010, with all 391 units committed for sale as at 31st March 2010. Sales of the development in Seremban continued with 311 of the 396 units committed for sale.
Wangsa Walk in Kuala Lumpur, a joint venture retail mall development with an estimated net lettable area of some 25,000 square metres, had 92% of its space committed for lease at the end of March 2010.
Prospects
Sentiment in Singapore's residential property market remains positive, underpinned by an improving economic outlook. The Group's results for 2010 should benefit from the completion of two development projects in Singapore, Waterfall Gardens and D'Pavilion, and the write back of the impairment charge on The Estuary.
Y K Pang
Chairman
29th April 2010
Statement pursuant to Rule 705(5) of the Listing Manual
The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited interim financial results for the three months ended 31st March 2010 to be false or misleading in any material respect.
On behalf of the Directors
Y K Pang
Chairman
Hassan Abas
Director
29th April 2010
|
MCL Land Limited |
||||||||
|
Consolidated Profit and Loss Account for the three months ended 31st March |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
2009 |
|
Change |
|
|
|
Note |
|
US$'000 |
|
US$'000 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
2 |
|
228 |
|
8,304 |
|
- 97 |
|
|
Cost of sales |
|
|
(85) |
|
(5,255) |
|
- 98 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
143 |
|
3,049 |
|
- 95 |
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
3 |
|
51,350 |
|
331 |
|
n/m |
|
|
Marketing expenses |
|
|
(2,480) |
|
(53) |
|
n/m |
|
|
Administrative expenses |
|
|
(573) |
|
(949) |
|
- 40 |
|
|
Share of joint ventures' results (net of tax) |
|
|
(1,305) |
|
(409) |
|
219 |
|
|
|
|
|
|
|
|
|
|
|
|
Profit before tax |
2 |
|
47,135 |
|
1,969 |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
Tax |
4 |
|
1,521 |
|
(581) |
|
n/m |
|
|
Profit after tax attributable to shareholders |
|
|
|
|
|
|
|
|
|
of the Company |
|
|
48,656 |
|
1,388 |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US¢ |
|
US¢ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share ("EPS") attributable to |
|
|
|
|
|
|
|
|
|
shareholders |
|
|
|
|
|
|
|
|
|
- basic and diluted* |
5 |
|
13.15 |
|
0.38 |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
n/m = not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Diluted EPS is the same as basic EPS, as there were no outstanding, dilutive potential ordinary shares. |
|||||||
|
MCL Land Limited |
|||||
|
Consolidated Statements of Comprehensive Income and Changes in Equity |
|
|
|||
|
for the three months ended 31st March |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Comprehensive Income for the three months ended 31st March |
|||||
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
2009 |
|
|
|
|
US$'000 |
|
US$'000 |
|
|
|
|
|
|
|
|
Profit after tax |
|
48,656 |
|
1,388 |
|
|
|
|
|
|
|
|
|
Other comprehensive income/(expenses): |
|
|
|
|
|
|
Translation difference |
|
1,590 |
|
(20,974) |
|
|
|
|
|
|
|
|
|
Total comprehensive income/(loss) attributable to shareholders |
|
|
|
||
|
of the Company |
|
50,246 |
|
(19,586) |
|
|
|
|
|
|
|
|
|
Consolidated Statement of Changes in Equity for the three months ended 31st March |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Attributable to shareholders |
|||
|
|
|
Share |
Translation |
Retained |
Total |
|
|
|
capital |
reserve |
earnings |
equity |
|
|
|
US$'000 |
US$'000 |
US$'000 |
US$'000 |
|
2010 |
|
|
|
|
|
|
Balance at 1st January |
276,657 |
120,504 |
136,067 |
533,228 |
|
|
|
|
|
|
|
|
|
Total comprehensive income for the financial period |
- |
1,590 |
48,656 |
50,246 |
|
|
|
|
|
|
|
|
|
Balance at 31st March |
276,657 |
122,094 |
184,723 |
583,474 |
|
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
Balance at 1st January |
276,657 |
109,383 |
7,909 |
393,949 |
|
|
|
|
|
|
|
|
|
Total comprehensive (loss)/income for the financial period |
- |
(20,974) |
1,388 |
(19,586) |
|
|
|
|
|
|
|
|
|
Balance at 31st March |
276,657 |
88,409 |
9,297 |
374,363 |
|
|
|
|
|
|
|
|
|
|
|||||
|
The number of issued ordinary shares as at 31st March 2010 was 369,985,977 (2009: 369,985,977). The Company did not hold any treasury shares as at 31st March 2010 and 2009. |
|||||
|
MCL Land Limited |
|||||
|
Consolidated Balance Sheet |
|||||
|
|
|
|
|
|
|
|
|
|
|
At |
|
At |
|
|
|
|
31.3.2010 |
|
31.12.2009 |
|
|
|
Note |
US$'000 |
|
US$'000 |
|
Non-current assets 1 |
|
|
|
|
|
|
Plant and equipment |
|
291 |
|
346 |
|
|
Investment properties |
|
15,916 |
|
15,382 |
|
|
Investments in joint ventures |
|
29,053 |
|
30,317 |
|
|
Deferred tax assets |
|
2,027 |
|
690 |
|
|
|
|
|
47,287 |
|
46,735 |
|
Current assets 2 |
|
|
|
|
|
|
Development properties for sale |
|
608,772 |
|
543,409 |
|
|
Amounts owing by joint ventures |
|
72,742 |
|
72,466 |
|
|
Debtors and prepayments |
|
95,459 |
|
67,534 |
|
|
Bank balances |
|
227,776 |
|
192,464 |
|
|
|
|
|
1,004,749 |
|
875,873 |
|
|
|
|
|
|
|
|
Total assets |
|
1,052,036 |
|
922,608 |
|
|
|
|
|
|
|
|
|
Non-current liabilities 3 |
|
|
|
|
|
|
Borrowings |
6 |
83,186 |
|
90,194 |
|
|
Deferred tax liabilities |
|
282 |
|
270 |
|
|
Creditors |
|
5,813 |
|
7,254 |
|
|
|
|
|
89,281 |
|
97,718 |
|
Current liabilities 4 |
|
|
|
|
|
|
Borrowings |
6 |
4,996 |
|
9,550 |
|
|
Amounts owing to joint venture |
|
483 |
|
482 |
|
|
Creditors |
|
340,936 |
|
249,038 |
|
|
Current tax liabilities |
|
32,866 |
|
32,592 |
|
|
|
|
|
379,281 |
|
291,662 |
|
|
|
|
|
|
|
|
Total liabilities |
|
468,562 |
|
389,380 |
|
|
|
|
|
|
|
|
|
Net assets |
|
583,474 |
|
533,228 |
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
Share capital and reserves |
|
|
|
|
|
|
Share capital |
|
276,657 |
|
276,657 |
|
|
Translation reserve |
|
122,094 |
|
120,504 |
|
|
Retained earnings |
|
184,723 |
|
136,067 |
|
|
Shareholders' funds |
|
583,474 |
|
533,228 |
|
|
|
|
|
|
|
|
|
Net asset value per share |
|
US$1.58 |
|
US$1.44 |
|
|
Explanatory notes on material variances: |
|
|
1 |
The increase in non-current assets at 31.3.2010 as compared to 31.12.2009 is mainly due to higher deferred tax assets provided for marketing expenses and utilisation of prior year losses. This is partially offset by the Group's share of losses incurred by the Group's joint ventures. |
|
2 |
The increase in current assets is mainly due to higher development properties for sale from the construction of D'Pavilion, The Peak@Balmeg, D'Mira and The Estuary. In addition, outstanding progress billings and sales proceeds collected from the Group's development properties resulted in higher debtors and bank balances, respectively. |
|
3 |
The lower non-current liabilities at 31.3.2010 as compared to 31.12.2009 is mainly due to repayment of long-term bank loans during the financial period from progress billings collected from the Group's development properties. |
|
4 |
The higher current liabilities at 31.3.2010 as compared to 31.12.2009 is mainly due to the increase in progress billings collected from the Group's development properties. |
|
MCL Land Limited |
|||
|
Company Balance Sheet |
|||
|
|
|
|
|
|
|
At |
|
At |
|
|
31.3.2010 |
|
31.12.2009 |
|
|
US$'000 |
|
US$'000 |
|
Non-current assets |
|
|
|
|
Plant and equipment |
270 |
|
325 |
|
Interests in subsidiaries |
57,643 |
|
57,561 |
|
Investments in joint ventures |
28,523 |
|
28,482 |
|
|
86,436 |
|
86,368 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Amounts owing by subsidiaries |
341,348 |
|
273,493 |
|
Amounts owing by joint ventures |
72,742 |
|
72,466 |
|
Debtors and prepayments |
272 |
|
318 |
|
Bank balances |
149,495 |
|
135,281 |
|
|
563,857 |
|
481,558 |
|
|
|
|
|
|
Total assets |
650,293 |
|
567,926 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Amounts owing to subsidiaries |
152,887 |
|
126,061 |
|
Amounts owing to joint venture |
483 |
|
482 |
|
Creditors |
2,500 |
|
3,734 |
|
Current tax liabilities |
933 |
|
721 |
|
|
156,803 |
|
130,998 |
|
|
|
|
|
|
Total liabilities |
156,803 |
|
130,998 |
|
|
|
|
|
|
Net assets |
493,490 |
|
436,928 |
|
|
|
|
|
|
Equity: |
|
|
|
|
Share capital and reserves |
|
|
|
|
Share capital |
276,657 |
|
276,657 |
|
Translation reserve |
102,857 |
|
102,236 |
|
Retained earnings |
113,976 |
|
58,035 |
|
Shareholders' funds |
493,490 |
|
436,928 |
|
|
|
|
|
|
Net asset value per share |
US$1.33 |
|
US$1.18 |
|
MCL Land Limited |
||||||
|
Company Statements of Comprehensive Income and Changes in Equity |
|
|
||||
|
for the three months ended 31st March |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
Company Statement of Comprehensive Income for the three months ended 31st March |
||||||
|
|
|
|
2010 |
|
2009 |
|
|
|
|
|
US$'000 |
|
US$'000 |
|
|
|
|
|
|
|
|
|
|
Profit/(Loss) after tax |
|
55,941 |
|
(51,205) |
||
|
|
|
|
|
|
|
|
|
Other comprehensive income/(expenses): |
|
|
|
|
||
|
|
Translation difference |
|
621 |
|
(25,509) |
|
|
|
|
|
|
|
|
|
|
Total comprehensive income/(loss) attributable to shareholders |
|
|
||||
|
|
of the Company |
|
56,562 |
|
(76,714) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Statement of Changes in Equity for the three months ended 31st March |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
Attributable to shareholders |
||||
|
|
|
Share |
Translation |
Retained |
Total |
|
|
|
|
capital |
reserve |
earnings |
equity |
|
|
|
|
US$'000 |
US$'000 |
US$'000 |
US$'000 |
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
|
|
||
|
Balance at 1st January |
276,657 |
102,236 |
58,035 |
436,928 |
||
|
|
|
|
|
|
|
|
|
Total comprehensive income for the financial period |
- |
621 |
55,941 |
56,562 |
||
|
|
|
|
|
|
|
|
|
Balance at 31st March |
276,657 |
102,857 |
113,976 |
493,490 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
||
|
Balance at 1st January |
276,657 |
96,048 |
104,815 |
477,520 |
||
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the financial period |
- |
(25,509) |
(51,205) |
(76,714) |
||
|
|
|
|
|
|
|
|
|
Balance at 31st March |
276,657 |
70,539 |
53,610 |
400,806 |
||
|
MCL Land Limited |
|||||||
|
Consolidated Statement of Cash Flows for the three months ended 31st March |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
2009 |
|
|
|
|
Note |
US$'000 |
|
US$'000 |
|
|
Profit before tax |
|
|
47,135 |
|
1,969 |
||
|
Non-cash items |
|
|
|
|
|
||
|
|
|
Interest income |
|
|
(246) |
|
(302) |
|
|
|
Share of joint ventures' results |
|
|
1,305 |
|
409 |
|
|
|
Depreciation |
|
|
26 |
|
37 |
|
|
|
Write back of impairment charge on development properties for sale |
3 |
|
(50,897) |
|
- |
|
|
|
Profit on disposal of plant & equipment |
|
|
(21) |
|
- |
|
|
|
Unrealised translation losses |
|
|
1 |
|
- |
|
|
|
|
|
|
(49,832) |
|
144 |
|
Operating (loss)/profit before working capital changes |
|
|
(2,697) |
|
2,113 |
||
|
|
|
|
|
|
|
|
|
|
Changes in working capital |
|
|
|
|
|
||
|
|
|
Development properties for sale |
|
|
(13,439) |
|
(17,498) |
|
|
|
Amounts owing by joint ventures |
|
|
(173) |
|
(1,041) |
|
|
|
Debtors and prepayments |
|
|
(27,651) |
|
11,277 |
|
|
|
Creditors |
|
|
90,022 |
|
15,571 |
|
|
|
|
|
|
48,759 |
|
8,309 |
|
Cash flows generated from operations |
|
|
46,062 |
|
10,422 |
||
|
|
|
|
|
|
|
|
|
|
|
|
Interest received |
|
|
127 |
|
294 |
|
|
|
Income tax refunded/(paid) |
|
|
412 |
|
(609) |
|
|
|
|
|
|
539 |
|
(315) |
|
|
|
Net cash flows generated from operating activities 5 |
|
|
46,601 |
|
10,107 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
||
|
|
|
Purchase of plant and equipment |
|
|
(5) |
|
(2) |
|
|
|
Net proceeds from sale of plant and equipment |
|
|
57 |
|
- |
|
|
|
Net cash flows generated from/(used in) investing activities |
|
|
52 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
||
|
|
|
Drawdown of loans |
|
|
- |
|
297 |
|
|
|
Repayment of loans |
|
|
(11,682) |
|
(33,856) |
|
|
|
Net cash flows used in financing activities 6 |
|
|
(11,682) |
|
(33,559) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
34,971 |
|
(23,454) |
||
|
Cash and cash equivalents at the beginning of the financial period |
|
192,464 |
|
131,800 |
|||
|
Effect of exchange rate changes |
|
|
341 |
|
(6,997) |
||
|
Cash and cash equivalents at the end of the financial period |
|
|
227,776 |
|
101,349 |
||
|
Explanatory notes on material variances: |
||
|
|
5 |
The net cash flows generated from operating activities for the period ended 31st March 2010 relate mainly to increased progress billings in respect of the Group's development properties, partially offset by increased progress billings not yet received. |
|
|
6 |
The net cash flows used in financing activities for the period ended 31st March 2010 relate mainly to long-term bank loans repaid from collected progress billings. |
|
MCL Land Limited |
|
||
|
Notes |
|
||
|
1 |
Accounting policies and basis of preparation |
||
|
|
|
||
|
|
The financial statements contained in this announcement are prepared in accordance with the accounting policies and methods of computation set out in the 2009 audited accounts, which are based on International Financial Reporting Standards ("IFRS"). There have been no changes to the accounting policies set out in the 2009 audited accounts except for the adoption of standards, amendments and interpretations to existing standards which are relevant to its operations as set out below: |
||
|
|
Amendment to IFRS 2 |
Group Cash-settled Share-based Payment Transactions |
|
|
|
Amendment to IFRS 5 |
Non-current Assets Held for Sale and Discontinued Operations |
|
|
|
Amendment to IAS 1 |
Presentation of Financial Statements |
|
|
|
Amendment to IAS 39 |
Eligible Hedged Items |
|
|
|
IFRIC 17 |
Distribution of Non-cash Assets to Owners |
|
|
|
The adoption of the above amendments and interpretations did not have a material impact on the results of the Group. |
||
|
2 |
Profit |
|
|
|
|
|
|
|
|
|
|
|
|
Group |
|
|
||
|
|
For the three months ended 31st March |
2010 |
|
2009 |
|
Change |
||
|
|
|
|
|
US$'000 |
|
US$'000 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Profit before tax is determined after including: |
|
|
|
|
|
||
|
|
Write back of impairment charge on development |
|
|
|
|
|
||
|
|
|
properties for sale (Note 3) |
50,897 |
|
- |
|
n/m |
|
|
|
Net exchange gain |
|
2 |
|
1 |
|
100 |
|
|
|
Rental income |
|
228 |
|
267 |
|
- 15 |
|
|
|
Interest income |
|
246 |
|
302 |
|
- 19 |
|
|
|
Profit on disposal of plant and equipment |
21 |
|
- |
|
n/m |
||
|
|
Depreciation on plant and equipment |
(24) |
|
(37) |
|
- 35 |
||
|
|
|
|
|
|
|
|
|
|
|
|
n/m = not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in the income for the three months ended 31st March 2010 is a write back of an impairment charge on the Group's development properties for sale amounting to US$50,897,000 (2009: Nil). |
|||||||
|
|
|
|
|
|
|
|
|
|
|
4 |
Tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The provision for income tax is based on the statutory tax rates prevailing in the respective countries in which Group companies operate after taking into account expenses which are not tax deductible, income not subject to tax and Group tax relief. |
|||||||
|
5 |
Earnings per share * |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group |
||
|
|
For the three months ended 31st March |
|
|
|
|
2010 |
|
2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit attributable to shareholders (US$'000) |
|
|
|
|
48,656 |
|
1,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares in issue ('000) |
|
|
369,986 |
|
369,986 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share (US¢) |
|
|
|
|
13.15 |
|
0.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Diluted EPS is the same as basic EPS, as there were no outstanding, dilutive potential ordinary shares. |
|||||||
|
6 |
Group borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group |
||
|
|
|
|
|
|
|
|
At |
|
At |
|
|
|
|
|
|
|
|
31.3.2010 |
|
31.12.2009 |
|
|
|
|
|
|
|
|
US$'000 |
|
US$'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings due within one year |
|
|
|
|
|
|
|
|
|
|
|
- secured |
|
|
|
|
4,996 |
|
9,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings due after one year |
|
|
|
|
|
|
|
|
|
|
|
- secured |
|
|
|
|
83,186 |
|
90,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,182 |
|
99,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain subsidiaries of the Company have mortgaged their development properties as security for bank loans. The net book value of properties mortgaged as at 31st March 2010 was US$261.2 million (31st December 2009: US$289.9 million). |
||||||||
|
7 |
Interested person transactions |
|
|
|
|
|
Name of interested person |
Aggregate value of all interested person transactions (excluding transactions less than S$100,000 and transactions conducted under the shareholders' mandate pursuant to Rule 920) |
|
Aggregate value of interested person transactions conducted under shareholders' mandate pursuant to Rule 920 (excluding transactions less than S$100,000) |
|
|
|
|
US$'000 |
|
|
|
US$'000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended 31st March 2010 |
- |
|
|
- |
|
||
|
8 |
Issue of shares |
|
|
|
|
|
There have been no changes in the issued share capital of the Company since 31st December 2009. |
|
|
|
|
|
There are no outstanding convertible instruments issued or treasury shares held by the Company as at 31st March 2010. |
|
|
|
|
|
The total number of issued shares (excluding treasury shares) as at 31st March 2010 and 31st December 2009 was 369,985,977. |
|
|
|
|
9 |
Others |
|
|
|
|
|
The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event of a material and unusual nature. No significant transaction or event has occurred between 31st March 2010 and the date of this report. |
- ends -
|
For further information, please contact: |
|
Steve Chu |
|
Chief Financial Officer |
|
MCL Land Limited |
|
Tel: 6221 8111 |
|
|
|
Full text of the Financial Statements and Dividend Announcement for the three months ended 31st March 2010 can be accessed through the internet at www.mclland.com.sg. |
Related Shares:
H.k.land