Financials

Quarterly report for the financial period ended 30 September 2011

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Condensed Consolidated Income Statement
For The Quarter Ended 30 September 2011

Condensed Consolidated Statement Of Financial Position
As At 30 September 2011

Review of Performance of the Company and its Principal Subsidiaries

The Group consolidated revenue for the current quarter has reduced by 50.2% as compared to the preceding year 2nd quarter. The reduction in revenue was mainly due to the disposal of certain subsidiaries in Malaysia on 31st March 2011, the 4th quarter of the last financial year.

The Group consolidated profit before tax for the 2nd quarter under review was RM0.291 million as compared to RM1.364 million in last financial year same quarter. Reason for the reduction in profit was mainly due to negative profit contribution from Property Division in the 2nd quarter. Phase 1 of the new development for the Property Division has started construction in September 2011. This new development is targeted to contribute in the 4th quarter of the financial year 2011/12.

Commentary on Prospect

According to World Travel & Tourism Council in it's November 2011 report, Travel and Tourism's performance has been resilient despite the stuttering recovery in the global economy. The best-performing region this year so far, in terms of international arrivals has been Asia Pacific. Southeast Asia's travel and tourism growth (up 1.3 percentage points to 6.4%), both buoyed by ongoing economic growth and strong Travel & Tourism demand, which is expected to continue into 2012.

While the global economy will continue to be unpredictable, the Group remains confident that China, India and South East Asia will continue to be the engine of economic growth for this region. If present trends continue, we expect our financial results to improve in the new financial year 2011/12.

Barring any unforeseen rapid change in conditions, we remain confident in the future of the Hotel Division and the Travel Division with operations located in Singapore, Hong Kong and Thailand.