-	-	Latest period	Previous corresponding period	Increase/ (Decrease)	Latest period	Previous corresponding period	Increase/ (Decrease)
1.(a)	Turnover	615,174	292,921	110.0	8,491	1	nm
1.(b)	Cost of sales or classification as followed in the most recent audited annual financial statements	564,689	263,855	114.0	0	0	0
1.(c)	Gross profit	50,485	29,066	73.7	8,491	1	nm
1.(d)	Investment income	0	0	0	0	0	0
1.(e)	Other income including interest income	725	1,151	(37.0)	26	1,018	(94.4)
2.(a)	Operating profit before income tax, minority interests, extraordinary items, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items	38,508	25,034	53.8	7,792	293	nm
2.(b)(i)	Interest on borrowings	(994)	(1,358)	(26.8)	(751)	(1,160)	(35.3)
2.(b)(ii)	Depreciation and amortisation	(14,600)	(12,729)	14.7	(7)	(9)	(22.2)
2.(b)(iii)	Foreign exchange gain/(loss)	(836)	923	(190.6)	84	(82)	(202.4)
2.(c)	Exceptional items (provide separate disclosure of items)	0	(902)	nm	0	0	0

-	-	Latest period	Previous corresponding period	Increase/ (Decrease)	Latest period	Previous corresponding period	Increase/ (Decrease)
2.(d)	Operating profit/(loss) before income tax, minority interests and extraordinary items but after interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items	22,078	10,968	101.3	7,118	(958)	nm
2.(e)	Income derived from associated companies (With separate disclosure of any items included therein which are exceptional because of size & incidence)	(64)	(72)	(11.1)	0	0	0
2.(f)	Operating profit before income tax	22,014	10,896	102.0	7,118	(958)	nm
2.(g)	Less income tax (Indicate basis of computation)	(4,188)	(2,393)	75.0	(2,430)	0	nm
2.(g)(i)	Operating profit/(loss) after tax before deducting minority interests	17,826	8,503	109.6	4,688	(958)	nm
2.(g)(ii)	Less minority interests	162	195	(16.9)	0	0	0
2.(h)	Operating profit/(loss) after tax attributable to members of the company	17,988	8,698	106.8	4,688	(958)	nm
2.(i)(i)	Extraordinary items (provide separate disclosure of items)	0	0	0	0	0	0
2.(i)(ii)	Less minority interests	0	0	0	0	0	0
2.(i)(iii)	Extraordinary items attributable to members of the company	0	0	0	0	0	0

-	-	Latest period	Previous corresponding period	Increase/ (Decrease)	Latest period	Previous corresponding period	Increase/ (Decrease)
2.(i)(iv)	Transfer to/from Exchange Reserve	0	0	0	0	0	0
2.(i)(v)	Transfer to Capital Reserve	0	0	0	0	0	0
2.(i)(vi)	Transfer to Reserve Fund	0	0	0	0	0	0
2.(j)	Operating profit after tax and extraordinary items attributable to members of the company	17,988	8,698	106.8	4,688	(958)	nm

3.(a)	Operating profit [2(g)(i) above] as a percentage of turnover [1(a) above]	2.90%	2.90%
3.(b)	Operating profit [2(h) above] as a percentage of issued capital and reserves at end of the period	12.64%	6.95%
3.(c)	Earnings per ordinary share for the period based on 2(h) above after deducting any provision for preference dividends:-
	(i) Based on weighted average number of ordinary shares in issue	2.08 cts	1.01 cts
	(ii) On a fully diluted basis (To disclose the basis used in arriving at the weighted average number of shares for the purposes of (c)(i) above and to provide details of any adjustments made for the purpose of (c)(ii) above)	2.08 cts	1.01 cts
3.(d)	Net tangible asset backing per ordinary share based on existing issued share capital as at the end of the period reported on	16.38 cts	14.55 cts

the current and previous corresponding period

	31/07/2002	31/07/2001
	S$'000	S$'000
General administrative costs	26,533	16,956
Selling and marketing expenses	1,469	956


The calculation of basic earnings per share is based on the Group's profit attributable to shareholders of the Company divided by the weighted average of number of shares of 863,064,589 (FY 2001: 859,426,691).

Diluted earnings per share is calculated on the same basis as basic earnings per share except that the weighted average number of ordinary shares in issue is adjusted to take into account the dilutive effect on the exercise of all outstanding share options granted to employees. This dilutive effect is computed based on the difference between the number of shares under option and the number of shares that could have been issued at fair values.

The net tangible asset backing per ordinary share is calculated based on the number of ordinary shares in issue of 867,675,731 (FY 2001: 859,426,691).

-	-	Latest period	Previous corresponding period	Increase/ (Decrease)	Latest period	Previous corresponding period	Increase/ (Decrease)
4.(a)	Sales reported for first half year	308,621	125,136	146.6	0	0	0
4.(b)	Operating profit [2(g)(i) above] reported for first half year	8,505	3,862	120.2	(658)	(432)	52.3
4.(c)	Sales reported for second half year	306,553	167,785	82.7	8,491	1	nm
4.(d)	Operating profit [2(g)(i) above] reported for second half year	9,321	4,641	100.8	5,346	(526)	nm

There was an adjustment for underprovision of taxation of $610,000 for the Group in respect of prior years.

NIL

Sale of investments/properties	$Profit/(Loss)
none	$0.00

Not Applicable

6. Segmental Results

By Business Segment



Group Turnover

Group Profit Before Taxation and Interest

	31/07/2002 S$'000	31/07/2001 S$'000	31/07/2002 S$'000	31/07/2001 S$'000
Precision Engineering	114,102	84,130	16,315	6,276
Contract Manufacturing	471,415	181,959	7,055	5,746
Distribution	29,656	26,831	(263)	47
Others	1	1	(35)	257
Total	615,174	292,921	23,072	12,326



By Geographical Location



Group Turnover

Group Profit Before Taxation and Interest

	31/07/2002 S$'000	31/07/2001 S$'000	31/07/2002 S$'000	31/07/2001 S$'000
Singapore	272,664	239,894	12,147	13,666
Other Asia-Pacific Countries	342,510	53,027	10,925	(1,340)
Total	615,174	292,921	23,072	12,326

The Directors are pleased to report that the Group has performed strongly in a very difficult year underpinned by a slow world economic recovery and weak demand for technology products.

Group's turnover for the financial year ended 31 July 2002 was $615.2 million, an increase of 110% compared to the turnover of $292.9 million reported in the previous financial year.

All the three divisions in the Group reported increase in revenue with the Contract Manufacturing Division achieving a 159% revenue growth to $471.4 million (FY 2001 : $182.0 million), Precision Engineering Division achieving a 36% revenue growth to $114.1 million (FY 2001 : $84.1 million) and Distribution Division achieving a 11% revenue growth to $29.7 million (FY 2001 : $26.8 million)

The revenue growth in the Contract Manufacturing Division was largely due to a full year revenue contribution from the PCBA plant in Batam that was acquired in June 2001 and increase in turnover from the plastic injection moulding business. As a result, profit before taxation and interest increased by 22.8% from $5.7 million to $7.1 million.

The revenue growth in the Precision Engineering Division was largely due to organic growth. Despite the poor economic environment, continuing focus in the improvement of product quality and operational efficiency have resulted in increased customer confidence that led to higher customers orders. As a result, profit before taxation and interest increased by 159.9% from $6.3 million to $16.3 million.


With the increase in Group turnover, profit attributable to the shareholders improved to $17.98 million, an increase of 106.8% from $8.69 million reported in the last financial year.

The significant increase in turnover at the Company level was due to dividend income received from its subsidiaries during the financial year ended 31 July 2002.

the issuer must explain any variance between the forecast or prospect statement and the
actual results

The actual results of the Group are consistent with the prospect of the Group as disclosed on 7 February 2002.

unusual nature, which would have affected materially the results of operations of the Group
and Company, has occurred between the date to which the report refers and the date on
which the report is issued. If none, to give a negative statement.

In the opinion of the Directors, no item, transaction or event of a material or unusual nature that would affect substanitially the results of the operations of the Group and the Company between the date to which the report refers and the date on which the report is issued.

industry in which the group operates and any known factors or events that may affect
the group in the next reporting period

The Group's financial performance and position have improved. Consequently, the Group has been able to leverage its resources to secure new projects from new and existing customers while at the same time staying competitive by continuing to focus on cost efficiency and effectiveness.

The Group will continue to look for strategic customer partnerships for growth. The successful integration of the Techplas and Batam PCBA operations into the Group has created opportunities for us to expand our business with medical OEM customers and offer lower cost manufacturing facilities to all our customers.

The Group is setting up a new plant in Thailand which is expected to commence operations towards the end of the second quarter of the new financial year. The Thailand plant will enable the Group to strengthen our ties with existing customers and at the same time tap into a new market.

The state of world economic recovery remains uncertain. The industry segments of the Group's three main core businesses remain competitive. The Group's performance for the new financial year may be affected by any major change in the political, economic and business environment. Barring any unforeseen circumstances, the Directors believe that the Group will continue to maintain its current level of profitability in the new financial year.

(a) Present Period



Name of Dividend	First & Final
Dividend Type	Cash
Dividend Rate	5 % per ordinary share less tax
Par value of shares	$0.10
Tax Rate	22.0%

(b) Any dividend declared for the previous corresponding period? None

(c) Total Annual Dividend (if applicable)



-	Latest Year (S$'000)	Previous Year (S$'000)
Ordinary	3,384	0
Preference	0	0
Total:	3,384	0

(d) Date payable

The dividend payment will be announced at a later date.

(e) Books closure date

Notice on the closure of the Share Transfer Books and Register of Members of the Company to determine shareholders' entitlement to the recommended first and final dividend will be announced later.

(f) Any other comments relating to Paragraph 9

The Directors are pleased to recommend a first and final dividend of 5% (FY 2001: NIL) or 0.5 cents (FY 2001: Nil) per share less tax of 22% for the financial year ended 31 July 2002, to be approved by shareholders at the Company's forthcoming Annual General Meeting.

Group

Company

	31/07/2002	31/07/2001	31/07/2002	31/07/2001
	S$'000	S$'000	S$'000	S$000
Non Current Assets
Fixed assets	92,554	89,033	20	26
Investments in subsidiaries	0	0	93,848	100,540
Investments in associated companies	0	63	0	0
Investment properties	8,888	9,104	0	0
Long term investments	582	101	11	11
Interest in joint venture	53	0	53	0
Intangible assets	195	50	0	0
	102,272	98,351	93,932	100,577
Current Assets
Stocks	34,749	30,250	0	0
Trade debtors	102,136	81,184	0	0
Other debtors	10,607	8,517	26	19
Amount due from subsidiaries companies	0	0	88,350	82,483
Short term investments	96	147	96	147
Fixed deposits	7,901	577	0	0
Cash and bank balance	35,168	16,365	1,512	1,025
	190,657	137,040	89,984	83,674
Current Liabilities
Trade creditors	101,674	62,233	0	0
Other creditors and accruals	21,600	10,020	587	569
Amount due to subsidiaries companies	0	0	9,136	14,856
Hire purchase creditors	474	632	0	0
Provision for taxation	7,560	3,178	143	335
Bank borrowings	8,000	30,898	5,000	14,000
	139,308	106,961	14,866	29,760
Net Current Assets	51,349	30,079	75,118	53,914
Non Current Liabilities
Hire purchase creditors	559	883	0	0
Long term loans	8,600	0	8,600	0
Deferred taxation	1,874	2,262	0	0
	11,033	3,145	8,600	0
	142,588	125,285	160,450	154,491
Representing:
Share capital	86,768	85,943	86,768	85,943
Share premium	79,818	79,372	79,818	79,372
Capital reserve	2,147	9,911	0	7,764
Merger reserve	0	0	25,036	25,036
Exchange translation account	(14,296)	(12,297)	0	0
Accumulated loss	(12,101)	(37,853)	(31,172)	(43,624)
	142,336	125,076	160,450	154,491
Minority interests	252	209	0	0
	142,588	125,285	160,450	154,491

 

	31/07/2002	31/07/2001
	S$'000	S$'000
Cash flows from operating activities:
Profit before taxation and minority interests	22,014	10,896
Adjustments for:
Share of loss of associated companies	64	72
Depreciation of fixed assets	14,540	12,680
Amortisation of preliminary and pre-operating expenses	50	49
Amortisation of goodwill	10	0
Provision for diminution in value of quoted investments	51	10
Loss on disposal of other long term investments	0	40
(Gain)/Loss on sale of fixed assets	148	(15)
Fixed assets written off and written down	646	126
Interest expense	994	1,358
Interest income	(108)	(253)
Currency re-alignment	(221)	242
Operating profit before reinvestment of capital	38,188	25,205
Increase in stocks	(4,499)	(17,187)
Increase in trade debtors	(20,952)	(44,490)
Increase in other debtors	(2,090)	(2,779)
Decrease in amounts owing by associated companies	0	34
Increase in trade creditors	39,441	41,751
Increase/(decrease) in other creditors and accruals	11,580	(2,429)
Cash generated from operations	61,668	105
Interest paid	(994)	(1,358)
Interest recevied	108	253
Tax paid	(1,483)	(973)
Net cash provided from / (used in) operating activities	59,299	(1,973)
Cash flows from investing activities:
Proceeds from sale of fixed assets	759	29,684
Purchase of fixed assets	(19,888)	(14,766)
Payment for investment in joint venture	(53)	0
Purchase of long term investments	(481)	0
Proceeds from disposal of other long term investments	0	80
Cash flow on acquisition, net of cash required	0	(8,732)
Net cash (used in) / generated from investing activities	(19,663)	6,266
Cash flows from financing activities:
Payment for redeeming redeemable convertible preference shares	0	(2,747)
Repayment of debt securities	0	(31,596)
(Payment)/proceeds of hire purchase obligations	(482)	1,141
Proceeds from term loans	8,600	27,398
Proceeds from the exercise of share options	1,271	0
Repayment of bank borrowings	(22,898)	0
Net cash used in financing activities	(13,509)	(5,804)
Net increase/(decrease) in cash and cash equivalents	26,127	(1,511)
Cash and cash equivalents at beginning of year	16,942	18,453
Cash and cash equivalents at end of the year	43,069	16,942

Group

Company

	31/07/2002	31/07/2001	31/07/2002	31/07/2001
	S$'000	S$'000	S$'000	S$000
Share Capital
Ordinary Shares
Balance at beginning of the year	85,943	66,462	85,943	66,462
Issuance of ordinary shares	825	19,481	825	19,481
Balance at end of year	86,768	85,943	86,768	85,943