Financials

FULL YEAR FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2009

Financials Archive

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FULL YEAR FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2009

Income Statement

Balance Sheet

Review of Performance

Group revenue increased by S$5.1 million or 12.8% to S$45.1 million for the financial year ended 31 December 2009 ("FY09"), mainly due to the additional contribution by four new "Dian Xiao Er" outlets which commenced operations between December 2008 and April 2009. Revenue from "Dian Xiao Er" accounted for about 47.0% of Group revenue in FY09, compared to 36.6% in FY08. Revenue from existing outlets dropped by more than 9.4% for FY09 due to drop in number of customers and per head spending amidst the weak economic conditions. As a result, the Group's profit before income tax suffered a drop of S$1.3 million or 23.0% to S$4.3 million for FY09.

Cash and cash equivalents increased by S$1.2 million to S$15.3 million in FY09, attributable mainly by the profits generated during the year. The Group also paid out S$2.0 million as dividend to shareholders during the period. The increase of S$1.8 million in share capital was the result of the rights issue of 199,000,000 new shares in February 2009.

Commentary

Although the global economy shows signs of recovery, the Group maintains cautiously optimistic about the outlook for the food and beverage industry and expects the operating conditions to be challenging with more intense competition and higher operating costs.

The Group will embark on various initiatives to grow its market share in Singapore and continue to look for cost-saving measures that will assist in improving its productivity and profit margins and build on the strengths of its two flag-ship brands.