Investor Relations - News

Full Year Financial Statement And Dividend Announcement

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS

1(a) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year




	GROUP
	S$'000	S$'000	%	S$'000	S$'000	%
	3 months to 31/03/2003	3 months to 31/03/2002	Change	12 months to 31/03/2003	12 months to 31/03/2002	Change
Revenue	12,754	9,757	31	48,030	42,412	13
Investment income	3	0	n/m	46	0	n/m
Other income including interest income (Note A)	417	317	32	772	497	55
	13,174	10,074	31	48,848	42,909	14
Cost of sales (Note B)	(8,399)	(6,148)	37	(31,674)	(27,056)	17
	4,775	3,926	22	17,174	15,853	8
Staff costs	(2,179)	(1,687)	29	(8,139)	(7,536)	8
Other operating expenses (Note C, D)	(1,618)	(1,712)	(5)	(5,976)	(6,268)	(5)
Profit from operating activities	978	527	86	3,059	2,049	49
Interest on borrowings (Note E)	(200)	(80)	150	(633)	(357)	77
Gain on disposition of discontinuing operation	0	0	n/m	3,484	1	n/m
Profit from operations before taxation	778	447	74	5,910	1,693	249
Taxation (Note F)	(365)	78	n/m	(760)	(434)	75
Net profit from operations	413	525	(21)	5,150	1,259	309
Minority interests	358	97	269	235	222	6
Profit before extraordinary items	771	622	24	5,385	1,481	264
Extraordinary items, net	0	0	n/m	0	0	n/m
Net profit attributable to shareholders	771	622	24	5,385	1,481	264
n/m: not meaningful


Note A - Other income (including interest income) comprises:-



	GROUP
	S$'000	S$'000	%	S$'000	S$'000	%
	3 months to 31/03/2003	3 months to 31/03/2002	Change	12 months to 31/03/2003	12 months to 31/03/2002	Change
Interest income	15	9	67	73	62	18
Rental income	286	296	(3)	286	296	(3)
Profit on sale of quoted investments	0	0	n/m	0	2	n/m
Commission received	0	1	n/m	0	32	n/m
Government grant	0	0	n/m	262	0	n/m
Other income	116	11	955	151	105	44
	417	317	32	772	497	55



Note B - Cost of sales includes:-



	GROUP
	S$'000	S$'000	%	S$'000	S$'000	%
	3 months to 31/03/2003	3 months to 31/03/2002	Change	12 months to 31/03/2003	12 months to 31/03/2002	Change
Depreciation of property, plant and equipment	711	515	38	2,022	1,315	54

Note C - Other operating expenses includes:-

	GROUP
	S$'000	S$'000	%	S$'000	S$'000	%
	3 months to 31/03/2003	3 months to 31/03/2002	Change	12 months to 31/03/2003	12 months to 31/03/2002	Change
Depreciation of property, plant and equipment	240	91	164	838	819	2
Amortisation of goodwill	34	0	n/m	69	0	n/m
(Gain) / Loss on exchange, net	(338)	62	n/m	(691)	(55)	1,156
Allowance for doubtful debts and bad debts written (back) / off	(72)	80	n/m	34	224	(85)
Allowance for stock obsolescence and stocks written off	30	182	(84)	104	426	(76)
Loss / (Gain) on sale of property, plant & equipment, net	9	6	50	(16)	13	n/m
Exceptional (gain) / loss (Note D)	0	0	n/m	(2,799)	221	n/m

	GROUP
	S$'000	S$'000	%	S$'000	S$'000	%
	3 months to 31/03/2003	3 months to 31/03/2002	Change	12 months to 31/03/2003	12 months to 31/03/2002	Change
(Gain) on disposition of discontinuing operation	0	0	n/m	(3,484)	(1)	n/m
Provision for diminution in value of investment	0	0	n/m	685	0	n/m
Insurance claim in relation to property, plant and equipment written off*	0	0	n/m	(2,007)	0	n/m
Property, plant and equipment written off*	0	0	n/m	2,007	0	n/m
Severance pay arising from streamlining of operations	0	0	n/m	0	222	n/m
	0	0	n/m	(2,799)	221	n/m

	GROUP
	S$'000	S$'000	%	S$'000	S$'000	%
	3 months to 31/03/2003	3 months to 31/03/2002	Change	12 months to 31/03/2003	12 months to 31/03/2002	Change
Interest on bank loans and overdrafts	197	76	159	620	340	82
Interest on finance leases	3	4	(25)	13	17	(24)
	200	80	150	633	357	77

	GROUP
	S$'000	S$'000	%	S$'000	S$'000	%
	3 months to 31/03/2003	3 months to 31/03/2002	Change	12 months to 31/03/2003	12 months to 31/03/2002	Change
Underprovision/ (overprovision) in respect of previous years:
- current taxation	(32)	76	n/m	0	37	n/m
- deferred taxation	(295)	(31)	852	(295)	(31)	852
	(327)	45	n/m	(295)	6	n/m

1(b)(i) A balance sheet (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year




	Group		Company
	31/03/2003	31/03/2002	31/03/2003	31/03/2002
	S$'000	S$'000	S$'000	S$'000
Share capital	19,800	19,800	19,800	19,800
Reserves	11,490	8,134	12,641	15,597
Shareholders' funds	31,290	27,934	32,441	35,397
Minority interests	970	894	-	-
Capital employed	32,260	28,828	32,441	35,397
Represented by:
Non-current assets
Goodwill	2,163	-	-	-
Property, plant and equipment, net	24,238	21,773	2,307	4,307
Subsidiary companies	-	-	22,208	27,584
Investments	2,813	685	-	685
Other receivables	316	290	73	98
Deferred tax asset	297	248	-	-
	29,827	22,996	24,588	32,674
Current assets
Inventories and work-in-progress	5,668	6,510	-	-
Receivables	14,495	10,774	673	987
Fixed deposits	7,705	2,032	7,702	2,029
Cash at bank and in hand	2,980	5,849	435	1,419
	30,848	25,165	8,810	4,435
Current liabilities
Payables: amounts falling due within one year	(17,925)	(14,963)	(773)	(987)
	(17,925)	(14,963)	(773)	(987)
Net current assets	12,923	10,202	8,037	3,448
Non-current liabilities
Payables: amounts falling due after one year	(10,121)	(3,628)	-	-
Deferred tax liability	(369)	(742)	(184)	(725)
	(10,490)	(4,370)	(184)	(725)
	32,260	28,828	32,441	35,397


The goodwill arose from the Group's acquisition of fuel injection business from RM Diesel Pty Ltd and the acquisition of a turbocharger business from Turbo Torque Pty Ltd.

Property, plant and equipment also increased considerably as of 31 March 2003, in tandem with the progression of the Subsea Robotics division's ROV build program. The acquisition of new equipment as part of Oilfield Engineering division's renewal and upgrading programme has also led to the increase in property, plant and equipment. This was offset by current year depreciation charges, coupled with the sale of property, plant and equipment as part of the divestment of the Marine Repairs Services business.

Net Investment also closed higher with the Group's purchase of a 19.99% stake in RCR Tomlinson Ltd, offset by a full provision for diminution in value of investment in OmixAsia.com Pte Ltd.

Compared to 31 March 2002, net current assets as of 31 March 2003 was higher mainly for the following reasons:
- procceds from sale of Marine Repair Services business;
- higher receivables in tandem with the higher revenue.
being offset by:
- higher borrowings as explained in 1(b)(ii)


1(b)(ii) Aggregate amount of group's borrowings and debt securities

Amount repayable in one year or less, or on demand



As at 31/03/2003

As at 31/03/2002

Secured	Unsecured	Secured	Unsecured
S$'000 6,135	S$'000 0	S$'000 3,593	S$'000 0



Amount repayable after one year



As at 31/03/2003

As at 31/03/2002

Secured	Unsecured	Secured	Unsecured
S$'000 10,120	S$'000 0	S$'000 3,562	S$'000 0



Details of any collateral

The Group's borrowings consist of secured bank overdraft and bank loans of three subsidiary companies.

The bank overdraft and bank loans of one subsidiary are secured by a floating charge over its assets, corporate guarantees from its wholly owned subsidiary company as well as the Company, and personal guarantee from a minority shareholder of the subsidiary company.

The loan of another subsidiary company is secured by a mortgage over its investment in RCR Tomlinson Ltd, corporate guarantee from its holding company and a pledge of fixed deposit of S$2.28 million.

The loan of the third subsidiary company is secured by fixed charge over certain equipments which were financed under this loan.

Group's Borrowings :

The Group's aggregate borrowings increased as at 31 March 2003 as new loans are obtained to finance the acquisition of new businesses as well as the purchase of new equipment.


1(c) A cash flow statement (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year




	Group
	S$'000
	12 months to 31/03/2003	12 months to 31/03/2002
Cash flows from operating activities:
Profit before taxation	5,910	1,693
Add/(Less):
Amortisation of goodwill	69	-
Depreciation of property, plant and equipment	2,860	2,134
Provision for diminution in value of investments	685	-
Profit on sale of business assets	(3,484)	-
Profit on sale of property, plant and equipment	(16)	(82)
Investment and interest income	(119)	(62)
Interest expense	633	357
Goodwill written off for acquisition of additional interest in a subsidiary company	6	-
Dilution of minority interests in a subsidiary company, net	-	(3)
Impairment loss of property, plant and equipment	-	170
Profit on sale of quoted investments	-	(2)
Operating income before reinvestment in working capital	6,544	4,205
(Increase) / Decrease in receivables	(2,006)	2,644
Decrease / (Increase) in inventories and work-in-progress	450	(174)
Decrease / (Increase) in payables	263	(656)
Currency re-alignment	(388)	91
Cash generated from operations	4,863	6,110
Investment and interest income received	119	62
Interest expense paid	(633)	(357)
Income taxes paid	(683)	(601)
Net cash provided by operating activities	3,666	5,214
Cash flows from investing activities:
Proceeds from sale of business assets	7,798	5,970
Purchase of property, plant and equipment	(9,727)	(10,747)
Proceeds from sale of property, plant and equipment	542	4,969
Investment in new businesses	(3,471)	-
(Purchase of ) / Proceeds from quoted equity investments	(2,813)	43
Loans (to) / Repaid by staff, net	(46)	146
Subscription for shares in a subsidiary company by minority shareholders	300	810
Additional investment in unquoted investment	-	(336)
Net cash (used in) / provided by investing activities	(7,417)	855
Cash flows from financing activities:
Dividends paid	(2,162)	(747)
Proceeds / (Repayment) of bank overdraft, secured	600	(94)
Proceeds from long-term loans, secured	11,616	-
Repayment of long-term loans	(4,680)	-
Repayment of finance leases	(99)	(124)
Proceeds from finance leases	-	38
Proceeds from term loans, secured	1,280	3,820
Repayment of term loans, secured	-	(1,615)
Net cash provided by financing activities	6,555	1,278
Net change in cash and cash equivalents	2,804	7,347
Cash and cash equivalents at beginning of financial year	7,881	534
Cash and cash equivalents at end of financial year	10,685	7,881


Net decrease in cash generated from operations was mainly the result of the less favourable movement in working capital.

The high net cash used in investing activities arose mainly from the acquisition of business assets of RM Diesel Pty Ltd and Turbo Torque Pty Ltd, purchase of a 19.99% stake in RCR Tomlinson Ltd as well as from the continuing build program undertaken by the Subsea Robotics division. The acquisition of new equipment as part of Oilfield Engineering division's renewal and upgrading programme has also added to the outflow of cash. All these however are partially offset by proceeds received from the sale of the Marine Repair Services division.

Net cash provided by financing activities was higher than prior financial year mainly because of new long-term loans drawn down.



1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year




	Share Capital	Share Premium	Foreign Currency Translation Reserve	Retained Earnings	Share Capital & Reserves
Group	S$'000	S$'000	S$'000	S$'000	S$'000
Balance as at 1 April 2001	19,800	1,944	531	4,888	27,163
Exchange difference on translation of overseas subsidiary companies			37		37
Net profit attributable to shareholders				1,481	1,481
Dividends paid in respect of previous financial year, less tax				(747)	(747)
Balance as at 31 March 2002	19,800	1,944	568	5,622	27,934
Balance as at 1 April 2002	19,800	1,944	568	5,622	27,934
Exchange difference on translation of overseas subsidiary companies			133		133
Net profit attributable to shareholders				5,385	5,385
Dividends paid in respect of previous financial year, less tax				(1,544)	(1,544)
Dividends paid in respect of current financial year, less tax				(618)	(618)
Balance as at 31 March 2003	19,800	1,944	701	8,845	31,290




	Share Capital	Share Premium	Retained Earnings	Share Capital & Reserves
Company	S$'000	S$'000	S$'000	S$'000
Balance as at 1 April 2001	19,800	1,944	15,675	37,419
Net loss attributable to shareholders			(1,275)	(1,275)
Dividends paid in respect of the previous financial year, less tax			(747)	(747)
Balance as at 31 March 2002	19,800	1,944	13,653	35,397
Balance as at 1 April 2002	19,800	1,944	13,653	35,397
Net loss attributable to shareholders			(794)	(794)
Dividends paid in respect of previous financial year, less tax			(1,544)	(1,544)
Dividends paid in respect of current financial year, less tax			(618)	(618)
Balance as at 31 March 2003	19,800	1,944	10,697	32,441




1(d)(ii) Details of any changes in the company's share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares or cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year

There have been no changes in the company's issued share capital.



	GROUP
	31/03/2003	31/03/2002
	'000	'000
Number of shares that may be issued upon exercising all outstanding options	1,355	1,850




2. Whether the figures have been audited, or reviewed and in accordance with which standard (e.g. the Singapore Standard on Auditing 910 (Engagements to Review Financial Statements), or an equivalent standard)

The figures have not been audited in accordance with the Singapore Standard on Auditing 910 (Engagements to Review Financial Statements).


3. Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of matter)

Not Applicable


4. Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied

The Company has adopted the same accounting policies and methods of computation for the current financial period as those for the financial year ended 31 March 2002.

The presentation and classification of certain items in the financial statements have been changed to provide proper comparisons with the current year's presentation.


5. If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change

No changes in the accounting policies and methods of computation.


6. Earnings per ordinary share of the group for the current period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends




	Group
	12 months ended 31/03/2003 (cents)	12 months ended 31/03/2002 (cents)
Earnings per ordinary share:-
- Based on weighted average number of ordinary shares on issue (Note A)	6.80	1.87
- On a fully diluted basis (Detailing any adjustments made to the earnings) (Note B)	6.78	1.86


Note A - The earnings per share based on existing share capital is calculated on the profit set out in 1(a) above and the weighted average number of ordinary shares in issue of 79.20m (YTD March 2002: 79.20m) during the period under review.

Note B - The earnings per share on a fully diluted basis is calculated on the profit set out in 1(a) above and the weighted average number of ordinary shares of 79.38m (YTD March 2002: 79.51m) in issue during the period under review (adjusted for the effects of dilutive potential ordinary shares being the share options granted to employees).


7. Net asset value (for the issuer and group) per ordinary share based on issued share capital of the issuer at the end of the (a) current period reported on and (b) immediately preceding financial year




	Group		Company
	31/03/2003	31/03/2002	31/03/2003	31/03/2002
	(cents)	(cents)	(cents)	(cents)
Net asset value per ordinary share based on issued share capital	39.51	35.27	40.96	44.69




8. A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. The review must discuss any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors. It must also discuss any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on

Turnover

4Q2003 vs 4Q2002

The Group achieved a turnover of S$12,754,000 for 4Q2003, which represented a 31% improvement over that attained for 4Q2002. The improvement was driven by substantial turnover growth across its three key business segments.

4Q2003 continued to see the Group's Oilfield Engineering division benefiting from a buoyant oil and gas drilling industry and an extended workshop capacity upon the completion of its equipment renewal and upgrading programme.

The Turbocharger and Fuel Injection division enjoyed strong turnover growth for 4Q2003 as compared to 4Q2002. Apart from increased sales activities within the existing turbocharger operations, the growth was also fuelled by full-quarter contributions from the businesses of RM Diesel Pty Ltd and Turbo Torque Pty Ltd which were acquired in 2Q2003 and 3Q2003 respectively.

The turnover achieved for Subsea Robotics division well-surpassed that achieved for 4Q2002 due to an enlarged fleet of remotely-operated vehicles (ROVs). A second mid-range Swift ROV system was added in the quarter after the successful launch of its predecessor in 3Q2003. Notwithstanding the expanded fleet size and thus the easier access to other waters beyond the North Sea region, the 4Q2003 growth in turnover was muted by the bleak market conditions prevailing since the last winter.

FY2003 vs FY2002

Supported by increased revenue contributions from its existing operations, the Group generated a turnover of S$48,030,000 for the financial year ended 31 March 2003, exceeding the S$42,412,000 recorded in the prior financial year by 13%, despite the absence of revenue contributions from the Marine Repair Services division divested since May 2002.

In particular, increased activities were also noted in the Oilfield Engineering division amidst buoyant oil and gas drilling activities.

The Turbocharger and Fuel Injection division saw its operations benefiting from a healthy Australian economy during the year in review. Its revenue was also boosted by the addition of the two new business units acquired during the year.

FY2003 also witnessed the expansion of the Group's ROV fleet to 7 vehicles. While this supported the growth in revenue of the Subsea Robotics division, performance of the division weakened in the second half of the year as operations suffered from unusually severe winter conditions in the North Sea, as well as the loss of a ROV unit during an operation.


Profitability

4Q2003 vs 4Q2002

Group profit before tax ("PBT") for 4Q2003 of S$778,000 was 74%, or S$331,000, higher than that achieved in 4Q2002.

The improvement was led by strong earnings improvement in the Turbocharger and Fuel Injection division as well as favourable exchange movements, coupled with the absence of losses from Marine Repair Services that plagued 4Q2002's earnings.

Driven by the work volumes, the Oilfield Engineering division maintained strong earnings for 4Q2003. Notwithstanding this, the division continued to face an incessant downward pressure on profit margins amidst mounting competition in the oilfield engineering market.

The Turbocharger and Fuel Injection division posted quality earnings in 4Q2003. The division benefited from increased turbocharger servicing activities as well as additional contributions from the newly acquired businesses. Progress in the integration of both sets of operations (turbocharger and fuel injection) also generated positive savings for the division.

The Subsea Robotics division suffered a loss in 4Q2003 due to lower fleet utilisation. The subsea robotics market also remained soft.

FY2003 vs FY2002

For the full financial year, the Group's PBT rose to S$5,910,000, equivalent to 3.49 times of the S$1,693,000 PBT achieved in prior financial year. The current full year profit included an exceptional gain of S$2,799,000 arising from the sale of the Marine Repair Services division, which was offset by a provision for diminution in an investment. Excluding exceptional item, the Group's current year PBT was S$3,111,000, 63% higher than that of prior year.

The Group continued to achieve satisfactory earnings from its Oilfield Engineering division in FY2003. The Turbocharger and Fuel Injection operation also delivered good margins through its firm leadership in Australia's independent turbocharger service industry while enjoying the synergistic benefits of the newly acquired fuel injection and turbocharger businesses.

Supported by an enlarged fleet of ROVs, the performance of the Subsea Robotics operations improved over the last financial year. However, bleak market conditions prevailing in the North Sea during the second half year, coupled with the loss of a ROV unit, affected its overall performance. As a result, the division recorded a loss for FY2003.

The results of FY2003 was achieved without any further losses sustained in the Marine Repairs Services operations. Positive exchange movements also added on to the overall improvement.


9. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results

No variance noted.


10. A commentary at the date of the announcement of the competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months

Moving into the new financial year, the Group will continue to enjoy positive contributions from the Turbocharger and Fuel Injection division. The integration process of its fuel injection business with its turbocharger operations is likely to be completed in the new financial year. Plans to replicate the turbocharger and fuel injection business in South East Asia is expected to commence by 1Q2004. Initial start up costs may limit its contribution.

Fleet utilisation rate for the Subsea Robotics division is expected to recover in 1Q2004 after a weak quarter in 4Q2003. Efforts initiated by the division to expand into Asian market will also see the division reducing its reliance on the North Sea market in the new financial year. With its well-recognised engineering expertise, the division intends to further expand the earning base through the sale of its in-house ROV peripherals.

Performance of the Oilfield Engineering division is likely to remain healthy despite increased competition and the corresponding downward pressure on its profit margins.

While the Group's overall performance had remained relatively unscathed through the Iraq war, the prevailing uncertainties in the Middle East as well as the development of the SARS crisis in the region could have a bearing over the economy at large and the Group's performance.

The Group also intends to actively pursue the insurance claim in relation to the loss of its ROV unit in November 2002. Barring any unforeseen circumstances, the Group is expected to sustain a comparable operating profit in the first quarter and the new financial year.



11. Dividend

(a) Current Financial Period Reported On

Any dividend declared for the current financial period reported on? Yes



Name of Dividend	Interim, paid	Final
Dividend Type	Cash	Cash
Dividend Rate	4 % per ordinary share (less tax)	6 % per ordinary share (less tax)
Par value of shares	S$0.25	S$0.25
Tax Rate	22.0%	22.0%



(b) Corresponding Period of the Immediately Preceding Financial Year

Any dividend declared for the corresponding period of the immediately preceding financial year? Yes



Name of Dividend	Final	Special Dividend
Dividend Type	Cash	Cash
Dividend Rate	5 % per ordinary share (less tax)	5 % per ordinary share (less tax)
Par value of shares	S$0.25	S$0.25
Tax Rate	22.0%	22.0%



(c) Date payable

The interim dividend was paid on 29 November 2002. The proposed final dividend, if approved at the forthcoming Annual General Meeting, will be paid at a date to be announced later.


(d) Books closure date

Notice will be given at a later date on the closure of the Share Transfers Books and Register of Members to determine shareholders' entitlements to the proposed final dividend.


12. If no dividend has been declared/recommended, a statement to that effect

Not Applicable

PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT
(This part is not applicable to Q1, Q2, Q3 or Half Year Results)

13. Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuer's most recently audited annual financial statements, with comparative information for the immediately preceding year

Segmental Revenue and Results



BY INDUSTRY SEGMENTS For the 12 months ended 31 March 2003	Marine & Oilfield	Turbocharger & Fuel Injection	Trading	Foundry	Subsea Robotics	Eliminations	Group
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
Revenue
External sales	17,903	23,218	-	-	6,909	-	48,030
Inter-segment sales	-	-	-	-	-	-	-
Total sales	17,903	23,218	-	-	6,909	-	48,030
Segment results	1,273	1,912	49	(77)	(474)	376	3,059
Finance costs							(633)
Gain on dispostion							3,484
Taxation							(760)
Minority interests							235
Net profit attributable to shareholders							5,385
Assets and liabilities
Segment assets	26,068	18,256	5,699	(129)	15,030	(4,849)	60,075
Deferred tax assets							297
Tax recoverable							303
Total assets							60,675
Segment liabilities	(3,151)	(3,806)	(106)	(10)	(4,177)	-	(11,250)
Deferred tax liability							(369)
Provision for taxation							(470)
Bank borrowings							(16,255)
Finance lease payable							(71)
Total liabilities							(28,415)
Other segmental information
Capital expenditure	3,086	951	-	-	5,795	-	9,832
Depreciation	1,043	370	-	16	1,417	14	2,860
Other non-cash (income) / expenses	(2,890)	144	-	-	-	6	(2,740)




BY GEOGRAPHICAL SEGMENTS	Singapore	Australia	Malaysia	United Kingdom	Total
For the 12 months ended 31 March 2003	S$'000	S$'000	S$'000	S$'000	S$'000
External sales	19,725	23,218	-	5,087	48,030
Segment assets	36,052	13,399	(129)	10,753	60,075
Capital expenditure	6,689	951	-	2,192	9,832





BY INDUSTRY SEGMENTS For the 12 months ended 31 March 2002	Marine & Oilfield	Turbocharger & Fuel Injection	Trading	Foundry	Subsea Robotics	Eliminations	Group
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
Revenue
External sales	24,007	16,073	23	463	1,846	-	42,412
Inter-segment sales	514	-	-	79	-	(593)	-
Total sales	24,521	16,073	23	542	1,846	(593)	42,412
Segment results	2,018	1,174	564	(495)	(707)	(505)	2,049
Finance costs							(357)
Gain on dispostion							1
Taxation							(434)
Minority interests							222
Net profit attributable to shareholders							1,481
Assets and liabilities
Segment assets	19,531	11,599	10,452	(55)	10,604	(4,797)	47,334
Deferred tax assets							248
Tax recoverable							579
Total assets							48,161
Segment liabilities	(4,734)	(2,637)	(300)	(9)	(3,325)	-	(11,005)
Deferred tax liability							(742)
Provision for taxation							(270)
Bank borrowings							(7,155)
Finance lease payable							(161)
Total liabilities							(19,333)
Other segmental information
Capital expenditure	361	289	-	-	10,097	-	10,747
Depreciation	1,451	294	-	71	409	(91)	2,134
Impairment loss	170	-	-	-	-	-	170
Other non-cash expenses / (income)	(3)	6	(898)	(95)	-	903	(87)

BY GEOGRAPHICAL SEGMENTS	Singapore	Australia	Malaysia	United Kingdom	Total
For the 12 months ended 31 March 2002	S$'000	S$'000	S$'000	S$'000	S$'000
External sales	24,030	16,073	463	1,846	42,412
Segment assets	38,441	6,871	(55)	2,077	47,334
Capital expenditure	7,425	289	-	3,033	10,747

14. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments

As explained under item 8


15. A breakdown of sales




		Group
		S$'000	S$'000	%
		31/03/2003	31/03/2002	Change
(a)	Sales reported for first half year	23,213	21,292	9.0
(b)	Operating profit after tax before deducting minority interests reported for first half year	4,021	156	2,477.6
(c)	Sales reported for second half year	24,817	21,120	17.5
(d)	Operating profit after tax before deducting minority interests reported for second half year	1,129	1,103	2.4




16. A breakdown of the total annual dividend (in dollar value) for the issuer's latest full year and its previous full year

Total Annual Dividend (Refer to Para 16 of Appendix 7.2 for the required details)



	Latest Full Year (S$)	Previous Full Year (S$)
Ordinary	1,544,400	1,544,400
Preference	0	0
Total:	1,544,400	1,544,400

17. INTERESTED PERSON TRANSACTION

There is no interested person transaction.

BY ORDER OF THE BOARD

Fong Choon Seng
Company Secretary
30/04/2003

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