Salient points

• Sales grew 44% yoy to S$26.0m from S$18.0m last year. All three
segments, namely, the lime stone business, electronics and scrap metal trading all registered strong revenue growth.

• Costs rose 47% yoy with the higher sales recorded by the company.
All three segments were profitable with the limestone business reporting better earnings as average selling prices rose. Although profitable, the electronics segment’s earnings fell from S$0.6m to S$0.3m.

Outlook – cautious

• The company is cautious on the outlook for FY09 given the worsening
global economic conditions. Outlook for the electronics industry remains depressed and the market demand for quicklime and scrap metal has fallen significantly.

HOLD; TP: S$0.15
• The company is not declaring any quarterly dividend, inline with its
previous year’s practice.