Asiaone 1-42

FINANCIAL STATEMENTS
Profit and Loss Accounts for the financial years ended August 31, 1997, 1998 and
1999 and for the six-month periods ended February 28, 1999 and February 29, 2000
118
Proforma Company
(A) (B) (A) + (B)
Six- Sixmonth
September July month
period 1, 1999 23, 1999 period
Financial year ended to to ended
ended August 31, February November February February
(All figures in Note 1997 1998 1999 28, 1999 30, 1999 29, 2000 29, 2000
thousands) S$ S$ S$ S$
(unaudited)
S$ S$ S$
Revenue 4 3,260 4,178 4,116 1,701 1,022 1,767 2,789
Cost of revenue 5 (2,614) (2,053) (2,752) (1,352) (480) (1,876) (2,356)
Gross profit (loss) 646 2,125 1,364 349 542 (109) 433
Operating expenses 6 (1,380) (1,418) (1,902) (1,046) (422) (2,170) (2,592)
Operating profit (loss) (734) 707 (538) (697) 120 (2,279) (2,159)
Other income
Interest income 7 — — — — — 18 18
— — — — — 18 18
Profit (loss) before
income tax (734) 707 (538) (697) 120 (2,261) (2,141)
Income tax 9 — — — — — — —
Net profit (loss) for the
period transferred to
accumulated losses (734) 707 (538) (697) 120 (2,261) (2,141)
Net earnings (loss) per
share (in cents) 10 NM NM NM NM NM (2.261) (2.141)
Proforma net earnings
(loss) per share (in cents) 10 (0.073) 0.071 (0.054) (0.070) 0.012 (0.226) (0.214)
The profit and loss accounts for the six-month period ended February 29, 2000 comprise:
(A) the proforma profit and loss accounts of the Company from September 1, 1999 to November 30, 1999 (effective date
of the Business Transfer Agreement); and
(B) the profit and loss accounts of the Company for the period from July 23, 1999 (date of incorporation) to February 29,
2000.
NM - not meaningful
The accompanying notes form an integral part of the financial statements.