*NM - Not meaningful

Group Figures
		2001	2000
3.(a)	Earnings per share based on 2(h) above after deducting any provision for preference dividends:-	.	.
3.(a)(i)	Based on existing issued share capital	0.23 cents	2.40 cents
3.(a)(ii)	On a fully diluted basis	0.23 cents	2.34 cents
3.(b)	Earnings per share based on 2(j) above:-
	(i) Based on existing issued share capital	0.23 cents	2.40 cents
	(ii) On a fully diluted basis	0.23 cents	2.34 cents
3.(c)	Net tangible asset backing per ordinary share	2.56 cents	15.32 cents

4.(a) Amount of any adjustment for under or overprovision of tax in respect of prior years

NIL

NIL

Sale of investments/properties	$Profit/(Loss)
Nil

NIL

In first half-year, turnover increased by 17% to $51.6 million compared with $44.1 million for 2000. Profit after tax declined by 90% to $0.6 million (2000: $6.0 million).

The Industrial business unit, which focuses primarily in the oil & gas and energy sectors, achieved a growth in turnover of 52% from $27.6 million in 2000 to $41.9 million in 2001. Profit before tax declined by 60% from $5.2 million in 2000 to $2.1 million in 2001. The significant one-time charges against earnings in the first half-year were as follows:

i) $1.91 million for provisions of doubtful debts by the Group's United States based subsidiary, W-Industries Inc., following the filing for Chapter 11 bankruptcy protection in April 2001 by its client, Friede Goldman Halter, Inc.

ii) $0.71 million for restructuring costs incurred by Servelec Limited, the Group's United Kingdom-based subsidiary.

The business unit had been affected by

i) lower gross margin for its operations in Asia;
ii) a slow 1st quarter for its operation in US;
iii) high operating costs for its operation in UK.

Turnover of the IT consulting business unit decreased by 58% to $5.1 million (2000: $12.3 million). Profit before tax decreased by 60% to $0.8 million (2000: $2.0 million). The decline in turnover and profit was as a result of planned efforts to move away from low-margin hardware-intensive projects to more value-added services to ensure better capital deployment and returns.

Turnover of eBworx grew by 7% from $4.2 million in 2000 to $4.5 million. Profit before tax declined by 445% to a loss before tax of $2.3 million (2000: profit before tax of $0.7 million). The significant one-time charges against earnings in the first half-year were as follows:

i) $0.21 million for write-off of doubtful debts.
ii) $0.58 million for restructuring costs.

The business unit had been affected by

i) political and economic uncertainties in the Philippines which resulted in project delays for our Philippines operations;

ii) the weak semiconductor industry which resulted in project delays for our Taiwan operations.

iii) share of losses of $0.4 million from our US associated company InfiniteInfo,Inc;

iv) high operating costs.

In view of the ongoing restructuring, eBworx IPO plan will be reviewed.

Segmental Results

(a) By Activities
S$'000



2001	Industrial Business	IT Consulting	eBworx	Consolidated Total
Turnover (S$)	41,915	5,108	4,532	51,555
Profit/(Loss) before tax (S$)	2,072	804	(2,275)	601
Return on Sales (%)	4.94	15.74	NM	1.17

2000	Industrial Business	IT Consulting	eBworx	Consolidated Total
Turnover (S$)	27,566	12,285	4,236	44,087
Profit before tax (S$)	5,186	2,025	660	7,871
Return on Sales (%)	18.81	16.48	15.58	17.85


(b) By Geographical markets
S$'000



2001	Singapore	Asia	The Americas	Europe/ Middle East	Consolidated Total
Turnover (S$)	9,974	5,390	28,483	7,708	51,555
Profit/(Loss) before tax (S$)	(982)	1,465	1,048	(930)	601
Return on Sales (%)	NM	27.18	3.68	NM	1.17

2000	Singapore	Asia	The Americas	Europe/ Middle East	Consolidated Total
Turnover (S$)	16,705	3,773	23,609	0	44,087
Profit before tax (S$)	2,045	805	5,021	0	7,871
Return on Sales (%)	12.24	21.34	21.27	0	17.85


(c) Backlog Orders
S$ million



2001	Industrial Business	IT Consulting	eBworx	Consolidated Total
June 2000	13.7	34.6	4.7	53.0
December 2000	28.8	21.6	9.3	59.7
June 2001	33.2	22.3	8.7	64.2

or 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 include a negative statement.
In the opinion of the Directors, no item or event of a material or unusual nature has affected materially the results of the operations of the Group and Company between the date to which this report refers and the date on which this report is issued.

The world economic outlook remains uncertain and is a concern to the Group.

The Group had restructured itself to better weather the uncertainties by reducing operating costs, strengthening its core business and exploring new markets in the Middle East and Asia.

While the Group shows a net profit of $0.6 million, the Group's actual operating profit before income tax is $4.4 million after adding back one-time charges of $3.4 million.

Based on backlog orders of $64 million as at 30 June 2001 and, barring unforeseen circumstances, the Directors expect the Group's operating profit before income tax for the second half-year to be as good as, if not better than, the first half-year.

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

NIL

Nil

NIL

(a) Changes in Issued Share Capital

Refer to 8(b) below.

(b) Share Options Under the Company's Executive' Share Option Scheme

On 14 March 2001, Low Sek Fun, a Director of the Company exercised all of his outstanding share options as at that date to subscribe for 4,375,000 ordinary shares of S$0.05 each in the Company at the exercise price of S$0.08 per ordinary share.

During the period the Company granted 700,000 shares options to the employees and the Company has cancelled 430,000 shares options.

As at 30 June 2001, there were unexercised options for 10,465,000 unissued ordinary shares of S$0.05 each.

As at 30/06/2001

As at 31/12/2000

Secured	Unsecured	Secured	Unsecured
0	$23,333,000	0	$13,202,000

As at 30/06/2001

As at 31/12/2000

Secured	Unsecured	Secured	Unsecured
0	$12,244,000	0	$26,010,000

NIL

11. Economic Value Added (EVA)

EVA for the period ended June 2001 was a negative S$3.8 million on average EVA Capital of S$96.1 million as compared to the period ended June 2000 a positive EVA of S$3.4 million on average EVA Capital of S$50.9 million. The Group's Weighted Average Cost of Capital (WACC) was 10.5% for the last three financial years.