Half Year Financial Statement And Dividend Announcement

The Directors of HG Metal Manufacturing Limited advise the following results of the Company and of the Group for the first six months ended 30 April 2002.
These figures have not been audited.

-	-	Group			Company
-	-	S$'000		%	S$'000		%
-	-
-	-	April'02	April'01	Increase/ (Decrease)	April'02	April'01	Increase/ (Decrease)
1.(a)	Turnover	41,181	41,133	0.12	33,904	35,386	-4.19
1.(b)	Cost of sales or classification as followed in the most recent audited annual financial statements	(35,391)	(36,888)	-4.06	(29,286)	(32,319)	9.38
1.(c)	Gross profit/loss	5,790	4,245	36.40	4,618	3,067	50.57
1.(d)	Investment income	0	0	0	0	0	0
1.(e)	Other income including interest income	443	280	58.21	214	271	(21.03)
2.(a)	Operating profit before income tax, minority interests, extraordinary items, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items	2,737	1,994	37.26	1,814	1,209	50.04
2.(b)(i)	Interest on borrowings	(980)	(804)	21.89	(768)	(643)	19.44
2.(b)(ii)	Depreciation and amortisation	(326)	(248)	31.45	(211)	(200)	5.50
2.(b)(iii)	Foreign exchange gain/(loss)	31	(85)	NM	56	(85)	NM
2.(c)	Exceptional items (provide separate disclosure of items)	0	0	0	0	0	0
-	-
-	-	S$'000		%	S$'000		%
-	-
-	-	April'02	April'01	Increase/ (Decrease)	April'02	April'01	Increase/ (Decrease)
2.(d)	Operating profit before income tax, minority interests and extraordinary items but after interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items	1,462	857	70.60	891	281	217.08
2.(e)	Income derived from associated companies (With separate disclosure of any items included therein which are exceptional because of size & incidence)	0	0	0	0	0	0
2.(f)	Operating profit before income tax	1,462	857	70.60	891	281	217.08
2.(g)	Less income tax (Indicate basis of computation)	(354)	(161)	119.88	(218)	0	NM
2.(g)(i)	Operating profit after tax before deducting minority interests	1,108	696	59.20	673	281	139.50
2.(g)(ii)	Less minority interests	(38)	(89)	-57.30	0	0	0
2.(h)	Operating profit after tax attributable to members of the company	1,070	607	76.28	673	281	139.50
2.(i)(i)	Extraordinary items (provide separate disclosure of items)	0	0	0	0	0	0
2.(i)(ii)	Less minority interests	0	0	0	0	0	0
2.(i)(iii)	Extraordinary items attributable to members of the company	0	0	0	0	0	0

-	-	Group			Company
-	-	S$'000		%	S$'000		%
-	-
-	-	April'02	April'01	Increase/ (Decrease)	April'02	April'01	Increase/ (Decrease)
2.(i)(iv)	Transfer to/from Exchange Reserve	0	0	0	0	0	0
2.(i)(v)	Transfer to Capital Reserve	0	0	0	0	0	0
2.(i)(vi)	Transfer to Reserve Fund	0	0	0	0	0	0
2.(j)	Operating profit after tax and extraordinary items attributable to members of the company	1,070	607	76.28	673	281	139.50

Note to the Proforma Consolidated Results

The consolidated financial statements of the Group for the half year ended 30 April 2001 have been prepared
on the basis that the Proforma Group has been in place throughout the period. In arriving at the Group's proforma
financial information, adjustments have been made as considered necessary to present the financial statements
on a consistent and comparable basis.

Group Figures
-	-	Latest period	Previous corresponding period
3.(a)	Operating profit [2(g)(i) above] as a percentage of turnover [1(a) above]	2.70%	1.70%
3.(b)	Operating profit [2(h) above] as a percentage of issued capital and reserves at end of the period	0.60%	0.40%
3.(c)	Earnings per ordinary share for the period based on 2(h) above after deducting any provision for preference dividends:-
	(i) Based on weighted average number of ordinary shares in issue	1.38	1.01
	(ii) On a fully diluted basis (To disclose the basis used in arriving at the weighted average number of shares for the purposes of (c)(i) above and to provide details of any adjustments made for the purpose of (c)(ii) above)	1.38	1.01
3.(d)	Net tangible asset backing per ordinary share based on existing issued share capital as at the end of the period reported on (*)	22.86	23.85

3.(e) To provide an analysis of expenses based on their function within the group for

the current and previous corresponding period

(*) based on the share capital of 77,330,000 shares and pre-invitation share capital of 60,330,000 shares respectively

-	-	Group			Company
Item 4 is not applicable to interim results		S$'000		%	S$'000		%
-	-
-	-	April'02	April'01	Increase/ (Decrease)	April'02	April'01	Increase/ (Decrease)
4.(a)	Sales reported for first half year
4.(b)	Operating profit [2(g)(i) above] reported for first half year
4.(c)	Sales reported for second half year
4.(d)	Operating profit [2(g)(i) above] reported for second half year

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

Nil

5.(b) Amount of any pre-acquisition profits

Nil

5.(c) Amount of profits on any sale of investments and/or properties

Item 5c Table

Sale of investments/properties	$Profit/(Loss)
Nil	$0.00

5.(d) Any other comments relating to Paragraph 5

Nil

6. Segmental Results

7.(a) Review of the performance of the company and its principal subsidiaries

7.(b) Where a forecast, or a prospect statement, has been previously disclosed to shareholders,

the issuer must explain any variance between the forecast or prospect statement and the
actual results

Nil

7.(c) A statement by the Directors of the Company whether any item or event of a material 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 give a negative statement.

Nil

8. A commentary at the date of this 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

9. Dividend

(a) Any dividend declared for the present financial period? -		None	-
(b) Any dividend declared for the previous corresponding period?		None
(c) Total Annual Dividend
-
-	Latest Year (S$'000)	Previous Year ()
Ordinary	0	0
Preference	0	0
Total:	0	0

(d) Date payable

NIL

(e) Books closure date

Nil

(f) Any other comments relating to Paragraph 9

NIL

10.(a) Balance sheet

10.(b) Cash flow statement

10.(c) Statement of changes in equity

10.(d) Explanatory notes that are material to an understanding of the information provided in

10.(a), (b) and (c) above

None

11. Details of any changes in the company's issued share capital

12. The group's borrowings and debt securities as at the end of the financial period reported

on, and comparative figures as at the end of the most recently announced financial
statements



(a) Amount repayable in one year or less, or on demand
As at 30 /04/02		As at 31/10/01
Secured	Unsecured	Secured	Unsecured
11,448,000	13,688,000	14,156,000	11,900,000





(b) Amount repayable after one year
As at 30/04/02		As at 31/10/01
Secured	Unsecured	Secured	Unsecured
3,531,000	0	3,773,000	0

(c) Any other comments relating to Paragraph 12

None

13. A statement that the same accounting polices and methods of computation are followed

in the financial statements as compared with the most recent audited annual financial
statements. Where there have been any changes or departure from the accounting policies
and methods of computation, including those required by an accounting standard, this
should be disclosed together with the reasons for the change and the effect of the change

BY ORDER OF THE BOARD

Wee Piew
Chief Executive Officer
18/07/02