2007 was an eventful year for your company:
     •   Revenue decreased from RM438 million to RM418 million
     •   Profit after tax increased to 184.1 million from RM5.5 million
     •   Earnings per share improved to 7.66 sen, an improvement of 9.35 sen
     •   Sale of interest in Tradewinds (M) Berhad raised RM597 million in cash

During the year in review, the Malaysian economy emerged more resilient with growth in real gross domestic product expanding to 6.3% from 5.9% in 2006. The strong growth momentum was driven by robust domestic demand despite a challenging external environment as a result of global economic volatility largely due to the fallout from the US sub-prime crisis. 

2007 saw a fundamental shift in the structure of your company. From its beginnings as Pernas International Hotels and Properties Berhad to the multi-business conglomerate of recent years, your company is now well-positioned to focus on the business of real estate development, investment and hotels. This would not have been possible but for the valued contribution of our shareholders in participating in the Restricted Offer for Sale of 53% interest in Tradewinds (M) Berhad, which we completed in February 2008.

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