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(Post 151 of 769)   07/27/2000.02:06:00
Author :
Eka
Raffles Holdings H1 to June net profit pre-extras 33.281 mln sgd vs 31.525 mln


SINGAPORE (AFX-ASIA) - Raffles Holdings Ltd six months to June results:

Net profit before extraordinaries - 33.281 mln sgd vs 31.525 mln

Net profit - 33.854 mln sgd vs 31.525 mln

Sales - 160.875 mln sgd vs 144.762 mln

Operating profit - 51.168 mln sgd vs 47.864 mln

Pretax profit - 49.798 mln sgd vs 47.116 mln

EPS (before extras) - 1.60 cents vs 2.26

EPS (net) - 1.63 cents vs 2.26

Interim div - nil, unchanged


In a statement, the company said the higher turnover was due to the increase in its hotels and resorts sector which saw turnover rising 13.3 pct on improvements in hotel occupancies and room rates in Singapore, Cambodia and Germany.

The opening of its Merchant Court Hotel in Sydney in December last year also contributed to the higher turnover, the company said.

The 2.3 pct rise in turnover for the commercial investment sector was due to higher occupancies, it added.

Pretax profit for the hotels and resorts segment however fell by 4.2 pct due to start up expenses incurred by the Merchant Court Hotel and the fact that the full room inventory for the hotel was only available from the second quarter of this year, the statement said.

ra/ca

(Post 152 of 769)   07/28/2000.13:51:00
Author :
Qbchuan
Much news but doesn't seem to help the counter at all....guess it's the results that really count! What would one do if one has lots of rooms n halls to spare....besides improving facilities which other hotels r also doin....maybe more global conventions might help...maybe Raffles Holding should also go into convention organisation business on a worldwide scale providin the seminar speakers, rooms n halls in packages...just a wild suggestion....me dun really know what this company does....but has 20 lots vested interests!

(Post 153 of 769)   07/28/2000.14:36:00
Author :
Lwf
Raffles’ hotel earnings creep up 6%: In the 6 months to June 30, Raffles Holdings’ earnings crept up 6% to S$33.3m or 1.6¢ per share with turnover up 10% to S$157.8m. Prior to the latest results, earnings had slid from S$75m in FY96 to S$69m in FY97 and S$41m in FY98 before recovering to S$60.7m in FY99. The latest results point to an annualized ROE of 3% and is in line with street forecasts which average 3.3¢ EPS. At 54.5¢, the stock is trading at 17x annualized earnings, a 45% discount to book NTA of S$1 a share and 36% below its IPO price of 85¢. Mandarin Oriental, at US$0.51, trades at an even steeper 47% discount to book NTA of US$1.04. (The Hong Kong-based luxury hotel operator has just reported a 73% fall in earnings to US$2.5m or 0.3 US¢ per share, mainly because of the GBP50m cost of renovating the Mandarin Oriental in London.) Raffles currently manages a partly owned portfolio of 4,000 rooms in 14 hotels and resorts in 12 locations and 9 countries in Asia and Europe. The number of rooms under management will increase by 50% to about 6,000 with the imminent takeover from Jan 2002 of the management of the two Westin hotels with 2,046 rooms in the wholly-owned Raffles City hotel, shopping and office complex. Even as it prepares to re-brand the Westin hotels at a cost of S$45m, Raffles is hoping to increase the number of rooms under management to 12,000 by 2003. Raffles is also developing a new line of business – running a network of 13 luxury spas, starting with the first Amrita Spa in Raffles City by August. The rest will open over the next 18 months. Despite the headline-making business plans, we expect Raffles’ earnings to grow by only 10% to S$66m in FY2000 and 5% to S$70m in FY2001. We believe Raffles Holdings will continue to be an under-performer.
-Research from Sassy (Sassoon)

(Post 154 of 769)   08/25/2000.15:51:00
Author :
Nibbler
Spend $400K to sponsor a Horse Race so that The Silly Woman can dress up as a jockey and maybe solicit a donation from the Singapore Turf Club for the Community Chest she is running.

Is this the way to enhance shareholder's value ? The share price is still way below IPO, don't forget what they have written in the IPO prospectus from which the IPO price was based on.

I would be more happy if they just donate the $400K directly to Community Chest.

They can be sure that I will attend the next AGM.

(Post 155 of 769)   08/29/2000.00:19:00
Author :
Benyeong
This looks like a long forgotten stock. I think I'm saving it up for my pension. And I havent even reached 30 yet.

(Post 156 of 769)   09/05/2000.00:51:00
Author :
Deadpoet9
Nibbler, I am in total agreement with you

My girlfiend holds 10 lots of Raffles at ipo price, to a certain extend it is my vested interest however the truth don't hide.....

Just a simply comparison,

For 6 mths:-

Raffles with 6000 rooms- $33.3 million profit
Shangri-la Singapore 2000 rooms- $ 16.471 million profit

Ritz-Carlton 600 rooms- $30 million in 1 yr- ( Not sure if true but hear say hotel got best yield in town.

Simple calcultion or simply looking at it you can see that Raffles has got a serious problem with yield. Please also bear in mind the fact that rental income of Raffles City should have been included in P&L.

I hope that Raffles seriously do something abt it, in the meantime I guess I am counting myself out of this for better options.

(Post 157 of 769)   09/05/2000.01:00:00
Author :
Due
deadpoet9, you're not alone.

maybe i should go down to the speaker's corner and complain about this property counter...sigh..

(Post 158 of 769)   09/05/2000.17:19:00
Author :
Nibbler
It quite obvious now that when they IPO the share, back in their minds then they were not looking for investors but rather SUCKERS.

(Post 159 of 769)   09/05/2000.23:11:00
Author :
Benyeong
Hahahaha! I'm one of those SUCKER-ED. Blood kena sucked dry by e counter n then havin amnesia now!
Hey Due, if u r goin to e Speakers' Corner, dun 4get to help me complain abt Cytech, Asiaone, SATS, SIA Engg, Eworld bl bl bl bl bl ... e list goes on. Awaiting yr good news yeah!

(Post 160 of 769)   09/06/2000.11:44:00
Author :
Sunriser
Hi Nibbler,

Couldn't agree you more on this. Since day 1 RH shares have not go beyond their IPO price. Sad huh? I think they are not here to enhance shareholders value but to lose shareholders confidence. The worst hit is Schoeders.

(Post 161 of 769)   09/06/2000.13:58:00
Author :
Leelime
Due, complaining at speaker's corner may be a good idea...have u considered attending their AGM? I for one will sure consider sttending the AGM of Asiaone and blast their bloody heads off man! Make sure I question them until nothing to say.

(Post 162 of 769)   09/06/2000.22:25:00
Author :
Inv


Interesting, liberalisation was abused in this case. Both the underwriter and the Co took investors money and say good bye.

(Post 163 of 769)   09/06/2000.23:12:00
Author :
Benyeong
Hi Leelime
Any idea when d AGM for Raffles n Asia1 be held?
Will b interested to hear what crap they are gonna tell us! Better they come up with some promising projects or they will sure kena bombarded with CRAPS fr shareholders!!!

(Post 164 of 769)   09/07/2000.00:38:00
Author :
Lemontea
Leelime,
hey, I agree with you! we should blast those at Asiaone and Raffles! Especially since one has such reputable parent in SPH, and the other is Singapore most famous hotel! What are they doing? Asiaone vexed me the most. Since its IPO debut, it progress has been stagnant. Only recently has it done something to its asiaonemarkets. Only a merger/takeover of some sorts will save us...

(Post 165 of 769)   09/07/2000.13:32:00
Author :
Starbugs
I'm also stuck with this counter. But luckily (or less unluckily), i bought about 1 week after IPO at $0.76 (10 lots). Still paper loss of >2k. But will keep them since I don't need cash at the moment. Speakers' Corner more for retirees to pass time :)

(Post 166 of 769)   09/07/2000.14:03:00
Author :
Nibbler
The sickening thing is that Raffles Holdings' parent is DBS Land whose parent is DBS Group Holdings whose parent is Temasek Holdings. Who owns Temasek Holdings ? To think that they of all people would make money using this method.

So it seems that in someways, we have actually contributed to the S$2 billion payout. The irony is more obvious if you use CPF to buy Raffles Holdings as they are now topping up everyones' CPF.

(Post 167 of 769)   09/08/2000.10:51:00
Author :
Eforce
Years ago, Hamburg’s ailing Hotel Vier Jahreszeiten was suffering from a poor revenue stream. Then Raffles Holdings acquired the establishment and found many new ways to squeeze revenue from the asset. Raffles’ executives discovered, for instance, a disused basement and soon put a swanky Doc Cheng’s restaurant there. The outlet now achieves a 30% departmental profit every month.

At Singapore’s grand dame, the Raffles Hotel, Richard Helfer, president and CEO, converted its sole F&B outlet in the courtyard into three F&B concepts: the Gazebo Bar, Raffles Courtyard and the Tapas Bar. “The bar concept alone now gives us returns equal to what we received from the entire courtyard before, with a payback of less than a year. We have reconceptualised our assets and improved bottom line by creating new profit streams,” Mr Helfer says. As it is said, when Mr Helfer looks at a plot of space, he sees its revenue-generating potential. And it is thanks to this ability to think outside the box that Raffles has not been tied down to the traditional success factors of location, décor, amenities and service levels.

Indeed, Raffles has a track record of operating hotels with revenue per available room – known in the industry as revpar – that is higher than market rates. In the first half of this financial year, Raffles’ revpar in Singapore grew 23.4% to S$137 year on year while the industry’s grew 17% to S$103. In Hamburg, Hotel Vier Jahreszeiten’s revpar improved 18% to DM240 while the competition’s increased 16% to DM162.

It is perhaps unsurprising that in early August, UOB added Raffles Holdings to its UOB Blue Chip Index, an indication that the company has become a barometer of hotel companies.

At 55 cents a share, UBS Warburg highlights Raffles Holdings’ “attractive 45% discount to RNAV (revalued net asset value) of $1”. The firm is forecasting earnings of S$69.9 million for FY00 and S$75 million for FY01 and recommends a “buy” on Raffles Holdings. According to figures from Barra Global Estimates, analysts’ consensus earnings per share for this year is 3.12 cents and is expected to improve to 3.6 cents next year. Forecast net profit is S$65.9 million and S$74.3 million for FY00 and FY01 respectively. Of interest is Raffles Holdings’ dividend yield of 3.3%, which is higher than most of its peers (see table) and is definitely more attractive than current fixed-deposit rates averaging 2.4%.

More than hotels

Raffles’ magic touch is not confined to hotels. In 1997, when the shopping centre in Raffles City was upgraded, an additional 28% gross floor area was freed up for rental. What used to be kitchens, extra storerooms and parts of a car park were reconfigured for retail use. As a result, the S$40 million spent on the refurbishment was recouped within four years.

Raffles City is a major contributor to the group’s income. This S$1.77-billion complex generated cashflows of S$102.2 million last year, a 5.7% increase over the previous year’s $96.7 million. Some 80% of this property is taken up by two international hotels and a convention centre, in addition to a retail podium and an office tower. The retail space is about 93% occupied.

Raffles recently achieved a coup by signing up Jason’s Market Place, a joint venture between Robinsons and Dairy Farm, to occupy the space that will be vacated by anchor tenant Sogo when its lease expires. Robinsons has also taken on a six-year lease to occupy around 100,000 sq ft while Dairy Farm has entered into a five-year contract. In fact, the new leases are 14% above the former rental agreements. “This is the first time since 1991 that such increases have been achieved in the Singapore marketplace,” reflects Mr Helfer. It is thanks partially to the retail sector’s strong comeback after suffering the blues for years.

Now, there are concerns about the approximately 220,000 sq ft of office space that will be vacated by two major tenants, the Government of Singapore Investment Corporation and the Ministry of Foreign Affairs. Mr Helfer discloses that 35% of the space has already been pre-committed. He remains upbeat that the office market is beginning to turn for the better and sees rates moving upwards with demand. “I don’t see any difficulty in filling up the space,” he declares. After all, office space at the complex is 99% tenanted, compared with the average island-wide rate of 86%.

More money-making ideas?

Raffles City also houses Amrita Spa, which opened last month. The spa chain is Raffles Holdings’ latest addition to its family of brands. The 50,000 sq ft Amrita is spread over three floors – another example of how idle space was turned into a revenue centre.

There will be five other spas, to be located in the group’s other properties: at Singapore’s Raffles Hotel, in Sydney, Phnom Penh, Siem Reap and Hamburg. Within the next 18 months, another seven spas will be opened.

Why spas? The international spa industry is seen to be growing at an annual rate of 20-30% and research indicates that the profit margin for hotel spa operations exceeds 70%. And Mr Helfer figures that Raffles’ Amrita Spa will grow much faster than the industry’s expectations. Targeting 500 members in the first year, Mr Helfer expects to get a return on the investment of $8 million in fewer than three years. He hopes that Amrita Spa will help strengthen the Raffles master brand.

Raffles City’s hotel portion has not escaped the eyes of management – a new luxury “hotel within a hotel” will spring up here when the contract with Westin Hotels & Resorts expires in December next year. The new six-star hotel will occupy the 60th to 68th storeys and will complement the 28 luxury Crest suites. Mr Helfer foresees the 200 new suites achieving high occupancy rates, considering that the Crest suites, which go for S$450-plus per night, have been 80% occupied. The remaining 1,000 rooms of the hotel tower will continue to cater to the convention and tourist markets. In addition, by splitting the two Compass Rose restaurants into four, 35% more usable space will be created at the rooftop complex.

There are also plans to take the Raffles brand into foreign markets. Singapore now accounts for 76% of the group’s revenues of S$157.84 million as of the first half of the current financial year, but the republic could play a smaller role in future. Raffles Holdings is now actively looking to expand in Asia, Europe and the East and West Coast of the US. Mr Helfer surmises that “in addition to Raffles and Merchant Court, we could also develop another sub-brand if our expansion strategy or market forces merit one. Our Amrita spas and our F&B offerings support and extend our reach. The target is to have more than 50% of revenues coming from Merchant Court Hotels and the other half from Raffles Hotels and Resorts. I am a firm believer that strong brands make all the difference”.

The group hopes to manage 12,000 hotel rooms by 2003. “The target is not a magic number but is certainly an achievable one. Looking forward, our expansion strategy is focused more in the direction of a hotel management-driven company. We will be signing more management contracts supported by equity stakes when needed,” Mr Helfer notes. The company is already in advanced discussions with five parties in Asia and Europe for management contracts and is looking to acquire a medium-sized hotel chain of between 10 to 20 hotels. “The hotels are in strategically targeted destinations and the hotel chain we acquire must fit in with our existing brands,” he says. Indeed, Raffles Holdings has the wherewithal to take the expansion path. Gearing is low at 0.18, which means that there is room to take on additional debt to fund any major acquisition. At the rate Raffles is going, Mr Helfer’s keen eye for revenue-generating space will be more than fully occupied.

Did You Know?

· Raffles Hotel became a national monument upon its centenary in 1987

· Raffles City was designed by the renowned architect I.M. Pei

· Raffles International’s Doc Cheng’s restaurants are now in three of its hotels; Singapore, Hamburg and Bangkok

· Famous novelist Agatha Christie was a patron at Brown’s Hotel. The hotel was the inspiration for her mystery novel “At Bertrams Hotel”

· Much of poet, essayist and novelist Rudyard Kipling’s work was done at Brown’s Hotel

· Theodore Roosevelt was married at Brown’s Hotel

· The Singapore Sling and Million Dollar Cocktail were concocted at the Long Bar in 1915 and continues to be served there today

· Raffles’ new spa brand, Amrita, is derived from the ancient Sanskrit legend where deities searched for Amrita, an elixir that provides eternal youth

· During the 1997 renovation of Hotel Le Royal, 300 champagne glasses dating back to Jacqueline Kennedy’s visit were discovered in the hotel’s basement

Corporate Snapshot

Incorporated on 26 August 1995, Raffles operates 14 hotels and resorts in nine countries in Asia Pacific and Europe and owns Raffles City, a multi-purpose building in Singapore. In December 2001, the company will take over the management of the two hotels in Raffles City currently operated by Westin Hotels & Resorts. It has also signed on Robinson & Co and Dairy Farm International Group to set up Jason’s Market Place as the anchor tenants for Raffles City’s retail complex.

Recent initiatives include establishing a $35-million fund for hospitality-related e-ventures; acquiring a 10% stake in IBEXCO, which is developing an e-procurement portal for the hospitality industry; and launching Amrita Spa. With six spas to be opened by August 2000 (and an additional seven in the next 18 months), Amrita will be one of the largest international spa networks. In May 2000, the Raffles International Training Centre was opened in Singapore with two others in Phnom Penh and Hamburg.

Raffles reported a 41% jump in pre-tax profit to $94.7 million for FY1999. Turnover rose marginally to $295 million due to higher occupancy in the hotels and resorts. The improved profits came from a 49% drop in interest expenses (capitalisation of $186-million shareholders’ loan) and a 14% decrease in depreciation and amortisation charges (write-down of $9.6 million for Hotel Le Royal).

(Post 168 of 769)   09/08/2000.11:23:00
Author :
Nibbler
Eforce, are you working for Mr Richard Helfer ?

If you are, tell him what matters most is to keep the promise made during IPO. Imagine your IPO investors are suffering a 35% lost since Day 1. No point talking so much, if you need to raise funds now, do you think your shareholders is willing to invest more.

Yours is a reputable company, don't you feel any remorse by creaming investors of their money since Day 1. If it is a Ah Beng, Ah Seng company, then we deserve it but RAFFLES. Obviously the IPO is wrongly priced, should be $0.50 per share.

Come on annouce a share buy back scheme at $0.70. I will be the first to sell to you.

(Post 169 of 769)   09/08/2000.14:28:00
Author :
Klkb
NTA about $1.00
Par Value $0.50
Not Ah Beng or Ah Seng, but "Raffles".
"Sir Stamford Raffles".

Even DBSL, the major shareholder (38%) expressed the intetion to dispose it.

"Sir Stamford Raffles" = "Sir Stamford" + "Raffles"

Weird idea is that DBSL sell it to "Sir Stamford" Brand, so the "Sir Stamford Raffles" can be further enhanced.

Vested IPO interest ($0.85 IPO),
was told to be included as index stock in MSCI and STI?

Look at the price - $0.535 and volume - 26 lots.

Sigh!!!

(Post 170 of 769)   09/08/2000.15:47:00
Author :
Flame
Don't blame anyone. Its the stupid market. Almost every property/hotel counter is now 50% to 80% discount to NTA. e.g. Shangri-la, (NTA is $7.00) Hong Fok,(NTA is $3.80) U.E. ($3.80) So I have come to accept it. 50% discount to NTA is now quite widespread so don't be dismayed.

(Post 171 of 769)   09/08/2000.15:54:00
Author :
Dex
Had it since IPO days too. But I decided to cut losses and sold away at $0.55. Dos not look like will pick up at all.

(Post 172 of 769)   09/08/2000.16:00:00
Author :
Flame
Hi, listen to me I just bought 2 lots at 54 cents.

(Post 173 of 769)   09/09/2000.17:18:12
Author :
Deadpoet9
Hi nibbler,

I guess we have " eforce " here from the Public Relations arm of Raffles International. I must say that it is a decent effort though, readers that are not familiar with the hospitality market will have definitely be impressed by it.

I really hope someone will care to do a point for point argument for all the highlights that Eforce has raised.

Perhaps I will start the ball rolling care to join Nibbler ??

Eforce:- You mentioned about Revpar.

If I am not wrong Revpar stands for revenue per available room. rite ??

Raffles Hotel was "coded" to have one of the highest revpar in the industry.

May I know from Eforce if Raffles Revpar value- for raffles revenue does it include shopping arcade rental revenue & F&B revenue ??

and eforce do you agree that room rates for raffles is higher than the city-hotels market because Raffles is targeting a totally different market?

Raffles can only compare its revpar next yr when fulleton hotel since they belong in the same leauge.

Eforce you still there ?????????

(Post 174 of 769)   09/26/2000.02:05:31
Author :
Eka
NEW SUBSIDIARY : RAFFLES CORPORATION (USA) PTE LTD

The Directors of Raffles Holdings Limited ("the Company") wish to announce that the Company has established a wholly-owned subsidiary called Raffles Corporation (USA) Pte Ltd ("RC (USA)").

Particulars of RC (USA) are:

i) Principal Activity: Investment Holding

ii) Place of Incorporation: Singapore

iii) Directors: Messrs Jennie Chua Kheng Yeng, Anthony Yip Chee Keong and Quek Kar Tung

iv) Authorised Capital: S$100,000/-

v) Paid-up Capital: Currently S$2/- divided into 2 ordinary shares of S$1/- each and shall be increased to S$30,000/- divided into 30,000 ordinary shares of S$1/- each


RC (USA) is formed as the investment arm of the Company to invest in hotel and hospitality-related ventures in USA.


None of the Directors of the Company are directors of RC (USA). Further, none of the Directors of the Company nor the substantial shareholders of the Company have any interest in the aforesaid transaction. The transaction is not expected to have a material effect on the Company's earnings per share and the net tangible assets for the financial year ending 31 December 2000.

Submitted by Ng Lai Leng, Secretary on 25/09/2000 to the SGX

(Post 175 of 769)   09/26/2000.02:09:48
Author :
Eka
RAFFLES CITY TOWER SIGNS UP NEW GLOBAL TENANT

Raffles Holdings Limited (SGX Mainboard listed), is pleased to announce that its wholly owned subsidiary, Raffles City (Private) Limited, has successfully leased 6 floors of office space in the 42 storey Raffles City Tower to Andersen Consulting.

Occupying approximately 60,000 square feet of space, Andersen Consulting, the world's leading management and technology consulting firm is expected to move into Raffles City Tower by the 3rd quarter of 2001.

Andersen Consulting is a $8.9 billion global management and technology consulting organization whose mission is to help its clients create their future. The firm works with clients from a wide range of industries to bring about far-reaching change by aligning their people, processes and technology with their strategy. Andersen Consulting has more than 65,000 people in 48 countries.

Mr Richard Helfer, President and Chief Executive Officer of Raffles Holdings Limited and Chairman of Raffles City Pte Ltd said: "A global business partner like Andersen Consulting will further enhance the current prestigious tenant mix that we enjoy in Raffles City. Their presence in our centre will also bring synergy and many cross marketing opportunities to our hotel and convention businesses."

Raffles City Tower, managed by Raffles International Limited, is one of the prime office locations in Singapore. The 380,000 sq ft office tower enjoys a direct link to the City Hall Interchange MRT station and forms an integral part of a mixed-use development comprising 2 international hotels, a convention centre, a shopping centre and Amrita Spa

In July this year, Raffles City Shopping Centre successfully secured 2 new anchor tenants to replace Sogo Department Store. Robinsons & Co will operate a Robinsons department store and Dairy Farm International will run a gourmet supermarket under its Jasons Market Place brand. Robinsons will open its doors on 15 March 2001 and Jasons will commence operations from Dec 2000.

Raffles Holdings Limited, Singapore's leading luxury hotel and resort owner with an asset base of more than S$ 2.8 billion worldwide, is listed on the Singapore Exchange. Raffles International Limited, its hotel management subsidiary, operates and manages 14 hotels and resorts in 12 gateway destinations in 9 countries within Asia Pacific and Europe.

FOR MORE INFORMATION, PLEASE CONTACT

Mrs Chng Chet Siew
Centre Director
Raffles City (Private) Limited
DID: 65-4301300
ax: 65-3373618
Email: chetsiew@raffles.com.sg

Submitted by Ng Lai Leng, Secretary on 25/09/2000 to the SGX

(Post 176 of 769)   09/27/2000.01:03:58
Author :
Eka
Raffles Holdings sets up unit to invest in hospitality businesses in U.S.

SINGAPORE (AFX-ASIA) - Raffles Holdings Ltd said it has set up a wholly-owned subsidiary, Raffles Corp (USA) Pte Ltd, to invest in hotel and hospitality-related ventures in the U.S.

In a statement, the company said the primary activity of the unit will be investment holding.

(Post 177 of 769)   10/07/2000.00:54:45
Author :
Eka
Raffles Holdings acquires L'Ermitage Beverly Hills hotel for 68 mln usd


SINGAPORE (AFX-ASIA) - Raffles Holdings Ltd said it bought L'Ermitage Beverly Hills hotel from Lahotel Corp for 68 mln usd.

Lahotel is part of the Credicom Asia Group.

L'Ermitage is a 124-unit hotel located in Beverly Hills, California. It will be renamed Raffles L'Ermitage Beverly Hills.

Raffles said the latest acquisition will complement its existing range of hotels such Raffles hotel in Singapore and Brown's Hotel in London.

The deal was made through Raffles' newly incorporated unit Raffles Corp USA Pte Ltd, it said.

(Post 178 of 769)   10/07/2000.03:01:18
Author :
Eka
RAFFLES INTERNATIONAL EXTENDS ITS GLOBAL REACH WITH THE ACQUISITION OF ITS FIRST NORTH AMERICAN HOTEL

SINGAPORE, October 6, 2000 - Raffles Holdings Limited (SGX Mainboard listed) today announced that it has acquired the L'Ermitage Beverly Hills, from the LAHOTEL Corporation, part of Credicom Asia for US$68 million. From October 6, 2000, Raffles International, the hotel management arm of Raffles Holdings, will manage and operate the L'Ermitage Beverly Hills under its Raffles brand of international super deluxe and landmark hotels.

Said Mr. Richard Helfer, President and CEO of Raffles Holdings Limited, "We are extremely pleased with the acquisition of the L'Ermitage Beverly Hills. The timing we feel is appropriate, as the demand for luxury and business hotels in the US, particularly in California, is strong. Through this acquisition we have ensured that our entry into a major market such as the US is anchored by a hotel which has an excellent reputation, coupled with the capacity to deliver the room yields we look for."

The hotel will be renamed and marketed as the Raffles L'Ermitage Beverly Hills, and is expected to benefit from marketing synergies with the Raffles tier of super deluxe hotels such as Raffles Hotel in Singapore and Brown's Hotel in London. Favoured by many of Hollywood's celebrities, movie stars and luminaries, the hotel fits very well with our Raffles tier of super deluxe hotels and appeals to an affluent niche of leisure and business travellers.

The name L'Ermitage is adapted from the word "Hermitage", meaning "home or abode of the hermit". The Raffles L'Ermitage Beverly Hills will provide an unsurpassed level of service and accommodation in the bustling city of Beverly Hills, California, where guests can enjoy Raffles International style hospitality. As one of the city's newest premium-class hotels, Raffles L'Ermitage Beverly Hills offers the latest in-room technology paired with the most luxurious accommodation. Elegantly decorated with a contemporary Euro-Asian atmosphere, the Raffles L'Ermitage Beverly Hills possesses a subtle aura of serenity and sublime luxury.

The Raffles L'Ermitage Beverly Hills boasts 124 spacious guest rooms and suites, including a 3,200 sq ft Presidential suite, a 2,000 sq ft Governor Suite, eight 1,350 sq ft L'Ermitage suites and three 1,000 sq ft Garden suites. The zen aesthetic of its guest rooms has earned the L'Ermitage a place on the Conde Nast Travellers' Gold List 2000, with the hotel being one of only four hotels in the world to achieve a perfect score for the valuation of its rooms. The hotel was also awarded the Mobil Travel Guide's 2000 Five Star rating of which there are only 24 throughout the entire United States.

All rooms and suites have the state-of-the-art Inncom System to afford guests complete control over room variables such as temperature, lighting, guest settings and a variety of other guest requests. Guestrooms are further equipped to support the savvy business traveller with equipment such as dedicated voice and data lines, copier, printer, fax, scanner, multi-line telephones including cellular phones in all guestrooms, Internet access and WEB-TV on 45-inch flat screen televisions.

The eight storey Raffles L'Ermitage Beverly Hills hotel has an intimate restaurant offering fine fusion cuisine, the living room and library bar for cocktails and conversation, an executive centre, a state-of-the-art fitness center, and a roof-top pool with an exquisite 360 degree view of the surrounding city and picturesque Hollywood Hills. In the near future, Raffles International has plans to further enhance the current pool and fitness facilities as one of its luxury Amrita Spas.

Raffles L'Ermitage Beverly Hills, located along Burton Way, between Wilshire Boulevard and Santa Monica Boulevard, is minutes away from the famous fashionable Rodeo Drive, unique boutiques, galleries and museums. The hotel's premier location is nearby Los Angeles' business and entertainment centers, the Los Angeles International Airport (LAX), Century City, Malibu and downtown.

The Raffles L'Ermitage is held through Burton Way Hotel, Inc., a newly incorporated USA wholly owned subsidiary under Raffles Corporation USA Pte Ltd, a subsidiary of Raffles Holdings Limited.

Particulars of Burton Way Hotel, Inc are: -
i) Principal Activity: Hotel owner and operator.
ii) Place of Incorporation: USA
iii) Directors: Mr Richard C Helfer
Ms Jennie Chua Kheng Yeng
Ms Diana Ee Choo Lin
iv) Authorised Capital: US$25,000v) Paid-up Capital: US$25,000

Other than Mr Richard C Helfer, none of the Directors of the Raffles Holdings Limited are directors of Burton Way Hotel, Inc. Further, none of the Directors of the Raffles Holdings Limited nor the substantial shareholders of the Company have any interest in the aforesaid transaction. The transaction is not expected to have a material effect on the Group's earnings per share and the net tangible assets for the financial year ending 31 December 2000.

ABOUT RAFFLES HOLDINGS

Raffles Holdings Limited, Singapore's leading hotel and resort owner with an asset base of more than S$2.8 billion worldwide, is listed on the Singapore Exchange. Raffles International Limited, its hotel management subsidiary, operates and manages 17 hotels and resorts in 13 gateway destinations in 10 countries within Asia Pacific, Europe and North America.

Raffles International Hotels & Resorts:


Raffles brand: Merchant Court brand:
Raffles Hotel, Singapore Merchant Court Hotel, Singapore
Hotel Vier Jahreszeiten, Hamburg Merchant Court Hotel, Sydney
Brown's Hotel, London Merchant Court Hotel at Le Concorde, Bangkok
Hotel Le Royal, Phnom Penh Merchant Court Hotel, Shanghai
*Grand Hotel d'Angkor, Siem Reap Merchant Court Hotel at Westminster, London
*Raffles L'Ermitage at Beverly Hills Merchant Court Hotel, Berlin
*Raffles Resort Mallorca at Colinas d'Es Trenc
* Raffles Resort Bali at Jimbaran* Raffles Resort Bintan, Indonesia

** Under development

FOR MORE INFORMATION PLEASE CONTACT
Mr. Clarence Fu
Director, Investor Relations
Raffles Holdings Limited
DID: 65-4301357 Fax: 65-3391713
Email: clarencefu@rafflesholdings.com
Website: www.rafflesholdings.com (Raffles Holdings)www.lermitagehotel.com (Raffles L'Ermitage Beverly Hills)

Submitted by Ng Lai Leng, Company Secretary on 06/10/2000 to the SGX

(Post 179 of 769)   10/12/2000.02:03:57
Author :
Eka
Raffles Appoints New Director

Source : Dow Jones
16:52 11/10/2000

SINGAPORE (Dow Jones)--Raffles Holdings Ltd. (P.RFF) said Wednesday it is appointing Wong Toon King to the board of directors. Wong is founder and co-chairman of Silkroute Holdings, a group of Internet and electronic-commerce service providers in Asia.

(Post 180 of 769)   11/01/2000.16:17:38
Author :
Shosai
Any comment on this ?

I think this is a laggard. Still around all-time low.
I'm looking to buy.
Any advice ?

(Post 181 of 769)   11/20/2000.14:57:47
Author :
Nibbler
I think management had better look towards enhancing shareholder's value soon.

(Post 182 of 769)   12/12/2000.11:13:10
Author :
Vcpro
Takeover by Kwek Leng Beng ......





My Christmas Wish !

(Post 183 of 769)   12/12/2000.11:39:16
Author :
Klkb
Hai Sun Hup buys over Raffles Holdings

Having spin off its shipping & logistics business and established a renow Sir Stamford Brand, Hai Sun Hup shares price has not moved probably because of the poor interim results owing to loss of $3.2m in Forex.

OCK has a financial arm to take HSH private and he has threathened to do so and the other alternative offered is to take over Raffles holding and make it a Sir Stamford Raffles Holding and Brand.

Perhaps it is the best option to uncover the hidden HSH value.

(Post 184 of 769)   01/01/2001.02:06:36
Author :
Sipost
CapitaLand to help unit Raffles Holdings restructure into pure hotel play


Source : AFX SINGAPORE 19:01 29/12/2000

SINGAPORE (AFX-ASIA) - CapitaLand Ltd said after reviewing its strategic options for unit Raffles Holdings Ltd, the company believes Raffles can benefit from restructuring its asset base into a more pure hotel play.

CapitaLand also said that Raffles would benefit from scaling up its business and operations in accordance with approved strategic plans.

However, there were no immediate details of the strategic plans.

CapitaLand said that Raffles' weak share price performance was due to Raffles not being a pure hotel company as it owned a sizeable mixed use complex and that it was a relatively small hotel operation with approximately 6,000 rooms.

"These strategic initiatives will take time to execute. CapitaLand Group will assist Raffles Holdings to implement the above initiatives to enhance shareholder value and will retain Raffles Holdings as a strategic business unit.

(Post 185 of 769)   01/01/2001.02:30:48
Author :
Sipost
CapitaLand To Retain Raffles Hldgs Unit

Source : Dow Jones 29/12/2000 18:29

SINGAPORE (Dow Jones)--CapitaLand Ltd. (P.CPN), Southeast Asia's largest property company, said Friday it has decided to retain Raffles Holdings Ltd. (P.RFF) as a business unit, but would "assist" it in an internal restructuring.

CapitaLand decided to retain Raffles - which owns Singapore's historic Raffles Hotel - after a review of its hotel business strategy, the company said in a statement to the Singapore Exchange Ltd.

"However, it is not perceived as a pure hotel company with its ownership of the sizable mixed-use Raffles City Complex from which it derives a significant income contribution from its non-hotel components," CapitaLand said.

"Moreover, the current scale of its hotel operations, with approximately 6,000 rooms, is small relative to successful global brands as well as some Asian based hotel companies."

As such, CapitaLand said Raffles can enhance shareholder value by restructuring its assets "into a more pure hotel play," CapitaLand said.

(Post 186 of 769)   01/01/2001.02:31:34
Author :
Sipost
CapitaLand to help unit Raffles Holdings restructure into pure hotel play


Source : AFX SINGAPORE 19:01 29/12/2000

SINGAPORE (AFX-ASIA) - CapitaLand Ltd said after reviewing its strategic options for unit Raffles Holdings Ltd, the company believes Raffles can benefit from restructuring its asset base into a more pure hotel play.

CapitaLand also said that Raffles would benefit from scaling up its business and operations in accordance with approved strategic plans.

However, there were no immediate details of the strategic plans.

CapitaLand said that Raffles' weak share price performance was due to Raffles not being a pure hotel company as it owned a sizeable mixed use complex and that it was a relatively small hotel operation with approximately 6,000 rooms.

"These strategic initiatives will take time to execute. CapitaLand Group will assist Raffles Holdings to implement the above initiatives to enhance shareholder value and will retain Raffles Holdings as a strategic business unit.

(Post 187 of 769)   01/01/2001.02:32:32
Author :
Sipost
CapitaLand/Raffles , Raffles Shares Down

Source : Dow Jones 29/12/2000 18:44
SINGAPORE (Dow Jones)--CapitaLand Ltd. (P.CPN), Southeast Asia's largest property company, said Friday it has decided to retain Raffles Holdings Ltd. (P.RFF) as a business unit, but would "assist" it in an internal restructuring.

CapitaLand decided to retain Raffles - which owns Singapore's historic Raffles Hotel - after a review of its hotel business strategy, the company said in a statement to the Singapore Exchange Ltd.

"However, it is not perceived as a pure hotel company with its ownership of the sizable mixed-use Raffles City Complex from which it derives a significant income contribution from its non-hotel components," CapitaLand said.

"Moreover, the current scale of its hotel operations, with approximately 6,000 rooms, is small relative to successful global brands as well as some Asian based hotel companies."

As such, CapitaLand said Raffles can enhance shareholder value by restructuring its assets "into a more pure hotel play," CapitaLand said.

(MORE) Dow Jones Newswires 29-12-00

1029GMT

Raffles Shares Down

CapitaLand is a new company formed by the merger of government-linked Pidemco Land Ltd. and DBS Land Ltd., which has since de-listed.

With assets around S$18 billion, CapitaLand will have presence in 31 cities in 15 countries. Its business will initially be concentrated in Singapore, Hong Kong, Shanghai, Tokyo, Sydney and Melbourne.

CapitaLand said Raffles Holdings remains a profitable operation, even though its share price has slid significantly since an initial public offering in June when it listed at S$0.85 a share.

Raffles closed Friday at 45.5 Singapore cents, down 2.2%, while CapitaLand closed unchanged at S$3.

(Post 188 of 769)   01/30/2001.09:49:16
Author :
Shosai
S'pore tourist boom + No new hotel room --> Hotel room rates rise
Raffles City space taken up by Robinsion & Jason

What's there to worry about profit of this company ?
While others are giving profit warning, Raffles Holdings profit seems still OK.

PE is quite low now while price is still below 50 cents.
Good buy ? Any comment ?

(Post 189 of 769)   02/01/2001.01:08:40
Author :
Lugi
Hmmm... what will OCBC do with its stake in this and Straits Trading ? Both are property (hotel) stocks... sell it to who ?


Lugi

(Post 190 of 769)   02/01/2001.06:58:42
Author :
Ncm88
Heard Capitaland buying the stakes back at 0.71. (below IPO price!!!)

(Post 191 of 769)   02/07/2001.01:53:06
Author :
Wiseley
Ncm88 : Please give more information!!!

Very keen!

(Post 192 of 769)   02/07/2001.06:48:58
Author :
Ncm88
Earning projection of 11% for FY2000 can be found in article in Buisness Times today 7/2/2001. Pls read. A Buy

(Post 193 of 769)   02/07/2001.09:17:05
Author :
Tahoo
Singapore, Feb. 7 (Bloomberg) -- Raffles Holdings Ltd., the hotel arm of Southeast Asia' s largest traded developer, CapitaLand
Ltd., may report a 10.9 percent rise in 2000 profit, helped by stronger occupancy rates at its hotels.
The company, which owns the historic Raffles Hotel in Singapore, may report a profit of S$67.3 million ($38.7 million),
or 3.23 cents a share, according to the average of forecasts by three analysts polled by Bloomberg News. Last year, the company reported profit of S$60.7 million, or 3.76 cents a share.
``Raffles has stable commercial income, and its resorts and hotels would be looking at better occupancy and lightly improved room rates,' ' said Ivan Lim, an analyst with OCBC Investment Research Pte.
Asia' s economic recovery last year boosted travel, helping many hotel operators fill rooms and raise rates. Singapore saw a record of more than 7.6 million visitors in 2000.
The company will report earnings today after the market closes.
Earlier, Raffles said its revenue per room in Singapore grew 23.4 percent to S$137 for the first half of 2000, from a year before. It operates 11 hotels and resorts in Asia and Europe and has five more under development. It has a long-term plan to double the number of rooms under management to 12,000 by 2003.
The company will also see rental earnings from retail and office tenants at its Raffles City complex in Singapore, though earnings probably were cut by higher costs as it looks to upgrade
200 of its Westin Stamford rooms.
In December, the company, which is about 60 percent owned by CapitaLand, said it plans to cut its stake in its S$1.8 billion Raffles City complex and focus on its hotel business.
It earlier said it wants to buy a chain of 10 to 20 hotels within two years.
The stock has risen 9.9 percent this year, compared to the 1.1 percent increase in the benchmark Straits Times Index. Yesterday it closed 2 cents, or 3.9 ercent, lower at 50 cents.
It first sold shares in December 1999 at 85 cents each.

--Tan Hwee Ann in the Singapore newsroom (65) 2121-581, or at
hatan@bloomberg.com /mmd

(Post 194 of 769)   02/07/2001.19:21:13
Author :
Ncm88
Might see spike in price to around 60cts tommorrow.It's much better than putting money in bank. NTA at $1.01

Dividend Rate 4 % per ordinary share less tax

(Post 195 of 769)   02/07/2001.22:36:27
Author :
Oneder
Thanks ncm88. Will see if I can get some at 50ct. tomorrow

(Post 196 of 769)   02/07/2001.22:57:22
Author :
Et9
Dear Oneder,

Don't place too much hope on this stock. I hear from people in the industry that a 6-star hotel in town has profits that is half of Raffles holdings.

One hotel Vs 12 ??? hotels. Raffles has got a serious yield problem.

I used to think that this stock has got great potential but learning from friend realise Raffles carry a lot of glamour.

But if you are looking a very long term holdings and I mean 2- 4yrs that maybe you can think about it. Otherwise I am sure that the yield from your available funds can definitely be improved with other shares.

let me share with you the composition of my holdings and my expectations:-

Hotung - 1-3mths 50% yield.
Delgro- 6 mths 50 % yield ( defensive stock )
Charter SM- 1yr 80 % yield
L-Jacob- 1 yr 60%$ yield

All the best.

(Post 197 of 769)   02/07/2001.23:23:12
Author :
Sipost
RAFFLES HOLDINGS REPORTS ROBUST TURNOVER AND PROFIT

· Turnover increased 13.9% to S$336.3 million
· Net profit after MI and EI increased 37.1% to S$79.6 million

SINGAPORE, February 7, 2000 - Raffles Holdings Limited (SGX Mainboard listed), Singapore's leading hotel and resort owner, today announced turnover for 2000 increased 13.9% to S$336.3 million compared with S$295.2 million in 1999.

Strong growth in earnings before interest, taxes, depreciation and amortization (EBITDA) was achieved through significant increases in revenue per available room (REVPAR), cost management and the expansion of the Group. Group EBITDA increased 9.0% from S$144 million in 1999 to S$157 million in 2000.

Net profit after tax and extraordinary items increased 37.1% to S$79.6 million in 2000 compared to S$58.1 million in 1999. Earnings per share after extraordinary items for 2000 was 3.83 cents, an increase of 6.4% over 3.60 cents registered in 1999. The Group has proposed a gross first and final dividend of 4.0% for FY2000.

In addition to meeting with market expectations of approximately S$67 million in net profit after tax, the achieved final result of S$79.6 million was attained with net tax adjustment of S$13 million mainly due to a favourable settlement with the Tax Authority by a subsidiary.

On a segmental basis, turnover for the hotels and resorts segment grew 16.8% to S$259.9 million from S$222.6 million in 1999. Related investments increased 7.6% from S$74.4 million in 1999 to S$80.1 million in 2000. For the company's core hotel business, EBITDA increased by 7.4% from S$83.6 million in 1999 to S$89.8 million in 2000.

Raffles International hotels in Asia, Europe and North America continue to operate at REVPARs above the competitive set in their respective markets. In particular, Raffles Holdings' REVPAR in Singapore maintained a 29% margin over the industry average forecast of S$108, and in Hamburg and Bangkok, REVPAR was 46% above the competitive set.

During 2000 Raffles Holdings strengthened its positioning to further grow the Raffles International hotel masterbrand. Improved profitability from the existing hotel portfolio, expansion of the chain's distribution network and entry into the US market were important achievements during the year.

"When combined with developments in supporting infrastructure, and having secured the management of Raffles City's hotels, the company is well positioned for growth and further improvements in yield" said Mr. Richard Helfer, President and CEO, Raffles Holding Limited.

Moving forward, expansion of Raffles International into Asia, Europe and North America will be the company's primary focus during 2001. With a target of 12,000 rooms by the year 2003, the company is actively pursuing opportunities with owners of both medium sized chains and individual hotels.

"In addition to increasing the hotel group's physical scale and distribution, our growth plan contemplates two further strategic objectives. One is a significant increase in the level of fee based income generated from hotel operations. The second is to fund the Group's growth strategy by examining several options including monetizing some of its assets," noted Mr Helfer.

In discussing the company's strategies for operating yield improvements Mr. Helfer commented, "There are several initiatives we are pursuing. These include expansion in the level of contribution from the group's food and beverage, spa and retail service lines, marketing distribution and e-procurement benefits, consolidating back-of-house operations in Singapore and a commitment to rolling out Value Based Management (EVA) across the group by the end of 2001."

In considering the year ahead, further REVPAR growth and prevailing market conditions are only two of several important factors supporting the successful implementation of Raffles Holdings growth plan. "Furthermore, industry consolidation, prevailing market conditions and the strength of our balance sheet, coupled with the foundations we laid in 2000 and the support of our majority shareholder Capitaland, positions us well to grow our brand and profitability" concluded Mr. Helfer.

YEAR IN REVIEW

In the first quarter 2000, Raffles Holdings looked at e-enabling its business to increase its competitive advantage in the hotel industry to meet with the demands of the new-age traveller for cutting-edge technology and value-added facilities. In April, the Group purchased a 9% stake in Net2Room.com, a broadband infrastructure solutions provider, which by end 1H2001, will have broadband enabled all Raffles International rooms.

In May, Raffles Holdings acquired strategic stakes in BeXcom Pte Ltd and BeXcom Southeast Asia Pte Ltd to leverage their technology and expertise to develop hospitalitybex, a premier online business exchange for the hospitality and services industry. The e-procurement portal went live in December 2000, and is expected to realise group-wide savings of 10%-20% on an annual basis.

In the same month, Raffles International opened training centres in Singapore, Hamburg, Phnom Penh, creating 8,000 training positions. Raffles International finalized a 3-year training infrastructure grant of up to S$1 million from the Singapore Ministry of Manpower.

In July, Raffles International announced that it will manage the two Raffles City Hotels from year 2002. These additional contracts increase the inventory of rooms under Raffles International's management to over 6,000 rooms.

During July, Raffles International also secured Robinsons Departmental store and Jasons MarketPlace as anchor tenants at Raffles City Shopping Centre. These quality tenants were signed on at a 14% increase over the previous rental agreements and improved the tenancy mix and shopping experience of the complex.

In August, Raffles International launched its unique luxury spa brand, Amrita, converting traditional health facilities at the property level from cost centres into profit centres. Targeting affluent and discerning business travellers, Amrita Spas are now featured at six of the group's properties.

Within the next 12 months, Raffles International, as Asia's largest spa operator will open an additional seven spas, strengthening the masterbrand and providing the Group with an additional revenue stream.

In October, Raffles International achieved a key milestone by expanding into a key major market in the United States through the acquisition of the Raffles L'Ermitage Beverly Hills.

During the year, Raffles International also sealed several new strategic partnerships to elevate its brand awareness, by signing Singapore Airlines' Krisflyer, Japan Airlines frequent flyer programmes, and participating in VISA and American Express membership programmes. Programmes were also developed with key travel lifestyle publications such as "Departures" and the Conde Nast Traveler.

The Group successfully relaunched its corporate loyalty programme, Raffles Rapport.All initiatives in 2000, coupled with goals and market conditions for 2001, position the Group well to achieve its strategic objectives.

CORPORATE INFORMATION

Raffles Holdings Limited is Singapore's leading hotel and resort owner with 16 hotels and resorts in 13 gateway destinations in 10 countries within Asia-Pacific, Europe and North America. It is a subsidiary of CapitaLand Limited, which has an asset base of over S$18 billion. Both companies are listed on the Singapore Exchange. Raffles International Limited is the hotel management subsidiary of Raffles Holdings Limited.

Raffles Holdings Portfolio:

Raffles brand of hotels and resorts:
Raffles Hotel, Singapore Hotel Vier Jahreszeiten,
Hamburg Brown's Hotel,
London Hotel Le Royal,
Phnom Penh Grand Hotel d'Angkor,
Siem Reap Raffles L'Ermitage Beverly Hills
Raffles Resort Mallorca at Colinas d'Es Trenc
* Raffles Resort Bali at Jimbaran
*Raffles Resort Bintan, Indonesia

* Merchant Court brand of hotels:

Merchant Court Hotel, Singapore
Merchant Court Hotel, Sydney
Merchant Court Hotel at Le Concorde, Bangkok
Merchant Court Hotel, Shanghai
*Merchant Court Hotel, Berlin
*Raffles City:Raffles City Hotels (currently operated under Westin Stamford and Westin Plaza)

* Under Development

Submitted by Quek Kar Tung, Company Secretary on 07/02/2001

(Post 198 of 769)   02/07/2001.23:57:01
Author :
Sipost
Raffles Holdings 2000 net profit pre-extras 80.918 mln sgd vs 60.690 mln

Source : AFX SINGAPORE 18:56 07/02/2001

SINGAPORE (AFX-ASIA) - Raffles Holdings Ltd 2000 results:

Net profit before extraordinaries - 80.918 mln sgd vs 60.690 mln

Extraordinary loss - 1.286 mln sgd vs loss 2.603 mln

Net profit - 79.632 mln sgd vs 58.087 mln

Sales - 336.328 mln sgd vs 295.236 mln

Opg profit - 155.544 mln sgd vs 144.437 mln

EPS - 3.89 cents vs 3.76

Final div - 4.0 pct vs 3.60 pct

The company said it expects to maintain its profitability in the current year as operations at its newer hotels become more stable.

(Post 199 of 769)   02/08/2001.09:26:12
Author :
Sooroos
Highly recommended today!
Invest wisely!

(Post 200 of 769)   02/08/2001.09:32:08
Author :
Sooroos
Make your money work for you
with this counter.


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