Annual Reports & Accounts 2011

	Note	Year ended 31 December
		2011 USD’000		2010 USD’000
Revenue	5	1,147,853		503,820
Cost of sales	6	(1,014,913	)	(424,112	)
Gross profit		132,940		79,708
Other operating income	7	–		23,925
Selling and distribution expenses	8	(2,358	)	(1,183	)
General and administrative expenses	10	(62,863	)	(32,527	)
Other gains/(losses) – net	13	11,928		(1,801	)
Operating profit		79,647		68,122
Analysed as:
Operating profit before exceptional items		90,191		68,122
Exceptional items	10	(10,544	)	–
Operating profit after exceptional items		79,647		68,122
Finance costs	12	(17,965	)	(5,088	)
Finance income	12	1,804		2,193
Finance costs – net		(16,161	)	(2,895	)
Share of loss of joint ventures	20	(8	)	–
Profit before income tax		63,478		65,227
Income tax expense		(188	)	–
Profit for the year attributable to the equity holders of the Company		63,290		65,227
Earnings per share attributable to the equity holders of the Company	14
Basic		26.56c		30.21c	*
Diluted		26.47c		30.03c	*

* Earnings per share disclosure has been restated for the bonus element of the 2011 rights issue (Note 14).

The notes form an integral part of these financial statements.