Page 7 - Forterra

05
CHAIRMAN’S STATEMENT
INTRODUCTION
I am pleased to present the results
for Forterra Trust for the year ending
31 December 2012.
Throughout 2012 the business
suffered from ongoing external issues
associated with the former sponsor
Treasury Holdings of Ireland which
was ultimately placed into the hands
of liquidators on 9 October 2012.
However, the Board maintained
throughout 2012 that the underlying
business environment for Forterra
remained stable. Whilst the issues
associated with its former sponsor
impacted the unit price and the
market’s perception of the business,
Forterra did in fact experience a solid
year with respect to its commercial
real estate operations.
Gross revenues for the Trust totaled
S$99.12 million for the 12 months
ended 31 December 2012, a healthy
6.3% increase over 2011 despite
declining revenues in the 2nd half of
the year as a result of the ongoing
refurbishment of the retail podium at
The HQ.
Graham Sugden
Chairman