Mr Lee told an award ceremony for the country's leading businesses on Thursday night: 'Firstly, we have a strong Corporate Singapore. Our [top] companies have done well over the years.'

The Minister was referring to the major corporations and small and medium sized enterprises (SMEs) that make up the this year's Singapore 1000 (S1000) and SME 500 honour roll.

These firms had reported record profits between in 2008.

'Secondly, as a nation, we have prepared ourselves for rainy days...Singapore has the resources to respond to the immediate needs of our citizens and local businesses without compromising our focus on long term initiatives,' added Mr Lee, who was speaking to over 500 guests at the Ritz-Carlton Millenia.

The annual awards, organised by DP Information Group, rank over 8,000 locally incorporated firms according to sales, net profit and return on equity.

The league table this year showed that combined net profits of the S1000 winners jumped 57.1 per cent to $131.2 billion, while SME 500 firms increased earnings from $665.5 million to $957.1 million.

Although the results were based on audited financials between June 2007 and May last year - before the start of the economic downturn - Mr Lee said they still underline that Singapore's corporate sector is robust.

'Of course, we recognised that these numbers were achieved pre-financial crisis,' said Mr Lee.

'But still, as a group, our best companies are well managed, well capitalised and have strong organisations and market reach. These are core and foundational strengths to take advantage of in an upturn.'

Read the full report in Friday's edition of The Straits Times.