1st Quarter Results
April 02 2002 - 11:26AM
UK Regulatory
RNS Number:7528T
Petaling Tin Berhad
28 March 2002
Quarterly Report on Consolidated Results For the First Quarter Ended 31st
January 2002
(The figures have not been audited)
CONSOLIDATED INCOME STATEMENT
INDIVIDUAL QUARTER CUMULATIVE QUARTER
CURRENT PRECEDING CURRENT PRECEDING
YEAR YEAR YEAR TO CORRESPONDING
QUARTER CORRESPONDING DATE YEAR TO
QUARTER DATE
31-01-02 31-01-01 31-01-02 31-01-01
RM'000 RM'000 RM'000 RM'000
1 (a) Revenue 8,284 7,666 8,284 7,666
(b) Investment
income 7 5 7 5
(c) Other income 44 309 44 309
2 (a) Profit/(loss) 1,721 3,072 1,721 3,072
before finance
cost, depreciation
and amortisation,
exceptional items,
income tax,
minority interests
and
extraordinary
items
(b) Finance cost (4) (10) (4) (10)
(c) Depreciation and
amortisation (466) (458) (466) (458)
(d) Exceptional items - - - -
(e) Profit/(loss) 1,251 2,604 1,251 2,604
before
income tax, minority
interests and
extraordinary items
(f) Share of profits - - - -
and losses of
associated companies
(g) Profit/(loss) 1,251 2,604 1,251 2,604
before income
tax, minority
interests and
extraordinary
items and after
share of profits
and losses of
associated
companies
(h) Income tax (681) (1,735) (681) (1,735)
(i) i) Profit/(loss) 570 869 570 869
after
income tax
before
deducting
minority
interests
ii) Minority
interests - - - -
(j) Pre-acquisition
profit/(loss) - - - -
(k) Net profit/(loss) 570 869 570 869
from ordinary
activities
attributable to
members of the
Company
(l) i) Extraordinary Items - - - -
ii) Minority interests - - - -
iii)Extraordinary items - - - -
attributable to
members of the Company
(m) Net profit/(loss) 570 869 570 869
attributable to
members of the
Company
3 (a) Earnings per
share based on
2 (m) above
after deducting
any provision
for preference
dividends, if any
i) Basic (based
on ordinary
shares -
sen) 0.23 0.86 0.23 0.86
ii) Fully diluted 0.16 0.25 0.16 0.25
(based on
ordinary
shares - sen)
Remark:
Earning per share:
(i) Basic
(a) current year quarter and current year-to-date - based on 247,223,370
weighted ordinary shares.
(b) preceding year quarter and preceding year-to-date - based on
100,844,060 weighted ordinary shares.
(ii) Fully diluted
(a) current year quarter and current year-to-date - based on 346,102,681
weighted ordinary shares.
(b) preceding year quarter and preceding year-to-date - based on
346,102,681 weighted ordinary shares.
CONSOLIDATED BALANCE SHEET
(UNAUDITED) (AUDITED)
AS AT AS AT
CURRENT PRECEDING
QUARTER FINANCIAL
ENDED YEAR ENDED
31 JAN 2002 31 OCT 2001
RM '000 RM '000
1. Fixed Assets 13,798 14,260
2. Investment in Associated Companies - -
3. Long Term Investments 249,208 249,203
4. Intangible Assets - -
5. Current Assets
Development properties and expenditure 130,067 127,698
Stocks 15,272 15,658
Trade debtors 37,384 38,669
Short term investments 373 373
Other debtors, deposits and prepayments 1,509 1,111
Fixed deposits with financial institutions 516 484
Cash and bank balances 1,516 2,335
------- -------
186,637 186,328
------- -------
6. Current Liabilities
Trade creditors 12,697 8,112
Other creditors and accrued liabilities 12,246 17,854
Hire purchase creditors 51 64
Term loan 672 1,032
Taxation 11,702 10,614
------ ------
37,368 37,676
------ ------
7. Net Current Assets 149,269 148,652
------- -------
412,275 412,115
8. Shareholders' Funds
Share Capital 247,223 247,223
Reserves
Share Premium 28,133 28,133
Capital Reserve 2,584 2,584
Retained Loss (20,280) (20,850)
------- -------
257,660 257,090
9. Deferred Taxation 39,850 40,256
10. Long Term Borrowings 65 69
11. Irredeemable Convertible Unsecured Loan
Stocks 2000/2010 ("ICULS") 114,700 114,700
------- -------
412,275 412,115
------- -------
12. Net Tangible Assets Per Share (RM) 1.04 1.04
Notes
1. Accounting Policies
The accounts of the Group are prepared using the same accounting policies,
method of computation and basis of consolidation as those used in the
preparation of the latest audited annual financial statements.
2. Exceptional items
There were no exceptional items for the financial quarter under review.
3. Extraordinary items
There were no extraordinary items for the financial quarter under review.
4. Taxation
Individual Quarter Cumulative Quarter
Current Current Preceding
Year Year Year
Quarter To Date To Date
31.01.2002 31.01.2002 31.01.2001
RM'000 RM'000 RM'000
Taxation comprises of the followings:
Malaysian taxation based on profit
for the period:
Current 1,087 1,087 1,797
Deferred (406) (406) (62)
681 681 1,735
The Group effective tax rate for the current quarter and financial year to
date is higher than the standard tax rate as there is no Group relief for
losses suffered by the Company and certain subsidiary companies and certain
expenses were disallowed for tax purposes.
5. Profit on sales of Investments and/or Properties
There were no profit on sales of investments and/or investment properties
for the current financial year to date.
6. Quoted securities
a) There were no purchases nor disposal of quoted securities for the current
financial year to date.
b) Total investments in quoted securities as at 31 Jan 2002 are as follows:
RM'000
At cost 1,152
Provision for diminution in value (779)
At book value 373
Market value 445
7. Changes in the Composition of the Group
There were no changes in the composition of the Group for the current
quarter and financial year to date.
8. Status of Corporate Proposals
As at the date of the report the rescue exercise duly approved by the
shareholders at an Extraordinary General Meeting held on 20 August 1999
("Rescue Proposals") has been completed, save and except for the transfer
of land title of the Ulu Kelang Project, which is in progress.
9. Issuance and Repayment of Debt and Equity Securities
There were no issuance and repayments of debt and equity securities, share
buy-backs, share cancellations, shares held as treasury shares and resale
of treasury shares for the financial year to date.
10. Group Borrowings and Debt Securities
Total Group borrowings as at 31 January 2002 are as follows:
RM'000
Secured
Long Term Borrowings
Total outstanding balances 788
Repayment due within the next 12 months (723)
Total 65
Short Term Borrowings
Current portion of term loan and hire purchase 723
The above borrowings are denominated in Ringgit Malaysia.
11. Contingent Liabilities (secured)
The Group does not have any contingent liability as at date of this report.
12. Off Balance Sheet Financial Instruments
The Group does not have any financial instruments with off balance sheet
risk as at the date of this report.
13. Material Litigation
Save as disclosed below, the Group is not engaged in any material
litigation as at the date of this report.
(a) On 12 April 1996, Lam Hong Kee Sdn. Bhd. ("LHKSB") entered into a Sale
and Purchase Agreement with Magilds Industrial Park Sdn. Bhd. ("MIPSB"),
a subsidiary of the Company, for the purchase of an industrial lot held
under the land title HS(D) 37590 P.T. No. 19694, Mukim Batu, District of
Kuala Lumpur at the purchase price of RM786,258,00. On 18 April 2000
LHKSB as the Plaintiff filed a suit against MIPSB. LHKSB is claiming
among others for a refund of RM314,503.20 which they have paid in
respect of the progressive payment towards the purchase price and a
claim for the sum of RM92,394.90 being interest of the progressive
purchase price paid. The case has been fixed for hearing in Court on 18
and 19 June 2002. The Directors will let the court to decide on the
outcome of the case.
(b) On 24 October 1996, Excel Chemical Trading Sdn. Bhd. ("Excel") entered
into a Sale and Purchase Agreement with MIPSB for the purchase of an
industrial lot held under the land title HS(D) 37590 P.T. No. 19694,
Mukim Batu, District of Kuala Lumpur at the purchase price of
RM996,912.00. On 4 December 2000 Excel as the Plaintiff filed a suit
against MIPSB. Excel is claiming among others for a refund of
RM398,764.80 which they have paid in respect of the progressive payment
towards the purchase price and late delivery of vacant possession in the
sum of RM93,682.41 The case has been fixed for hearing in Court on 5
April 2002. The Directors will let the court to decide on the outcome of
the case.
14. Segmental Reporting for the current financial year to date
Profit/(loss) before taxation,
minority interest and Assets
Turnover extraordinary items Employed
Analysis by activity RM'000 RM'000 RM'000
Investment holding 0 (566) 1,058
Manufacturing 0 (465) 13,456
Property Development 8,284 2,282 435,129
8,824 1,251 449,643
The geographical analysis is not presented as the Group's operations are solely
based in Malaysia.
15. Material Changes in the Quarterly Results compared to the results of the
Preceding Quarter
For this quarter ended 31 January 2002, the Group has recorded a pre-tax
profit of RM1.251 million as compared to a pre-tax loss of RM4.380 million
for the previous quarter ended 31 October 2001. The current quarter pre-tax
profit of RM1.251 million accrues mainly from new development of
double-storey link houses in Dean Bukit Magilds.
16. Review of Performance of the Company and its Principal Subsidiaries
For this quarter ended 31 January 2002, the Group has recorded a pre-tax
profit of RM1.251 million as compared to pre-tax profit of RM2.604 million
for the corresponding quarter ended 31 January 2001. The decrease is mainly
due to fall in profits generated from property development operations.
17. Material Events Subsequent to the Financial Year to Date
There were no material events subsequent to the first quarter ended 31
January 2002 till the date of this report.
18. Seasonal or Cyclical Factors
The business operations of the Group are generally affected by various
major festive seasons in December 2001 and January 2002.
19. Prospects for the Remaining Period of the Financial Year
Financial year 2002 is expected to present its own challenges to the Group
in the face of continued global economic uncertainties through a phase of
recovery. The country's moderate growth forecast and an expected weak
consumer sentiment will bear challenges for players in the property
development business. However, pro-active measures and stimulus packages
introduced by the Government to revive the country's economy will provide
impetus to stimulate spending and domestic consumption. Barring any
unforeseen circumstances, the Board is cautiously optimistic that the Group
will remain profitable in the remaining period of the financial year.
20. Shortfall in the Profit Guarantee
Not applicable for the financial quarter under review.
21. Dividend
There was no dividend proposed for the current financial year to date.
By Order of The Board
PETALING TIN BERHAD
Kuala Lumpur
Date: 28 March 2002
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