RNS Number:5776K
Petaling Tin Berhad
25 September 2001
Quarterly Report on Consolidated Results For the Third Quarter Ended 31st
July 2001
(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
31/7/01 31/7/00 31/7/01 31/7/00
RM'000 RM'000 RM'000 RM'000
1 (a) Revenue 11,320 11,910 21,939 17,471
(b) Investment income 7 - 15 -
(c) Other income 503 587 1,074 791
2 (a) Profit/(loss) before
finance cost, depreciation
and amortisation,
exceptional items, income
tax, minority interests
and extraordinary items 4,476 3,748 8,372 4,608
(b) Finance cost (28) (43) (44) (467)
(c) Depreciation and
amortisation (470) (432) (1,412) (1,387)
(d) Exceptional items - - - -
(e) Profit/(loss) before
income tax, minority interests
and extraordinary items 3,978 3,273 6,916 2,754
(f) Share of profits and losses
of associated companies - - - -
(g) Profit/(loss) before income
tax, minority interests and
extraordinary items after share
of profits and losses of
associated companies 3,978 3,273 6,916 2,754
(h) Income tax (1,112) (1,182) (1,795) (2,808)
(i) i) Profit/(loss) after
income tax before deducting
minority interests 2,866 2,091 5,121 (54)
ii) Minority interests - - - -
(j) Pre-acquisition profit/(loss) - - - -
(j) Net profit/(loss) from
ordinary activities
attributable to members of the
Company 2,866 2,091 5,121 (54)
(l) i) Extraordinary items - - - -
ii) Minority interests - - - -
iii) Extraordinary items - - - -
attributable to members
of the Company
(m) Net profit/(loss) attributable
to members of the Company 2,866 2,091 5,121 (54)
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) 1.64 2.07 3.61 (0.07)
ii) Fully diluted (based on
ordinary shares - sen) 0.83 - 1.48 -
Remark:
Earning per share
(i) Basic
(a) current year quarter - based on 174,421,646 weighted ordinary shares.
(b) Preceding year quarter (restated) - based on 100,842,060 weighted
ordinary shares.
(c) current year-to-date - based on 141,720,497 weighted ordinary shares.
(d) Preceding corresponding year (restated) - based on 75,293,945 weighted
ordinary shares.
(ii) Fully diluted
(a) current year quarter and current year-to-date - based on 346,102,681
weighted ordinary shares.
CONSOLIDATED BALANCE SHEET
(UNAUDITED) (AUDITED)
AS AT CURRENT AS AT PRECEDING
QUARTER ENDED FINANCIAL YEAR
31 Jul 2001 ENDED 31 Oct 2000
RM'000 RM'000
1. Fixed Assets 15,428 16,630
2. Investment in Associated Companies - -
3. Long Term Investments 249,203 249,124
4. Intangible Assets - -
5. Current Assets
Development properties and expenditure 127,577 119,826
Stocks 15,938 18,225
Trade debtors 38,291 30,096
Short term investments 349 373
Other debtors, deposits and prepayments 3,600 3,386
Fixed deposits with financial institutions 13,283 33,724
Cash and bank balances 728 4,858
199,766 210,488
6. Current Liabilities
Trade creditors 3,399 5,882
Other creditors and accrued liabilities 31,984 46,316
Hire purchase creditors 77 71
Term loan 1,802 3,662
Taxation 10,313 8,170
47,575 64,101
7. Net Current Assets 152,191 146,387
416,822 412,141
8. Shareholders' Funds
Share Capital 174,422 100,844
Reserves
Share Premium 16,485 4,712
Capital Reserve 2,584 2,584
Retained Loss (16,318) (21,438)
177,173 86,702
9. Deferred Taxation 40,490 40,884
10.Long Term Borrowings 9 55
11.Irredeemable Convertible Unsecured
Loan Stocks 2000/2010 ("ICULS") 199,150 284,500
416,822 412,141
12.Net Tangible Assets Per Share (RM) 1.02 0.86
QUARTERLY REPORT ENDED 31/07/2001
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
31.07.2001 31.07.2001 31.07.2000
RM'000 RM'000 RM'000
Taxation comprises of the followings:
Malaysian taxation based on profit
for the period:
Current 1,563 3,024 2,457
Deferred (298) (423) 2,247
1,265 2,601 4,704
Over provision in prior period: (153) (806) (1,896)
1,112 1,795 2,808
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 July 2001 are as follows:
RM'000
At cost 1,152
Provision for diminution in value (803)
At book value 349
Market value 379
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
Detailed below is the status of corporate proposals that have been announced
as at the date of the report:
a) 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.
b) On 12 September 2000, Petaling Tin Berhad ("PTB") had announced the
proposed acquisition of 62,400,000 ordinary shares of HKD1.00 each
representing 80% equity interest in the capital of Naga Resorts & Casinos
Limited ("NRCL") from Sharpwin International Limited ("Sharpwin") for a
purchase consideration of RM 1,307,200,000. The application to the
Securities Commission in respect of the Proposed Acquisition has been
withdrawn, pursuant to the Company's announcement on 23 July 2001.
9. Issuance and Repayment of Debt and Equity Securities
On 5 March 2001, RM85,350,000 nominal value of ICULS (2000/2010) was converted
into 73,577,586 new ordinary shares of RM1.00 each in the Company at a
conversion price of RM1.16 per share.
Other than the above, there were no other 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 July 2001 are as follows:
Secured RM'000
Long Term Borrowings
Total outstanding balances 1,888
Repayment due within the next 12 months (1,879)
Total 9
Short Term Borrowings
Current portion of term loan and hire purchase 1,879
The above borrowings are denominated in Ringgit Malaysia.
11. Contingent Liabilities (secured)
The Group does not have any contingent liability since the preceding financial
year ended 31 October 2000.
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. 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 RM69,398.01 being interest of the progressive
purchase price paid. The case has been fixed for hearing in Court on 12
December 2001.
(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. 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 or vacant
possession in the sum of RM93,682.41. The case has yet to be fixed for
hearing in Court.
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 (2,052) 160,227
Manufacturing 0 (1,393) 13,241
Property and investment holding 21,939 10,361 290,929
21,939 6,916 464,397
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
The Group recorded a pre-tax profit of RM3.978 million in the quarter ended 31
July 2001 as compared to previous quarter's pre-tax profit of RM0.334 million.
The significant improvement is mainly due to income generated as a result of
progress of work in property development project, namely Magilds Industrial Park
in Sungai Buloh.
16. Review of Performance of the Company and its Principal Subsidiaries
For this quarter ended 31 July 2001, the Group has achieved a pre-tax profit
of RM3.978 million as compared to pre-tax profit of RM3.273 million for the
corresponding quarter ended 31 July 2000. The slight improvement is mainly
due to income generated as a result of progress of work in property
development projects.
The Group has achieved a pre-tax profit of RM6.916 million for this financial
year to date as compared to pre-tax loss of RM2.754 million for the
corresponding financial year to date. The significant improvement is mainly
due to income generated as a result of progress of work in property
development projects.
17. Material Events Subsequent to the Financial Year to Date
There were no material events subsequent to the third quarter ended 31 July
2001 till the date of this report.
18. Seasonal or Cyclical Factors
The business operations of the Group are generally affected by major festive
seasons. However, the Group's current quarter performance was not affected,
as there were no major festive seasons.
19. Prospects for the Remaining Period of the Financial Year
The Board of Directors has observed that the property development industry is
still in its recovery course and margins remain squeezed due to fierce
competition resulting from a prolonged oversupply situation. The weaker
economic forecast and generally weak consumer confidence is expected to
present challenges to the Group's property development business. However,
barring any unforeseen circumstances, the Board of Directors expects the
Group to remain profitable for the current financial year.
20. Variance of Actual Profit from Forecast Profit
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
LAI GIN NYAP
Chief Financial Officer
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