RNS Number:6695F
Petaling Tin Berhad
31 December 2002
PETALING TIN BERHAD
Quarterly Report on Consolidated Results For the Fourth Quarter Ended 31st
October 2002
(The figures have not been audited)
CONDENSED CONSOLIDATED INCOME STATEMENT
INDIVIDUAL QUARTER CUMULATIVE QUARTER
CURRENT PRECEDING CURRENT PRECEDING
YEAR YEAR YEAR TO CORRESPONDING
QUARTER CORRESPONDING DATE YEAR TO
QUARTER DATE
31 Oct 02 31 Oct 01 31 Oct 02 31 Oct 01
RM'000 RM'000 RM'000 RM'000
Revenue 42,109 1,888 84,758 23,827
Gross Profit 18,642 637 36,453 10,879
Other Operating Income 241 119 1,535 1,213
Operating Expenses (7,486) (5,161) (12,627) (9,540)
Profit /(Loss) From Operations 11,397 (4,405) 25,361 2,552
Finance Cost (3) (5) (14) (46)
Share of profits and losses of
associated companies - - - -
Profit/(loss) before taxation 11,394 (4,410) 25,347 2,506
Income tax (5,456) (122) (10,043) (1,917)
Net profit/(loss) attributable to
shareholders of the Company 5,938 (4,532) 15,304 589
Earning Per Share (Sen)
- Basic 1.90 (2.03) 5.81 0.36
- Fully Diluted 1.72 (1.31) 4.42 0.17
(The Condensed Consolidated Income Statements should be read in conjunction with
the Annual Financial Report for the year ended 31 October 2001)
Registered Office :
PETALING TIN BERHAD Level 19, Menara PanGlobal
CONDENSED CONSOLIDATED BALANCE SHEET No. 8 Lorong P. Ramlee
50250 Kuala Lumpur.
Tel : 03-2026 4491
Fax : 03-2031 2263
(UNAUDITED) (AUDITED)
AS AT AS AT
CURRENT PRECEDING FINANCIAL
QUARTER YEAR ENDED
ENDED
31 Oct 2002 31 Oct 2001
RM'000 RM'000
1 Property, Plant & Equipment 16,897 14,260
2 Investment in Associated Companies - -
3 Long Term Investments 239,043 249,203
4 Intangible Assets - -
5 Current Assets
Development properties and expenditure 109,530 127,698
Stocks 17,745 15,658
Trade debtors & other receivable 88,423 39,780
Short term investments 448 373
Fixed deposits with financial institutions 531 484
Cash and bank balances 2,733 2,335
219,410 186,328
6 Current Liabilities
Trade creditors 15,610 8,112
Other creditors and accrued liabilities 11,830 17,854
Borrowings 15 1,096
Taxation 28,025 10,614
55,480 37,676
7 Net Current Assets 163,930 148,652
419,870 412,115
8 Shareholders' Funds
Share Capital 344,292 247,223
Reserves 40,702 9,867
384,994 257,090
9 Deferred Taxation 32,722 40,256
10 Long Term Borrowings 54 69
11 Irredeemable Convertible Unsecured
Loan Stocks 2000/2010 ("ICULS") 2,100 114,700
419,870 412,115
12 Net Tangible Assets Per Share (RM) 1.12 1.04
(The Condensed Consolidated Balance Sheets should be read in conjunction with
the Annual Financial Report for the year ended 31 October 2001)
PETALING TIN BERHAD
Quarterly Report on Consolidated Results For the Fourth Quarter Ended
31st October 2002 (The figures have not been audited)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
TOTAL
SHARE SHARE RESERVES ACCUMULATED SHAREHOLDERS'
CAPITAL PREMIUM PROFIT/(LOSSES) EQUITY
RM'000 RM'000 RM'000 RM'000 RM'000
At 1 November 2001 247,223 28,133 2,584 (20,850) 257,090
Conversion of Irredeemable
Convertible Unsecured
Loan Stocks 97,069 15,531 - - 112,600
Net Profit for the Year - - - 15,304 15,304
At 31 October 2002 344,292 43,664 2,584 (5,546) 384,994
At 1 November 2000 100,844 4,712 2,584 (21,439) 86,701
Conversion of Irredeemable
Convertible Unsecured
Loan Stocks 146,379 23,421 - - 169,800
Net Profit for the Year - - - 589 589
At 31 October 2001 247,223 28,133 2,584 (20,850) 257,090
(The Condensed Consolidated Statements of Changes in Equity should be read in
conjunction with the Annual Financial Report for the year ended 31 October 2001)
PETALING TIN BERHAD
Quarterly Report on Consolidated Cashflow For the Fourth Quarter Ended
31st October 2002 (The figures have not been audited)
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
(UNAUDITED) (AUDITED)
CURRENT PRECEDING CORRESPONDING
YEAR YEAR TO DATE
TO DATE
31 Oct 2002 31 Oct 2001
RM'000 RM'000
Cash Flows From Operating Activities
Net Profit Before Tax 25,347 2,506
Adjustment for:-
Non-cash Items 1,583 2,847
Non-operating Items 4,796 (642)
Operating Profit before Working
Capital Changes 31,726 4,711
Changes in Working Capital
Net Change in Current Assets (32,753) (12,380)
Net Change in Current Liabilities 1,382 (25,723)
Cash Generated From/(Used In) Operations 355 (33,392)
Tax Paid (166) (148)
Interest Received 116 665
Interest Paid (52) (43)
Net Cash Generated From/(Used In)
Operations 253 (32,918)
Cash Flow From Investing Activities
Equity Investments 20 20
Other Investments 1,221 (591)
1,494 (33,489)
Cash Flow From Financing Activities
Bank Borrowings (1,096) (2,707)
Net Changes in Cash & Cash Equivalents 398 (36,196)
Cash & Cash Equivalents At Beginning
of Year 2,335 38,531
Cash & Cash Equivalents At End of
Period/Year 2,733 2,335
(The Condensed Consolidated Cash Flow Statements should be read in conjunction
with the Annual Financial Report for the year ended 31 October 2001)
PETALING TIN BERHAD
QUARTERLY REPORT ENDED 31/10/2002
Notes
1. Basis of Preparation
The interim financial report has been prepared in accordance with MASB 26,
Interim Financial Reporting and Paragraph 9.22 of the KLSE Listing Requirements.
The accounting policies and methods of computation adopted by the Group in this
interim financial report are consistent with those adopted in the financial
statements for the year ended 31 October 2001.
The interim financial report should be read in conjunction with the audited
financial statements of the Group for the year ended 31 October 2001.
2. Qualification of Financial Statements
The Group's audited financial statements for the preceding year ended 31 October
2001 was not subject to any qualification.
3. Seasonality or Cyclical Factors
The Group's current quarter performance was not affected nor influenced by
seasonal or cyclical factors.
4. Items of unusual Nature and Amount
There were no items affecting the assets, liabilities, equity, net income, or
cash flow of the Group that are unusual because of their nature, size or
incidence, except for the items as disclosed in Note 6 and Note 9.
5. Changes in Estimates
There were no changes in the estimates of amounts reported in prior quarters of
the current financial year or estimates of amounts reported in prior financial
years that have a material effect in the current quarter.
6. Issuance and Repayment of Debt and Equity Securities for the Financial
Year to Date
On 2 September 2002, RM112,600,000 nominal value of ICULS (2000/2010) was
converted into 97,068,965 new ordinary shares of RM1.00 each in the Company at a
conversion price of RM1.16 per share.
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.
7. Dividends Paid
There were no dividend paid during the financial year to date.
8. Segmental Reporting for the Current Financial Year to Date
Profit/(loss) before
taxation, minority interest
Turnover and extraordinary items Assets Employed
Analysis by activity RM'000 RM'000 RM'000
Investment holding - (641) 1,352
Manufacturing - (7,419) 6,607
Property Development 84,758 33,407 467,391
84,758 25,347 475,350
The geographical analysis is not presented as the Group's operations are solely
based in Malaysia.
PETALING TIN BERHAD
QUARTERLY REPORT ENDED 31/10/2002
9. Property, Plant and Equipment
The values of property, plant and equipment have been brought forward without
amendment from the previous annual financial statements except for the valuation
of property, plant and equipment of a subsidiary company which have been written
down to their recoverable amount estimated by independent valuation based on
Forced Sale Value carried out on 27 December 2002. Consequently, an amount of
RM5.587 million was written off in the current quarter ended 31 October 2002.
10. Material Events Subsequent to the Financial Year to Date
There were no material events subsequent to the fourth quarter ended 31 October
2002 till the date of this report that have not been reflected in the financial
statements in the said quarter.
11. 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.
12. Changes in Contingent Liabilities and Contingent Assets
There were no contingent liabilities and contingent assets that had arisen since
the last annual balance sheet date.
Additional information required by the KLSE's Listing Requirements
1. Review of Performance of the Company and its Principal Subsidiaries
(a) For the current quarter ended 31 October 2002, the Group has
recorded a pre-tax profit of RM11.394 million as compared to pre-tax loss of
RM4.41 million for the preceding year's corresponding quarter ended 31 October
2001. The profits generated mainly from sales of completed and uncompleted
development properties of Bandar Domain in Karambunai, Sabah and Desa Bukit
Magilds in Sungai Buloh.
(b) For the current financial year to date ended 31 October 2002, the
Group has recorded a pre-tax profit of RM25.347 million as compared to pre-tax
profit of RM2.506 million for the preceding year to date ended 31 October 2001.
The profits generated mainly from sales of completed and uncompleted development
properties of Bandar Domain in Karambunai, Sabah and Desa Bukit Magilds in
Sungai Buloh.
2. Material Changes in the Quarterly Results Compared to the Results of the
Preceding Quarter
For the current quarter ended 31 October 2002, the Group has recorded a pre-tax
profit of RM11.394 million as compared to a pre-tax profit of RM11.632 million
for the previous quarter ended 31 July 2002. The current quarter pre-tax profit
of RM11.394 million accrues mainly from the sales of completed and uncompleted
development properties of Bandar Domain in Karambunai, Sabah and Desa Bukit
Magilds in Sungai Buloh.
PETALING TIN BERHAD
QUARTERLY REPORT ENDED 31/10/2002
3. Prospects for the Remaining Period of the Financial Year
Financial year 2003 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 optimistic that
the Group will remain profitable in the next financial year.
4. Shortfall in the Profit Guarantee
There is no shortfall in aggregate actual profits achieved as compared to the
aggregate minimum profit guarantee for the three (3) financial years ended 31
October 2002 by the vendors of Golden Domain Holdings Sdn Bhd.
5. Taxation
Quarter Year
Ended To Date
31.10.2002 31.10.2002
RM'000 RM'000
Taxation comprises of the followings:
Malaysian taxation based on profit for
the period:
Current 10,339 17,932
Deferred (4,527) (7,533)
5,812 10,399
Over provision in prior period (356) (356)
5,456 10,043
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.
6. Profit on sales of Unquoted Investments and/or Properties
There were no profit on sales of unquoted investments and properties as there
were no disposal of investment or properties for the current quarter and
financial year to date other than disposal of development properties.
7. Quoted securities
a) There were no purchases nor disposal of quoted securities
for the financial year to date.
b) Total investments in quoted securities as at 31 October
2002 are as follows:
RM'000
Quoted shares, at cost 1,152
Provision for diminution in value (704)
At book value 448
Market value 455
PETALING TIN BERHAD
QUARTERLY REPORT ENDED 31/10/2002
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. Group Borrowings and Debt Securities
Total Group borrowings as at 31 October 2002 are as follows:
Secured RM'000
Long Term Borrowings
Total outstanding balances 69
Repayment due within the next 12 months (15)
Total 54
Short Term Borrowings
Current portion of term loan and hire
purchase 15
The above borrowings are denominated in Ringgit Malaysia.
10. 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.
11. 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 Park Sdn. Bhd. ("MPSB"), 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 MPSB. 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
15 April 2003.
(b) On 24 October 1996, Excel Chemical Trading Sdn. Bhd. ("Excel")
entered into a Sale and Purchase Agreement with MPSB 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 MPSB. 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 Senior Assistant Registrar (SAR) has
passed a judgement in favour of the Plaintiff. MPSB has appealed to the High
Court Judge in Chamber against the SAR's decision. The case has been fixed for
hearing in the High Court on 13 January 2003.
Provision has been made in the accounts of MPSB in accordance to legal advice.
PETALING TIN BERHAD
QUARTERLY REPORT ENDED 31/10/2002
12. Dividend
There was no dividend proposed for the financial year to date.
13. Earnings Per Share
a. The calculation of basic earnings per share for the
current quarter and the financial year to date are based on the Group profit
after tax of RM5,938,060 for the current quarter and RM15,303,673 for the
financial year to date divided by weighted average ordinary shares in issue of
311,936,013 for the current quarter and 263,401,531 for the financial year to
date.
b. The calculation of diluted earnings per share for the
current quarter and the financial year to date are based on the Group profit
after tax of RM5,938,060 for the current quarter and RM15,303,673 for the
financial year to date divided by weighted average ordinary shares in issue of
346,102,681, on the assumption that the outstanding 2,100,000 nominal value of
ICULS (2000/2010) have been exercised and converted into new ordinary shares of
RM1.00 each in the Company on 1 November 2001.
By Order of The Board
PETALING TIN BERHAD
LAI GIN NYAP
Chief Financial Officer
Kuala Lumpur
Date : 31 December 2002
This information is provided by RNS
The company news service from the London Stock Exchange
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