Petaling Tin Berhd - Interim Results
July 24 1998 - 6:40AM
UK Regulatory
RNS No 7662q
PETALING TIN BERHAD
24th July 1998
Half yearly report on consolidated results for the six months ended 30/04/98.
The figures have hot been audited.
GROUP COMPANY
30-Apr-98 30-Apr97 30-Apr-98 30-Apr-97
MINING RESULTS
Output of tin concentrates (tonnes) - 19 (100%) - 19
Sale of tin concentrates (tonnes) - - - -
Average price per tonne of tin
metal (RM) - 10,450 (100%) - 10,450
Average net price received
per tonne of tin concentrates(RM) - - - -
RM'000 RM'000 CHANGE RM'000 RM'000
1(a) TURNOVER 384 - - - -
(b) Investment and other
income excluding Extraordinary Items 226 279 (19%) 141 224
2(a) Consolidated Operating Loss before
Income Tax, Minority Interest and
Extraordinary items and
after interest on (11,513) (3,943) (192%) (12,084) (3,864)
Borrowings, Depreciation and Amortisation
(see note (i) and (ii) below)
(b) Income derived from Associated Company - - - - -
(c) Less Income Tax
(d) (i) Consolidated Operating Loss
before deducting (11,513) (3,943) (192%) (12,084) (3,864)
Minority Interests
(ii) Less Minority Interests - - - - -
(e) CONSOLIDATED OPERATING LOSS
ATTRIBUTABLE TO MEMBERS OF THE COMPANY (11.513) (3,943) (192%) (12,084) (3,864)
(f) (i) Extraordinary Items - - - -
(ii) Less Minority Interests - - - -
(iii) Extraordinary Items attributable
to Members Of the Company - - - -
(g) Consolidated Operating Loss
& Extraordinary
Items attributable to Members
of the Company (11,513) (3,943) (192%) (12,084) (3,864)
Note (i) Interest on Borrowings, including
interest on Bank Overdrafts,
Charged as an expense 465 - 34 -
(ii) Depreciation including
Amortisation 940 989 40 986
3 The Group has ceased its tin mining operation and hence, no sales of tin ore
were made. However, PTB Clay Products Sdn Bhd, a wholly-owned subsidiary,
commenced operations of its bricks manufacturing plant on 28 February 1998.
The substantial increase in losses compared to the corresponding period in the
previous year are due mainly to:
i) provisions for amount owing from an associate company:
ii) write off of stocks and pre-stripping expenditure incurred on mining in view
of the cessation of tin mining operations.
4 Loss in sen per share based on 2(e)
after deducting there from provisions
for preference dividends, if any. 57 20 60 19
5 There was no deferred tax and adjustments for under or over provisions in
respect of prior years
6 There was no pre -acquisition profits.
7 There was no sale of investments and properties.
8 There was no rights or any issues of stock since the previous dividend was
paid.
9 Following requests and indications from the relevant land and district office
and lessor of the mining land for the surrender of mining leases held, the
Company has made preparations during the period concerned to cease its tin
mining operations and related activities. While the surrender of the said
leases is still pending, the Company is pursuing negotiations with the
relevant parties for compensation.
10 No decision regarding dividend has been made.
END
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