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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Plant Offshore | LSE:POGL | London | Ordinary Share | JE00B1XVTV01 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.01 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:0594U
Plant Offshore Group Ltd
09 May 2008
Plant Offshore Group Limited
Full Year Results for the year ended 31 December 2007
Plant Offshore Group Limited ("POGL" or "the Company"), an AIM quoted company
that provides Engineering, Procurement and Construction Management ("EPCM")
services to the oil and gas, renewable energy and related industries, through
its wholly owned subsidiary Plant & Offshore Corporation Sdn Bhd ("POC"), today
announces its full year results for the year ended 31 December 2007.
Financial Highlights
2007 2006 % change
Revenues RM96.3m (#14.0m) RM28.9m (#4.2m) +233
Operating Profit RM16.6m (#2.4m) RM5.8m (#0.85m) +184
Profit before Tax RM16.3m (#2.3m) RM5.7m (#0.83m) +188
Basic EPS RM0.088 (1.29p) RM0.033 (0.47p) +171
Note: RM6.8650:#1 (average month-end exchange rate from January to December
2007)
Operational Highlights
* Contract with Global Bonanza Sdn Bhd for EPCM Services for biodiesel
production plant worth #6.5m
* Established Rubber Seismic Isolators LGM Sdn Bhd ("RSI") in Malaysia
with worldwide marketing and sales rights for rubber seismic isolation
technology products
* Plant Offshore Pte Ltd ("POPL"), a 51% owned subsidiary, established in
Perth, Australia
* PT Indoland Bangun Sejahtera ("IBS"), a subsidiary company, established
in Indonesia
* Successful listing on the AIM market of the London Stock Exchange on 9
July 2007 raising #2m
Mr Cho Nam Sang, Chairman of POGL, commented:
"The 2007 financial year has seen significant growth and development in the
group's business with revenues exceeding our initial expectations. We believe
this will be a springboard for future successes for the group.
"The Company is favorably positioned for sustainable growth. During 2008 we
shall focus on driving forward our operating efficiencies and will continue to
combine world class EPCM skills with the latest technology".
For further information:
Plant Offshore Group Limited
Mr. Hang Chin Juan, CEO Tel: +603 7805 5001
hang_cj@plantoffshore.com www.plantoffshore.com
Mr. Kenneth Chai, Head of Corporate
HB Corporate
Luke Cairns, Director, Corporate Finance Tel: +44(0)20 7510 8600
L.Cairns@HBcorporate.co.uk www.hbcorporate.co.uk
Threadneedle Communications
Josh Royston / Graham Herring Tel: +44(0)20 7936 9606
About Plant Offshore Group:
Plant Offshore is the holding company of an established and profitable group of
companies engaged in the business of providing integrated, multi-discipline EPCM
services to the oil and gas (onshore and offshore), petrochemical, biodiesel,
energy and other related industries ('Relevant Industries') predominantly
through its wholly-owned subsidiary, Plant & Offshore Technology Sdn Bhd
('Plant & Offshore Technology'). The Group operates primarily in the ASEAN
region but this focus is expanding, with the Group having won contracts in the
Middle East. The services of Plant & Offshore Technology are focused on EPCM
services. This is broken down and incorporates the following features:
* Engineering 'E' - specialist engineering design services;
* Procurement 'P' - the procurement of the relevant materials and equipment to
meet design specifications such as skid and process equipment; and
* Construction Management 'CM' - the management on a client's behalf of the
construction or fabrication of a project. The services can be provided,
together with more general Project Management, either in totality or partially
dependent on the client's requirements. In addition Plant & Offshore
Technology supplies industry specialists to the oil and gas and related
industries.
Plant Offshore listed on AIM, a market of the London Stock Exchange, in July
2007. For more information on the company, please visit www.plantoffshore.com
Chairman's Statement
2007 has been an exciting and prosperous year for us, with our successful
admission to the AIM Market of the London Stock Exchange on 9 July 2007. Prior
to listing, the group had secured a couple of relatively large projects but
since then, the group's improved profile and capital base has enabled us to
tender for a number of larger projects. We are very grateful to our management,
staff, and our advisers for their efforts and dedication to POGL.
Financial Results
We raised #2 million en route to our admission on the AIM Market, the proceeds
of which are being used for project financing the Group's current and future
EPCM contracts, working capital purposes and research and development
activities.
In the period under review, the Group's financial performance saw a significant
improvement over the previous year. Revenues were RM96.3 million, an increase of
233% compared to RM28.9 million for 2006. Operating profit increased by 184% to
RM16.6 million (2006: RM5.8 million). Profit before tax improved by 188% to
RM16.3 million (2006: RM5.7 million). Basic earnings per share rose by 171% to
RM0.088 (2006: RM0.033).
Outlook
Over the next 12 months, we shall continue to focus on the provision of EPCM
services to the oil and gas, renewable energy and related industries.
We strongly believe that investment in oil and gas will remain high. We intend
to further strengthen our business development activities, which will lead to
the creation of greater shareholder value. We are particularly excited about
opportunities to further expand our business in the ASEAN and Middle Eastern
regions to cater to the growing demand that we are experiencing for EPCM
services.
According to the International Energy Agency, demand for crude oil will rise by
an average of 2.2 million barrels a day this year compared with 1.5 million
barrels in 2007. Annual demand for crude oil will rise by approximately 2% until
2012, while other projections suggest demand could rise from about 90 million
barrels a day to as much as 140 million over a 25 year period.
Presently, global demand for oil is at its peak with supply struggling to keep
pace with the market demand. Oil prices will likely remain high for the
foreseeable future due to a rapid increase in demand from the large developing
economies such as India and China. High oil prices have a positive effect on
major oil and gas and related businesses particularly in the services realm.
This augurs well for us as we expect greater demand for our EPCM services.
POGL is one of the pioneers in the provision of EPCM services for biodiesel
plants, having secured 3 biodiesel plant projects prior to admission on the AIM
Market. With our considerable expertise and experience, we believe POGL is in an
excellent position to secure further contracts in the future.
We have a number of tenders out across these and other industries and, whilst
the tender process is time consuming and without certainty, we remain optimistic
that we will be in a position to announce further contract wins in due course.
Conclusion
Once again, I am pleased with the commendable performance of POGL for the
financial year ended 31 December 2007.
On behalf of the Board of Directors, I would like to record my appreciation to
the management and staff for their efforts and commitment over the year. None of
these achievements would have been possible without their hard work.
Mr. Cho Nam Sang
Chairman
28 April 2008
Operating Review
The group continues to pursue its strategy of entering into new geographical
markets, expanding through joint ventures and growing market share in existing
markets.
A summary of POGL's business operations is provided below:-
POT
Renewable Energy
POGL's capability in meeting client expectations and standards in the stringent
oil and gas industry was the primary reason for winning the first contract in
the biodiesel industry.
In July 2006, POT secured a contract worth RM3 million to provide detailed
engineering and design work for a new 100,000 MTPY Biodiesel Plant in the east
coast of Peninsula Malaysia.
The proprietary process portion of the plant was supplied by the client's
selected technology provider. POT was responsible for detailed design,
engineering and procurement services for the plant, which includes plant and
equipment layout for various equipment, tank and pressure vessel designs,
equipment selection (pumps, cooling tower, boiler, firewater system, fuel
system, etc), multidiscipline detailed engineering (process, mechanical, piping,
electrical, instrumentation and controls, civil and structural), loading and
unloading facility design, procurement services for all materials and facility
interfaces with the technology provider.
Having secured this contract, POT managed to secure two other biodiesel plant
projects, i.e. one in Indonesia worth RM100 million (secured on 12 February
2007) and one in East Malaysia worth RM44 million (secured on 4 July 2007).
These two major contracts are expected to be completed in 2009. As at 31
December 2007, the Indonesian and East Malaysian biodiesel plant projects were
approximately 45% and 41% complete.
Offshore Oil and Gas
In August 2006, we secured a contract worth RM5.5 million to provide technical
management and procurement works to Oilfab Sdn Bhd, which is one of the six
fabricators licensed by Petronas, the national oil company of Malaysia. We were
responsible for the detailed design, engineering and procurement services. We
are optimistic that with our experience and track record, POGL is able to secure
more offshore contracts from Oilfab.
In the period under review, POT had on 1 August 2007 secured another
sub-contract works project worth RM32 million from Oilfab, where POT's role was
to provide technical management, engineering and procurement works. This project
is expected to contribute revenue of approximately RM13 million in 2008.
POPL
Australia has advanced technologies in marginal oil and gas field recovery and
development, floating oil production facilities and bio-diesel technologies. It
also has vast opportunities for the acquisition and development of new oil and
gas and renewable energy technologies. Realising this, we established POPL in
Perth, Australia on 7 June 2007 to focus on the provision of technology-based
services in the oil and gas, renewable energy and related industries through
acquisition and development of these technologies, with specific focus in the
areas of Marginal Field Development, Floating Solutions, Renewable Energy and
Liquefaction Technologies. These areas are expected to have significant demands
in the Asian, Australian and the Middle East markets.
RSI
On 14 August 2007, we established RSI in Malaysia that holds worldwide marketing
and sale rights for products using the rubber seismic isolation technology from
the Malaysian Rubber Board ("MRB").
RSI is POGL's joint venture company with EK Polymers Sdn Bhd, a subsidiary
company of the MRB, which is a body established by the Government of Malaysia.
RSI is principally involved in marketing and sales of various rubber-based
products for purposes of minimizing impacts of earthquake waves in areas most
susceptible to earthquakes.
We expect demand for the rubber technology to come from earthquake prone
countries. Our immediate business development plan for this technology will be
Indonesia and the Middle East.
IBS
On 15 November 2007, we had established IBS in Indonesia, a joint venture
company between POT and TI, an Indonesian company. POT holds 87% and TI holds
13% in IBS. IBS is currently negotiating with an Indonesian company on a joint
property development project in Indonesia which, if successful will provide a
continuous stream of revenue over a period of five years.
Current Trading
Overall, 2007 has been a successful year and we managed to surpass our earlier
revenue estimates. We are progressing well with our ongoing contracts and remain
optimistic to secure further contracts in due course. We have expanded our
office and increased the number of staff, particularly engineers, in
anticipation of new contracts. Despite perhaps tougher market conditions
compared to this time last year we foresee another successful year for 2008
building on the success of 2007.
Hang Chin Juan
Chief Executive Officer
28 April 2008
Consolidated Income Statement for the financial year ended 31st December 2007
Year ended Year ended
31st December 31st December
2007 * 2006*
Audited Audited &
restated
RM000 RM000
Revenue 96,270 28,871
Cost of sales (75,816) (19,987)
------------ ------------
Gross profit 20,454 8,884
Other Operating income 291 141
------------ ------------
Total income 20,745 9,025
Administrative expenses (3,606) (2,740)
Other Operating expenses (570) (457)
------------ ------------
Profit from operations 16,569 5,828
Finance costs (292) (167)
------------ ------------
Profit before taxation 16,277 5,661
Taxation (2,120) (776)
------------ ------------
Profit after taxation 14,157 4,885
------------ ------------
Attributable to:
Equity holders of the Company 14,174 4,885
Minority interests (17) #
------------ ------------
Profit for the period 14,157 4,885
------------ ------------
Earnings per share - from continuing
operations and acquisitions
Basic RM0.088 RM0.033
------------ ------------
Fully diluted RM0.088 RM0.033
------------ ------------
Notes:
# Denotes amounts that are less than RM1,000
* Comparative of POC Group
Consolidated Balance Sheet as at 31 December 2007
Year ended Year ended
31st December 31st December
2007 * 2006*
Audited Audited &
restated**
RM000 RM000
Assets
Non-current assets
Property, plant and equipment 4,598 3,403
Goodwill 933 766
Development cost 4,592 2,692
------------ -------------
Total non-current assets 10,123 6,861
------------ -------------
Current assets
Trade receivables 54,330 9,012
Other receivables 3,569 111
Amount owing by contract customers 10,002 1,008
Property Development Cost 127 -
Cash and bank balances 1,297 271
------------ -------------
Total current assets 69,325 10,402
------------ -------------
Total assets 79,448 17,263
------------ -------------
Current liabilities
Trade payables (30,989) (1,991)
Other payables (767) (576)
Amount owing to contract customers (5,853) (319)
Amount owing to directors (5) (558)
Borrowings - secured (4,366) (1,992)
Tax payable (1,561) (756)
------------ -------------
Total current liabilities (43,541) (6,192)
------------ -------------
Net current assets 25,784 4,210
------------ -------------
Non-current liabilities
Borrowings - secured (1,506) (911)
Amount owing to directors (548) -
Deferred tax liability (101) (109)
------------ -------------
Total non-current liabilities (2,155) (1,020)
------------ -------------
Total liabilities (45,696) (7,212)
------------ -------------
Net assets 33,752 10,051
------------ -------------
Equity
Issued share capital 113 2,000
Foreign currency translation reserve (32) -
Reverse Acquisition Reserve (8,166) -
Share premium 19,347 -
Retained profit 22,224 8,051
------------ -------------
Total equity attributable to equity
holders of the Company 33,486 10,051
Minority interests 266 ***
------------ -------------
Total equity 33,752 10,051
------------ -------------
Notes:
* Comparative of POC Group
** The change in policy, in order to comply with the requirement of IFRS 3 -
Business Combinations, has resulted in the derecognisation of the negative
goodwill with a corresponding increase in opening balance for Year 2006 of
unappropriated profit of RM310,885
*** Denotes amounts that are less than RM1,000
Consolidated Statement of Cash Flows for the year ended 31st December 2007
Year ended Year ended
31st December 31st December
2007 * 2006*
Audited Audited &
restated
RM000 RM000
Profit before taxation 16,278 5,661
Adjustments for:
Profit on disposal of property,
plant and equipment (17) (33)
Depreciation 405 366
MI share of current year profit 16 -
Interest expense 292 167
PPE written off 5 -
Amortization of development cost 141 142
Unrealised (gain)/loss on foreign exchange loss (12) 19
Changes in working capital :
Increase in receivables (48,775) (2,317)
Increase in Property Development Cost (63) -
Increase/(Decrease) in payables 29,190 (3,345)
(Increase)/Decrease in amount owing by contract
customers (8,993) 1,737
Increase/(Decrease) in amount due to Director (5) -
Increase/(Decrease) in amount owing to contract
customers 5,533 (607)
------------- ------------
Cash generated from operations (6,005) 1,790
Interest paid (292) (167)
Income tax paid (1,324) (320)
------------- ------------
Net cash generated from Operations (7,621) 1,303
------------- ------------
Cash flows from investing activities
Purchase of property, plant and equipment (599) (470)
Acquisition of subsidiary company 40 -
Proceeds from disposal of property,
plant andequipment 215 33
Addition to development cost (1,979) (1,678)
------------- ------------
Net cash used in investing activities (2,323) (2,115)
------------- ------------
Cash flows from financing activities
(Decrease)/Increase in amount
owing to directors - 543
------------- ------------
(Repayment)/Drawdown of short term borrowings 2,007 522
------------- ------------
Repayment of term loan (360) (156)
------------- ------------
Proceed from issuance of ordinary shares 9,258 -
------------- ------------
Repayment of hire purchase payables (125) (113)
------------- ------------
Net cash (used)/from financing activities 10,780 796
------------- ------------
Net decrease in cash and cash equivalents 836 (16)
Effect of foreign exchange rate changes 9 -
------------- ------------
Cash and cash equivalents at beginning
of period/year 271 287
------------- ------------
Cash and cash equivalents at end
of period/year 1,116 271
------------- ------------
Note:
* Comparative of POC Group
Notes to the Report for the financial year ended 31st December 2007
1. Significant Accounting Policies
(a) Basis of preparation and accounting policies - The financial information
contained in the results has been prepared in accordance with International
Financial Reporting Standards ("IFRS") as adopted by the European Union. Full
details of the accounting policies adopted which are consistent with those
disclosed in the Company's AIM Admission Document are included in the financial
statements for the year ending 31st December 2007.
(b) Pursuant to the application of the reverse acquisition principle in
accordance to IFRS3, the group's financial performance report for the period was
prepared in the name of POGL, but it represents a continuation of the results of
POC, which is deemed as the acquirer, and hence the comparative information
presented shall be that of POC.
(c) Revenue recognised for contract is in accordance to IAS 11 - Construction
Contracts. Where the outcome of a contract work can be reliably estimated,
contract revenue and contract costs are recognised as revenue and expenses
respectively by using the stage of completion method. The stage of completion is
measured by reference to the proportion of contract costs incurred for work
performed to date to the estimated total contract costs. Where the outcome of a
contract work cannot be reliably estimated, contract revenue is recognised to
the extent of contract costs incurred that it is probable will be recoverable.
Contract costs are recognised as expenses in the period in which they are
incurred. When it is probable that total contract costs will exceed total
contract revenue, the expected loss is recognised as an expense immediately.
The consolidated financial information is presented in RM (Ringgit Malaysia)
because the group is expected to transact more of its business in RM (functional
currency) than any other currency.
The highlighted financial information has been translated using the following
exchange rate: RM6.8650 : #1 (average month-end exchange rate from January to
December 2007).
2. Nature of Financial Information
The financial information contained in the results for the year ended 31st
December 2007 is audited. The comparative figures for the year ended 31st
December 2006 have been abridged from POC's audited financial statements (as
restated due to the adoption of IFRS 3 as discuss in the earlier section).
3. Taxation
The charge for income tax expense included in the results is based on the
audited results for the year ended 31st December 2007 and is calculated at the
expected rate applicable to the group for the full year ending 31st December
2007.
4. Earnings Per Share
Earnings per share is calculated by dividing the profit attributable to equity
shareholders for year ended 31 December 2007 by the weighted average number of
shares in issue in the period.
The profit attributable to equity shareholders in the year ended 31 December
2007 was RM14,157,000 (year ended 31 December 2006 : RM4,885,000). The weighted
average number of shares in POGL in issue in the year ended 31 December 2007 was
160,057,471, the weighted average number of shares in the year ended 31 December
2006 was 149,999,998 (per IFRS3, Appendix B, Paragraph B12-B15).
5. Contingent and Other Liabilities
The Directors are of the opinion that provisions are not required in respect of
these matters as either it is not probable that future sacrifice of economic
benefits will be required or the amount is not capable of reliable measurement.
2007 2006
Unsecured: RM RM
Corporate guarantees given to licensed banks for credit
facilities granted to a subsidiary company 7,375,000 -
Corporate guarantees given to a licensed banks in
respect of property, plant and equipment acquired
under hire purchase arrangement by a
subsidiary company 1,051,000 -
============ ===========
6. Dividends
The Directors do not recommend the payment of any dividend in respect of the
year ended 31 December 2007.
7. Changes in Equity
Attributable to the equity holders of the Company
---------------------------------------
Non-Distributable Distributable
Share Share Foreign Reverse Retained Total Minority Total
Capital Premium currency Acq Earnings Interest Equity
translation
reserve Reserve
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
At 1 January 2007 2,000 - - - 8,050 10,050 1 10,051
Profit for the
financial year - - (32) - 14,173 14,141 17 14,158
Reverse Acquisition (1,898) 10,064 - (8,166) - - - -
Issue of shares in POGL 11 9,283 - - - 9,294 - 9,294
Issue of new shares
in POT - - - - - - - -
Issue of new shares
in Ikhtiar - - - - - - - -
88Minority interest - - - - - - 249 249
------ -------- ------- ------ -------- ------ ------ ------
At 31 December 2007 113* 19,347 (32) (8,166) 22,223 33,485 267 33,752
------ -------- ------- ------ -------- ------ ------ ------
Notes:
* The share capital of POGL has been translated using the following exchange
rate: RM6.6794 : #1 (closing rate as at 31 December 2007)
Attributable to the equity holders of the Company
---------------------------------------
Non-Distributable Distributable
Share Share Foreign Reverse Retained Total Minority Total
Capital Premium currency Acq Earnings Interest Equity
translation
reserve Reserve
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
At 1 January 2006 2,000 - - - 3,164 5,164 1 5,165
Profit for the
financial year - - - - 4,886 4,886 # 4,886
Reverse Acquisition - - - - - - - -
Issue of shares in POGL - - - - - - - -
Issue of new
shares in POT - - - - - - - -
Issue of new
shares in Ikhtiar - - - - - - - -
Minority interest - - - - - - - -
------ ------ ------- ------ -------- ------ ------ ------
At 31 December 2006 2,000 - - - 8,050 10,050 1 10,051
------ ------ ------- ------ -------- ------ ------ ------
Note:
# Denotes amounts that are less that RM1,000
* Comparative of POC Group
Acquisition of POC
Pursuant to a Sale and Purchase Agreement dated 16 March 2007 the entire issued
and paid-up share capital of POC was transferred to POGL by its owners. The
consideration to the owners was the transfer of 2 existing ordinary share and
the allotment and issuance by POGL to the owners of 1,499,998 ordinary shares of
1p each. The acquisition was completed on 8th June 2007.
Acquisition of POPL
During the financial period, the Group had approved the subscription of 25,500
ordinary shares of RM1 each in POPL, a company incorporated in Western
Australia, for a cash consideration of AUD25,500. As at 31 December 2007, the
Group has invested RM76,500 in POPL. This represents 51% equity interest in POPL
as at 31 December 2007. The acquisition was completed on 28th September 2007.
Acquisition of IBS
During the financial year, POT had approved the subscription of 4,350,000
ordinary shares of US$1 each in IBS, a company incorporated in Indonesia, for a
cash consideration of US$4,350,000. As at 31 December 2007, POT has invested
RM435,000 in IBS. This represents 87% equity interest in IBS as at 31 December
2007. The acquisition was completed on 16th November 2007.
Acquisition of RSI
During the financial period, the Company acquired 350,000 ordinary shares of RM1
each representing 70% equity interest in RSI, a company incorporated in
Malaysia, for a total cash consideration of RM500,000. The acquisition was
completed on 27th November 2007.
Subdivision of Shares
On 22 June 2007, pursuant to a special resolution of the shareholders of POGL,
POGL subdivided the existing ordinary shares of 1p each into 0.01p each. Upon
the completion of the subdivision of shares, the issued and paid-up share
capital of POGL changed from 1,500,000 ordinary shares of 1p each to 150,000,000
ordinary shares of shares of 0.01p each.
Placement of Shares
On 9 July 2007, pursuant to admission of POGL on the Alternative Investment
Market of the London Stock Exchange, placement of 16,666,667 shares of 0.01p
each at a placement price of 12p each were made.
8. Changes in the Composition of the Group
Acquisition of POC
The acquisition of POC by POGL, which was effected through share exchange (as
explained in note 7), was completed on 8th June 2007 and resulted in POC
becoming a wholly owned subsidiary of POGL.
Acquisition of POPL
The acquisition of POPL by POGL for a cash consideration of AUD25,500 (as
explained in note 7), was completed on 28th September 2007 and resulted in POPL
becoming a 51% subsidiary of POGL.
Acquisition of IBS
The acquisition of IBS by POT for a cash consideration of RM435,000 (as
explained in note 7), was completed on 16th November 2007 and resulted in IBS
becoming a 87% subsidiary of POT.
Acquisition of RSI
The acquisition of RSI by POGL for a cash consideration of RM500,000 (as
explained in note 7), was completed on 27th November 2007 and resulted in RSI
becoming a 70% subsidiary of POGL.
9. Segmental Analysis
The Group is managed as two separate divisions, EPCM and property development.
Property Property
EPCM EPCM development development Total Total
2007 2006 2007 2006 2007 2006
RM RM RM RM RM RM
Revenue 96,270,135 28,871,393 - - 96,270,135 28,871,393
-----------------------------------------------------------------------------------------
Operating profit before
amortisation of
acquisition related
intangibles and share
based payment
charges 15,406,742 2,676,728 - - 15,406,742 5,828,898
Amortisation of
acquisition related
intangibles (141,399) (141,399) - - (141,399) (141,399)
Share based
payment charges - - - - - -
Other operating
income 1,304,486 140,751 - - 1,304,486 140,751
----------------------------------------------------------------------------------------
Operating profit 16,569,829 5,828,250
Net finance expense (292,068) (166,794)
------- --------
Profit before taxation 16,277,761 5,661,456
========== =========
Property, plant
and equipment 4,529,604 3,403,498 67,989 - 4,597,593 3,403,498
Intangible assets 5,525,604 3,146,971 - - 5,525,604 3,146,971
Trade and other receivables 57,629,058 9,123,024 269,730 - 57,898,788 9,123,024
----------------------------------------------------------- --------------------------
67,684,266 15,673,493 337,719 - 68,021,985 15,673,493
----------------------------------------------------------- --------------------------
Rest of Rest of
Malaysia Malaysia world world Total Total
2007 2006 2007 2006 2007 2006
RM RM RM RM RM RM
Turnover 91,582,510 24,735,085 4,687,625 4,136,308 96,270,135 28,871,393
Operating profit/ (loss) 15,842,537 4,327,463 727,292 1,500,787 16,569,829 5,828,250
Net assets/(Net liabilities) 33,839,609 10,051,148 (87,746) - 33,751,863 10,051,148
10. Material Events Subsequent to the End of the Year
There are no material events subsequent to the end of the year.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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