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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Petards Group Plc | LSE:PEG | London | Ordinary Share | GB00B4YL8F73 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.50 | 8.00 | 9.00 | 8.50 | 8.50 | 8.50 | 83 | 07:44:52 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Security Systems Service | 9.42M | -1.05M | -0.0173 | -4.91 | 5.16M |
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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