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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% | 7.50 | 7.00 | 8.00 | 7.50 | 7.50 | 7.50 | 25 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Security Systems Service | 9.42M | -1.05M | -0.0173 | -4.34 | 4.55M |
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RNS Number:8207B
Petaling Tin Berhad
30 September 2002
PETALING TIN BERHAD
Quarterly Report on Consolidated Results For the Third Quarter Ended 31st July
2002
(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
31-07-02 31-07-01 31-07-02 31-07-01
RM'000 RM'000 RM'000 RM'000
1 (a) Revenue 28,934 11,320 42,649 21,939
(b) Investment income 8 7 18 15
(c) Other income 1,197 503 1,276 1,074
2 (a) Profit/(loss) before finance
cost, depreciation and 12,100 4,476 15,361 8,372
amortisation, exceptional
items, income tax, minority
interests and extraordinary
items
(b) Finance cost (3) (28) (11) (44)
(c) Depreciation and amortisation (465) (470) (1,397) (1,412)
(d) Exceptional items - - - -
(e) Profit/(loss) before income
tax, minority interests and 11,632 3,978 13,953 6,916
extraordinary items
(f) Share of profits and losses of
associated companies - - - -
(g) Profit/(loss) before income
tax, minority interests and 11,632 3,978 13,953 6,916
extraordinary items and after
share of profits and losses of
associated companies
(h) Income tax (3,164) (1,112) (4,587) (1,795)
(i) i) Profit/(loss) after income 8,468 2,866 9,366 5,121
tax before deducting
minority interests
ii) Minority interests - - - -
(j) Pre-acquisition profit/(loss) - - - -
(k) Net profit/(loss) from ordinary 8,468 2,866 9,366 5,121
activities attributable to
members of the Company
(l) i) Extraordinary items - - - -
ii) Minority interests - - - -
iii) Extraordinary items - - - -
attributable to members of
the Company
(m) Net profit/(loss) attributable 8,468 2,866 9,366 5,121
to members of the Company
PETALING TIN BERHAD
Quarterly Report on Consolidated Results For the Third Quarter Ended 31st July
2002
INDIVIDUAL QUARTER CUMULATIVE QUARTER
CURRENT PRECEDING CURRENT PRECEDING
YEAR YEAR YEAR TO CORRESPONDING
QUARTER CORRESPONDING DATE YEAR TO
QUARTER DATE
31-07-02 31-07-01 31-07-02 31-07-01
RM'000 RM'000 RM'000 RM'000
3 (a) Earning per share based on 2(m)
above after deducting any
provision for preference
dividends, if any
i) Basic (based on ordinary 3.43 1.64 3.79 3.61
shares - sen)
ii) Fully diluted (based on 2.45 0.83 2.71 1.48
ordinary shares - sen)
Remark:
Earning per share:
(i) Basic
(a) Current year quarter and current year-to-date - based on
247,223,370 weighted ordinary shares.
(b) Preceding year quarter - based on 174,421,646 weighted ordinary
shares.
(c) Preceding year-to-date - based on 141,720,497 weighted ordinary
shares.
(ii) Fully diluted
- Based on 346,102,681 weighted ordinary shares.
Registered Office :
Level 19, Menara PanGlobal
No. 8 Lorong P. Ramlee
50250 Kuala Lumpur.
Tel : 03-2026 4491
Fax : 03-2031 2263
PETALING TIN BERHAD
CONSOLIDATED BALANCE SHEET
(UNAUDITED) (AUDITED)
AS AT AS AT
CURRENT PRECEDING FINANCIAL
QUARTER YEAR ENDED
ENDED
31 Jul 2002 31 Oct 2001
RM'000 RM'000
1 Fixed Assets 12,796 14,260
2 Investment in Associated Companies - -
3 Long Term Investments 241,718 249,203
4 Intangible Assets - -
5 Current Assets
Development properties and expenditure 134,006 127,698
Stocks 14,232 15,658
Trade debtors 53,938 38,669
Short term investments 373 373
Other debtors, deposits and prepayments 2,836 1,111
Fixed deposits with financial institutions 516 484
Cash and bank balances 1,984 2,335
207,885 186,328
6 Current Liabilities
Trade creditors 14,652 8,112
Other creditors and accrued liabilities 11,217 17,854
Hire purchase creditors 25 64
Term loan - 1,032
Taxation 18,041 10,614
43,935 37,676
7 Net Current Assets 163,950 148,652
418,464 412,115
8 Shareholders' Funds
Share Capital 247,223 247,223
Reserves
Share Premium 28,133 28,133
Capital Reserve 2,584 2,584
Retained Loss (11,484) (20,850)
266,456 257,090
9 Deferred Taxation 37,250 40,256
10 Long Term Borrowings 58 69
11 Irredeemable Convertible Unsecured Loan Stocks 2000/2010 114,700 114,700
("ICULS")
418,464 412,115
12 Net Tangible Assets Per Share (RM) 1.08 1.04
PETALING TIN BERHAD
QUARTERLY REPORT ENDED 31/07/2002
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 current quarter and financial year to
date.
3. Extraordinary items
There were no extraordinary items for the current quarter and financial year to
date.
4. Taxation
Individual Quarter Cumulative Quarter
Current Current Preceding
Year Year Year
Quarter To Date To Date
31.07.2002 31.07.2002 31.07.2001
RM'000 RM'000 RM'000
Taxation comprises of the followings:
Malaysian taxation based on profit for
the period:
Current 5,570 7,593 3,024
Deferred (2,406) (3,006) (423)
3,164 4,587 2,601
Over provision in prior period - - (806)
3,164 4,587 1,795
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 quarter and 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 2002
are as follows:
RM'000
Quoted shares, at cost 1,152
Provision for diminution in value (779)
At book value 373
Market value 479
PETALING TIN BERHAD
QUARTERLY REPORT ENDED 31/07/2002
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
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. Issuance and Repayment of Debt and Equity Securities for the Current
Financial Year to Date
There were no 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 current financial year to date.
10. Group Borrowings and Debt Securities
Total Group borrowings as at 31 July 2002 are as follows:
Secured RM'000
Long Term Borrowings
Total outstanding balances 83
Repayment due within the next 12 months (25)
Total 58
Short Term Borrowings
Current portion of term loan and hire purchase 25
The above borrowings are denominated in Ringgit Malaysia.
11. Contingent Liabilities
The Group does not have any contingent liability as at date of this report.
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.
PETALING TIN BERHAD
QUARTERLY REPORT ENDED 31/07/2002
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 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
1 and 2 October 2002.
(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 9 October 2002.
The Directors, on the basis of the legal advice, are of the opinion that the
claims will not have a material adverse impact on the financial position of the
Group. As at 31 July 2002, no provisions were made in the accounts of MPSB for
the above claims.
14. Segmental Reporting for the Current Financial Year to Date
Profit/(loss) before
taxation, minority interest
and extraordinary items Assets Employed
Turnover
Analysis by activity RM'000 RM'000 RM'000
Investment holding 0 (420) 2,069
Manufacturing 0 (1,377) 12,593
Property Development 42,649 15,750 447,737
42,649 13,953 462,399
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
For the current quarter ended 31 July 2002, the Group has recorded a pre-tax
profit of RM11.632 million as compared to a pre-tax profit of RM1.070 million
for the previous quarter ended 30 April 2002. The current quarter pre-tax
profit of RM11.632 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 31/07/2002
16. Review of Performance of the Company and its Principal Subsidiaries
For the current quarter ended 31 July 2002, the Group has recorded a pre-tax
profit of RM11.632 million as compared to pre-tax profit of RM3.978 million for
the preceding year's corresponding quarter ended 31 July 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.
17. Material Events Subsequent to 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.
Other than the above, there were no other material events subsequent to the
third quarter ended 31 July 2002 till the date of this report.
18. Seasonal or Cyclical Factors
The Group's current quarter performance was not affected nor influenced by
seasonal or cyclical factors.
19. Prospects for the Remaining Period of the Financial Year
Financial year 2002 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 remaining period of the financial year.
20. Shortfall in the Profit Guarantee
Not applicable for the current quarter.
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
Kuala Lumpur
Date : 30 September 2002
This information is provided by RNS
The company news service from the London Stock Exchange
END
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