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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:6999O
Petaling Tin Berhad
14 December 2001
PETALING TIN BERHAD
CONSOLIDATED BALANCE SHEET
(UNAUDITED) (AUDITED)
AS AT AS AT
CURRENT PRECEDING
QUARTER FINANCIAL
ENDED YEAR ENDED
31 Oct 2001 31 Oct 2000
RM'000 RM'000
1 Fixed Assets 14,260 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 127,698 119,826
Stocks 15,658 18,225
Trade debtors 38,669 30,096
Short term investments 373 373
Other debtors, deposits and prepayments 1,111 3,386
Fixed deposits with financial institutions 484 33,724
Cash and bank balances 2,335 4,858
186,328 210,488
6 Current Liabilities
Trade creditors 8,112 5,882
Other creditors and accrued liabilities 17,824 46,316
Hire purchase creditors 64 71
Term loan 1,032 3,662
Taxation 10,614 8,170
37,646 64,101
7 Net Current Assets 148,682 146,387
412,145 412,141
8 Shareholders' Funds
Share Capital 247,223 100,844
Reserves
Share Premium 28,133 4,712
Capital Reserve 2,584 2,584
Retained Loss (20,820) (21,438)
257,120 86,702
9 Deferred Taxation 40,256 40,884
10 Long Term Borrowings 69 55
11 Irredeemable Convertible Unsecured
Loan Stocks 2000/2010 ("ICULS") 114,700 284,500
412,145 412,141
12 Net Tangible Assets Per Share (RM) 1.04 0.86
PETALING TIN BERHAD
Quarterly Report on Consolidated Results For the Fourth Quarter Ended 31st
October 2001
(The figures have not been audited)
CONSOLIDATED INCOME STATEMENT
INDIVIDUAL QUARTER CUMULATIVE QUARTER
CURRENT PRECEDING CURRENT PRECEDING
YEAR YEAR YEAR TO CORRES-
QUARTER CORRES- DATE PONDING
PONDING YEAR TO
31-10-01 QUARTER 31-10-01 DATE
RM'000 31-10-00 RM'000 31-10-00
RM'000 RM'000
1 (a) Revenue 1,888 8,592 23,827 40,441
(b) Investment income 5 11 20 11
(c) Other income 119 525 1,193 1,316
2 (a) Profit/(loss) before finance (3,939) 4,884 4,433 9,492
cost, depreciation and
amortisation, exceptional items,
income tax, minority interests
and extraordinary items
(b) Finance cost (5) 124 (49) (343)
(c) Depreciation and amortisation (466) (452) (1,878) (1,839)
(d) Exceptional items - - - -
(e) Profit/(loss) before income
tax, minority interests and
extraordinary items (4,410) 4,556 2,506 7,310
(f) Share of profits and losses
of associated companies - - - -
(g) Profit/(loss) before income (4,410) 4,556 2,506 7,310
tax, minority interests and
extraordinary items after
share of profits and losses
of associated companies
(h) Income tax (122) (171) (1,917) (2,979)
(i) i) Profit/(loss) after income (4,532) 4,385 589 4,331
tax before deducting
minority interests
ii) Minority interests - - - -
(j) Pre-acquisition profit/(loss) - - - -
(k) Net profit/(loss) from (4,532) 4,385 589 4,331
ordinary 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 (4,532) 4,385 589 4,331
to members of the Company
INDIVIDUAL QUARTER CUMULATIVE QUARTER
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER YEAR TO DATE
31.10.01 31.10.00 31.10.01 31.10.00
RM'000 RM'000 RM'000 RM'000
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) (2.03) 4.36 0.36 5.31
(ii)Fully diluted(based
on ordinary shares-
sen) - 1.37 0.17 1.88
Remark:
Earning per share:
(i) Basic
(a) current year quarter - based on 222,956,129 weighted ordinary shares
(b) preceding year quarter(restated)-based on 100,843,060 weighted ordinary
shares.
(c) current year-to-date - based on 162,029,405 weighted ordinary shares
(d) preceding corresponding year (restated) - based on 81,681,224 weighted
ordinary shares.
(ii)Fully diluted
(a) current year quarter - not applicable as the Irredeemable Convertible
Loan Stocks (2000/2010) are anti-dilutive.
(b) current year-to-date - based on 346,102,681 weighted ordinary shares.
(c) preceding year quarter - based on adjusted profit of RM4,677,893 and
341,448,432 weighted ordinary shares.
(d) preceding year-to-date - based on adjusted profit of 5,111,296 and
271,802,901 weighted ordinary shares.
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 exceptional items for the financial quarter under review.
4. Taxation
Individual Quarter Cumulative Quarter
Current Year Current Preceding
Quarter Year Year
to Date to Date
31.10.2001 31.10.2001 31.10.2000
RM'000 RM'000 RM'000
Taxation comprises of the followings:
Malaysian taxation based on profit
for the period:
Current 357 3,381 5,430
Deferred (205) (628) (2,449)
152 2,753 2,981
Over provision in prior period: (30) (836) (2)
122 1,917 2,979
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 October 2001 are as
follows:
RM'000
At cost 1,152
Provision for diminution in value (779)
At book value 373
Market value 390
PETALING TIN BERHAD
QUARTERLY REPORT ENDED 31/10/2001
7. Changes In the Composition of the Group
On 30 October 2001, Petaling Tin Berbad acquired 2 ordinary shares of RM1.00
each representing 100% equity interest in the capital of Intensive
Strategies Sdn Bhd (a dormant company incorporated in Malaysia) for a cash
consideration of RM2.00. On 26 November 2001, Intensive Strategies Sdn Bhd
changed its name to Petaling Ventures Sdn Bhd. The acquisition has no effect
on the Group's result for the financial year ended 31 October 2001.
Other than the above, there were no other 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 for 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 RM1,307,200,000. 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. Therefore the expenditure incurred in respect of the
Proposed Acquisition was charged out to the Profit and Loss accounts
during the current quarter ended 31 October 2001 in compliance with
approved accounting standards in Malaysia.
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.
On 4 September 2001, RM84,450,000 nominal value of ICULS (2000/2010) was
converted into 72,801,724 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 October 2001 are as follows:
Secured RM'O00
Long Term Borrowings
Total outstanding balances 1,165
Repayment due within the next 12 months (1,096)
Total 69
Short Term Borrowings
Current portion of term loan and hire purchase 1,096
The above borrowings are denominated in Ringgit Malaysia.
11. Contingent Liabilities (secured)
The Group does not have any contingent liability as at the date of this
report.
12. 0ff 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
RM92,394.90 being interest of the progressive purchase price paid. The
case has been fixed for further hearing in Court on 18 June 2002.
(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 of 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
RM'000 RM'000 RM'000
Analysis by
activity
Investment
holding 0 (5,430) 1,314
Manufacturing 0 (2,691) 13,888
Property
Development 23,827 10,627 434,589
23,827 2,506 449,791
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 this quarter ended 31 October 2001, the Group has recorded a pre-tax
loss of RM4.410 million as compared to a pre-tax profit of RM3.978 million
for the previous quarter ended 31 July 2001. The Group's pre-tax loss of
RM4.410 million is mainly due to charges to Profit & Loss accounts in
respect of the Proposed Acquisition's deferred expenditure as disclosed in
note 8(b) and the provision of impairment loss of a subsidiary's fixed
assets totalling RM3.098 million.
During the current quarter ended 31 October 2001, a pre-tax loss of
RM105,000 was incurred by the property development operations due to the
end of development of detached factory lots in Magilds Industrial Park Sdn
Bhd during the previous quarter ended 31 July 2001.
16. Review of Performance of the Company and its Principal Subsidiaries
For this quarter ended 31 October 2001, the Group has recorded a pre-tax
loss of RM4.410 million as compared to pre-tax profit of RM4.556 million for
the corresponding quarter ended 31 October 2000. The significant decrease is
mainly due to fall in profits generated from property development operations
and the exceptional charges to Profit & Loss account in respect of the
Proposed Acquisition's expenditure as disclosed in Note 8(b) above and
provision of impairment loss of a subsidiary's fixed assets.
The Group has achieved a pre-tax profit of RM2.506 million for this
financial year to date as compared to pre-tax profit of RM7.310 million for
the corresponding financial year to date. The significant decrease is
mainly due to the Proposed Acquisition's expenditure written off and
provision of impairment loss of a subsidiary's fixed assets.
17. Material Events Subsequent to the Financial Year to Date
There were no material events subsequent to the forth quarter ended 31
October 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's performance for the next financial year to be satisfactory.
20. Shortfall in the Profit Guarantee
There is an estimated shortfall of RM5.844 million (39%) in actual profits
achieved compared to the profit guaranteed by the vendors of Golden Domain
Holdings Sdn Bhd, for the year ended 31 October 2001.
The profit guarantee is secured in the form of securities deposited by the
vendors with a stakeholder, pursuant to the Profit Guarantee Agreement dated
15 September 1999. Any shortfall in the aggregate actual profits as compared
to the aggregate minimum profit guarantee for the three(3) financial year 31
October 2002 shall be recovered via realisation of the said securities.
Therefore the profit guarantee shortfall of RM5.844M million shall be
carried forward to the next financial year ended 31 October 2002.
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: 14 December 2001
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