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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:1643D
Petaling Tin Berhad
30 December 1999
QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FINANCIAL QUARTER ENDED
31 OCTOBER 1999
Form Version 1.0
Financial Result Announcement
Reference No PT-991230-55958
Submitting Merchant Bank : N/A
(if applicable)
Submitting Secretarial Firm Name : N/A
(if applicable)
* Company name : PETALING TIN BERHAD
* Stock name : PTG TIN
* Stock code : 2208
* Contact person : Mr Lai Gin Nyap
* Designation : Chief Financial Officer
* Financial Year End : 10/31/99 (16)
* Quarter : - 1 Qtr - 2 Qtr - 3 Qtr = 4 Qtr - Other
Quarterly report on consolidated results for the financial period ended
* 10/31/99 (16)
* The figures - have been audited = have not been audited.
CONSOLIDATED INCOME STATEMENT
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING CURRENT PRECEDING
QUARTER YEAR YEAR YEAR
CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
10/31/99(16) 10/31/98(16) 10/31/99(16) 10/31/98(16)
(dd/mm/yyyy) (dd/mm/yyyy) (dd/mm/yyyy) (dd/mm/yyyy)
RM'000 RM'000 RM'000 RM'000
1 Turnover 220 0 383 997
(a)
(b) Investment income 0 0 -94 32
(c) Other income including 8 0 558 445
interest income
2 Operating profit/(loss) -208 0 -1,000 -3,291
before interest on
borrowings,
depreciation and
amortisation,
exceptional items,
income tax,
minority interests
and extraordinary
items
(b) Less interest on 240 0 969 1,203
borrowings
(c) Less depreciation and 365 0 1,798 1,673
amortisation
(d) Exceptional items 0 0 0 -9,660
(e) Operating profit/(loss) -813 0 -3,767 -15,827
after interest on
borrowings,
depreciation and
amortisation and
exceptional items but
before income tax,
minority interests and
extraordinary items
(f) Share in the results of 0 0 0 0
associated companies
(g) Profit/(loss) before -813 0 -3,767 -15,827
taxation, minority
interests and
extraordinary items
(h) Taxation -19 0 -19 -43
(i) Profit/(loss) after -832 0 -3,786 -15,870
taxation
(i) before deducting
minority interests
(ii)Less minority interests 0 0 0 0
(i) Profit/(loss) after -832 0 -3,786 -15,870
taxation attributable
to members of the
company
(k) Extraordinary items 0 0 0 0
(i)
(ii)Less minority interests 0 0 0 0
(iii)Extraordinary items 0 0 0 0
attributable to members
of the company
(l) Profit/(loss) after -832 0 -3,786 -15,870
taxation and
extraordinary items
attributable to
members of the company
3 Earnings per share
based on
(a) 2(j) above after
deducting any provision
for preference
dividends, if any:
(i) Basic (based on -4.00 0.00 -19.00 -79.00
shares - sen)
(ii) Fully diluted -4.00 0.00 -19.00 -79.00
(based on
ordinary shares
- sen)
4 Net tangible assets 40.0000 0.0000
per share (RM)
5(a) Dividend 0.00 0.00
per share (sen)
(b) Dividend Description 0
PETALING TIN BERHAD
CONSOLIDATED BALANCE SHEET
(UNAUDITED) (AUDITED)
AS AT
AS AT END OF PRECEDING
CURRENT FINANCIAL YEAR
QUARTER END
31/10/1999 31/10/1998
RM'000 RM'000
1 Fixed Assets 18,542 20,438
2 Investment in Associated Companies - -
3 Long Term Investments 183,000 -
4 Intangible Assets - -
5 Current Assets
Development properties and expenditure 80,781 -
Stocks 12 171
Trade debtors 6,127 257
Short term investments 508 890
Other debtors, deposits and prepayment 2,909 267
Fixed deposits with financial institutions 489 3,174
Cash and bank balances 976 121
91,802 4,880
6 Current Liabilities
Trade creditors 2,970 230
Other creditors and accrued liabilities 228,729 2,514
Hire purchase creditors 193 137
Bank overdraft 1,057 3,390
Term loan 9,708 1,939
Taxation 753 70
243,410 8,280
7 Net Current Liabilities (151,608) (3,400)
Expenditure Carried Forward 38 12
49,972 17,050
8 Shareholders' funds
Share Capital
Reserves 20,168 20,168
Share Premium 11,171 11,171
Capital Reserve 2,584 2,584
Retained Loss (25,781) (22,013)
8,142 11,910
9 Deferred Taxation 38,412 -
10 Long Term Loan 3,271 4,831
11 Hire Purchase Creditors 147 309
49,972 17,050
12 Net Tangible Assets Per Share (sen) 40 59
PETALING TIN BERHAD
QUARTERLY REPORT ENDED 31/10/1999
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 period under review.
3. Extraordinary items
There were no extraordinary items for the financial period under review.
4. Taxation
Taxation comprises of the
followings:
Individual Quarter Cumulative Quarter
Current Year Quarter Current Year To Date
31.10.1999 31.10.1999
RM'000 RM'000
Current taxation 15 15
Deferred taxation 4 4
19 19
5. Pre-acquisition Profit
The pre-acquisition profit totalling RM1,959,196 is in respect of
the acquisition of Golden Domain Holdings Sdn Bhd as disclosed in Note 8.
6. Profit on sales of Investments and/or Properties
There were no profits on sales of investments and/properties for
the financial period under review except for the sales of quoted shares
disclosed in Note 7.
7. Quoted securities
a) Total purchases and disposals of quoted securities for the current
financial year to date are as follows:
RM'000
Total Purchases -
Disposals:
Sales proceed 450
Less : Costs 544
Loss on disposal (94)
b) Total investments in quoted securities as at 31 October 1999 are as
follows:
RM'000
At cost 1,158
Provision for diminution in value (650)
At book value 508
Market value 491
8. Changes in the Composition of the Group
Following the adoption of the Rescue Proposals (as stipulated in the
Circular to Shareholders dated 5 August 1999) by the shareholders at an
Extraordinary General Meeting held on 20 August 1999, the Company
proceeded to acquire 100% entire equity interest in Golden Domain Holdings
Sdn Bhd ("GDHSB") vide the acquisition of two (2) ordinary shares of
RM1.00 for a purchase consideration of RM185,000,000. The said
acquisition was completed on 1 September 1999 with the transfer of GDHSB
shares, save and except that the purchase consideration has not been
satisfied pending the completion of the issue of ICULS to the vendors.
On 28 October 1999, GDHSB further acquired the following companies:
a) 100% equity interest in PTB Horticulture Farm Sdn Bhd, a dormant company,
for a cash consideration of RM2.00;
b) 100% equity interest in PTB Development Sdn Bhd ("PDSB') and Lembah Langat
Development Sdn Bhd ("LLDSB") for a purchase consideration of
RM1,258,368.00 and RM2.00 respectively thereby resulting in GDHSB becoming
the holding company and Petaling Tin Berhad ("PTB"), the ultimate holding
company. PDSB and LLDSB were previously 100% owned subsidiaries of PTB.
9. Status of Corporate Proposals
Other than the completion of the acquisition as disclosed in Note 8 above,
the status of the Rescue Proposals duly approved by the shareholders at an
Extraordinary General Meeting held on 20 August 1999 is as follows:
a) PTB is currently implementing a Rights Issue exercise comprising 80,673,648
new PTB ordinary shares of RM1.00 each with a total of 40,336,824
detachable warrants (Rights with Warrants Issue) and the said exercise is
expected to be completed before mid-February 2000;
b) Proposed settlement of amounts owing by the Golden Domain Holdings Sdn Bhd
pertaining to the acquisition of Ulu Yam Project, Ulu Kelang Project and
Bukit Ceylon Project and the preference shares in Golden Domain Development
Sdn Bhd, Magilds Industrial Parks Sdn Bhd and Majurama Developments Sdn Bhd
amounting to RM152,735,000. The said amounts owing will be satisfied via
the issue of RM99,500,000 ICULS and RM53,235,000 in cash from proceeds of
the Rights Issue.
c) Proposed issue of a total RM284,500,000 nominal value 10-year zero coupon
Irredeemable Convertible Unsecured Loan Stocks ("ICULS") to the vendors of
Golden Domain Holdings Sdn Bhd, to satisfy the purchase consideration for
the acquisition of Golden Domain Group and including proposed settlement of
the amount owing in respect of the acquisitions of the mentioned above
projects and preference shares. The proposed ICULS are expected to be
issued before the listing of the new PTB shares arising from the Rights
with Warrants Issue.
Included in Other creditors and accrued liabilities for the year ended 31
October 1999, is an amount of RM185,000,000 in respect of the purchase
consideration for GDHSB.
10. Seasonal or Cyclical Factors
Not applicable since the Group had ceased its mining operations and the
brick factory operations is temporarily suspended.
11. There were no issuance or repayment of debt and equity securities, share
buy-backs, share cancellations, shares held as treasury shares and resale
of treasury shares for the year ended 31 October 1999.
12. Group Borrowings and Debt Securities
Total group borrowings as at 31 October 1999 are as follows:
Secured RM'000
Long Term Loans
Total outstanding balances 12,979
Repayment due within the next 12 months (9,708)
Total 3,271
Short Term Loans
Bank overdraft 1,057
Current portion of term loan 9,708
Total 10,765
13. Contingent Liabilities (secured)
The Company has a contingent liability in respect of certain of its
leasehold land which has been charged to a bank for credit facilities
extended to a subsidiary company up to a limit of RM8,000,000 as at the
date of this report.
14. 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.
15. Material Litigation
The Group is not engaged in any material litigation as at the date of this
report.
16. Segmental Reporting for the current, financial year to date
Profit/(loss) before
taxation, minority interest Assets
Turnover and extraordinary items Employed
RM'000 RM'000 RM'000
Mining - (832) 3,265
Manufacturing 163 (2,912) 18,430
Property and investment 220 (23) 273,934
holding
383 (3,767) 295,629
17. Material Changes in the Quarterly Results compared to the results of
the Preceding Quarter
Not applicable, since results of the preceding quarter were previously not
required to be compiled for announcement.
18. Review of Performance of the Company and its Principal Subsidiaries
The Group has ceased its tin mining operations during the year ended 31
October 1997. The Group's turnover is generated from sales of bricks by
PTB Clay Products Sdn Bhd, a wholly-owned subsidiary. However, brick
factory operations had also been suspended since September 1998 due to
poor demand resulting from the drastic downturn in the construction and
property development sector. The loss of RM3.8 million comprises mainly
of brick factory's depreciation and interest expenses and dredge
maintenance overheads.
19. Prospects for the Current Financial Year
The Rescue Proposals as mentioned in Note 9 will upon completion,
facilitate the Group's debut into the property investment and development
sector. The Group's involvement in the low and medium-cost housing
projects will benefit from the Government's efforts to ensure that the
lower and medium income groups are given adequate opportunities to buy
affordable shelter. Furthermore, the commercial and industrial
development components within Golden Domain Holdings Sdn Bhd, being the
main contributor to the Group's future earnings, are also expected to
enjoy encouraging support as these are situated in key areas of growth and
activity with established market bases. Therefore barring any unforeseen
circumstances, the Board of Directors expects the Group to achieve
satisfactory results for the financial year 2000.
20. Variance of Actual Profit from Forecast Profit
Group Profit Forecasts for the financial year ended 31 October 1999 and
financial year ending 2000 were issued for the purposes of inclusion in
the Shareholders Circular and Abridged Prospectus dated 5 August 1999 and
30 November 1999 respectively. The actual results for financial year
ended 31 October 1999 differs from the forecast by RM38,000 (negative
variance of 1.0%).
21. Dividend
No decision regarding dividend has been made.
22. Year 2000 Readiness
The Group has obtained all certification of Y2K readiness from all
software and hardware suppliers. Compliance tests have been completed and
contingency plans have been finalised.
By Order of The Board
PETALING TIN BERHAD
Lai Gin Nyap
Chief Financial Officer
Kuala Lumpur
Date: 30 December 1999
END
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