Petaling Tin Berhd - 1st Quarter Results
30 March 2000 - 9:28PM
UK Regulatory
RNS Number:1173I
Petaling Tin Berhad
29 March 2000
Form Version 1.0
Financial Result Announcement
Reference No PT-000329-35420
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 10/31/2000
Quarter : *1Qtr 2Qtr 3Qtr 4Qtr Other
Quarterly report on consolidated results for the financial period ended
* 01/31/2000
The figures 0 have been audited * have not been audited.
CONSOLIDATED INCOME STATEMENT
INDIVIDUAL PERIOD CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
QUARTER CORRESPONDING TO DATE CORRESPONDING
QUARTER PERIOD
01/31/2000 01/31/99 01/31/2000 01/31/99
(dd/mm/yyyy) (dd/mm/yyyy) (dd/mm/yyyy) (dd/mm/yyyy)
RM'000 RM'000 RM'000 RM'000
1.Turnover 662 0 662 0
(a)
(b)Investment
income 0 0 0 0
(c)Other income
including
interest income 50 0 50 0
2 Operating profit/
(loss) before -348 0 -348 0
interest on
borrowings,
depreciation and
amortisation,
exceptional
items, income tax,
minority
interests and
extraordinary
items
(b)Less interest
on borrowings 246 0 246 0
(c)Less depreciation
and 478 0 478 0
amortisation
(d)Exceptional
items 0 0 0 0
(e)Operating profit/ -1,072 0 -1,072 0
(loss) after
interest on
borrowings,
depreciation and
amortisation and
exceptional items
but before income
tax, minority
interests and
extraordinary items
(f)Share in the results 0 0 0 0
of associated
companies
(g)Profit/(loss) -1,072 0 -1,072 0
before taxation,
minority interests
and extraordinary
items
(h)Taxation -16 0 -16 0
(i)Profit/(loss) after -1,088 0 -1,088 0
taxation
(i)before deducting
minority interests
(ii)Less minority
interests 0 0 0 0
(i) Profit (loss) after
taxation -1,088 0 -1,088 0
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 attributable
to members of the
company 0 0 0 0
(i) Profit/ (loss)
after taxation
and extraordinary
items attributable
to members of the
company -1,088 0 -1,088 0
3 Earnings per share
(a) based on 2(j) above
after deducting any
provision for
preference dividends,
if any :
(i)Basic (based on ordinary
shares - sen) -5.39 0.00 -5.39 0.00
(ii)Fully diluted
(based on ordinary
shares - sen) -5.39 0.00 -5.39 0.00
4. Net tangible
assets per share(RM) 0.3500 0.0000
Dividend per share (sen) 0.00 0.00
(b)Dividend Description 0
PETALING TIN BERHAD
CONSOLIDATED BALANCE SHEET
Registered Office :
Level 19, Menara PanGlobal
No, 8 Lorong P. Ramlec
50250 Kuala Lumpur.
Tel 03-201 2377
Fax 03-201 2327
(UNAUDITED) (AUDITED)
AS AT END OF AS AT
CURRENT PRECEDING
QUARTER FINANCIAL YEAR
31/01/2000 END
31/10/1999
RM'OOO RM'OOO
1 Fixed Assets 18,064 18,542
2 Investment in Associated
Companies - -
3 Long Term Investments 183,000 183,000
4 Intangible Assets - -
5 Current Assets
Development properties
and expenditure 81,343 79,648
Stocks 12 12
Trade debtors 5,641 6,127
Short term investments 508 508
Other debtors, deposits
and prepayments 3,424 2,909
Fixed deposits with
financial institutions 489 489
Cash and bank balances 343 976
91,760 90,669
6 Current Liabilities
Trade creditors 3,730 2,929
Other creditors
and accrued liabilities 229,185 228,658
Hire purchase creditors 186 193
Bank overdraft 1,295 1,057
Term loan 10,201 9,708
Taxation 2,806 2,768
247,403 245,313
7 Net Current Liabilities (155,643) (154,644)
Expenditure Carried Forward 21 20
45,442 46,918
8 Shareholders' funds
Share Capital 20,168 20,168
Reserves
Share Premium 11,171 11,171
Capital Reserve 2,584 2,584
Retained Loss (26,857) (25,770)
7,066 8,153
9 Deferred Taxation 35,324 35,347
10 Long Term Loan 2,912 3,271
11 Hire Purchase Creditors 140 147
45,442 46,918
12 Net Tangible
Assets Per Share (RM) 0.35 0.40
Petaling TIN BERHAD
QUARTERLY REPORT ENDED 31/01/2000
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 fiscal quarter under review.
4. Taxation
Taxation comprises of the follows:
Individual Quarter Cumulative Quarter
Current Year To Date Current Year Quarter
31.01.2000 31.01.2000
RM'000 RM'000
Current taxation 38 38
Deferred taxation (22) (22)
____ ____
16 16
5. Pre-acquisition Profit
There were no pre-acquisition profit or losses for the current financial year to
date.
6. Profit on sales of Investments and/or Properties
There were no profits on sales of investments and/or properties for
the current financial year to date
7. Quoted securities
a) There were no purchases nor disposals of quoted securities for the
current financial year to date.
b) Total investments in quoted securities as at 31 January 2000 are as
follows.
RM'000
At cost 1,158
Provision for diminution in value (650)
_______
At book value 508
Market value 504
=====
8. Changes in the Composition of the Group
There were no changes in the composition of the Group during the
current financial year to date.
9. Status of Corporate Proposals
All the Rescue Proposals duly approved by the shareholders at an
Extraordinary General Meeting held on 20 August 1999 has been completed,
save and except for the proposed cash settlement (RM53,235,000 to the
vendors of the Ulu Kelang Project which is currently in progress.
Included in other creditors and accrued liabilities as at 31
January 2000 is an amount (RM185,000,000 in respect of the purchase
consideration for the 100% entire equity interest in Golden Domain
Holdings Sdn Bhd which has subsequently been satisfied via the issue of 10-
year zero coupon Irredeemable Convertible Loan Stocks on 2 February
2000.
10. Seasonal or Cyclical Factors
The business operations of the Group are generally affected by the major
festive seasons, i.e.Christmas, New Year Eve and Hari Raya Puasa
celebrations. The group turnover for the current quarter was affected
especially in the month of December and January due to slower work program
at site and lower sales.
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 current
financial year to date.
12. Group Borrowings and Debt Securities
Total group borrowings as at 31 January 2000 are as follows:
Secured RM'000
Long Term Loans
Total outstanding balances 13,113
Repayment due within the next 12 months (10,201)
Total 2,912
Short Term Loans
Bank overdraft 1,295
Current portion of term loan 10,201
Total 11,496
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
RM3,000,000 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
Investment holding (422) 2,509
Manufacturing - (692) 17,969
Property and investment
holding 662 42 272,346
____ _______ _______
662 (1,072) 292,824
___ _______ _______
17. Material Changes in the Quarterly Results compared to the results of
the Preceding Quarter.
The Group's turnover for current quarter of RM662,000 is generated mainly
from the sales of properties from projects acquired under the Rescue
Proposals. In comparison, the preceding quarter's turnover of RM220,000 was
derived from the sales of bricks.
The increase of Group's loss before taxation of RM259,000 is mainly due to
the additional maintenance overheads of the dredge.
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 has also not recommenced operations of its
brick factory and the Group's activities is now mainly focused on property
investment and development.
19. Prospects for the Current Financial Year
The completion of the Rescue Proposals has transformed the Group into a
significant player in property development with ongoing projects for mixed
developments as well as prime landbank for future development located both
in Peninsular and East Malaysia. The Group also expects to benefit
from its involvement in low and medium-cost housing projects in view of the
Government's effort to ensure that the lower and medium income groups are
given adequate opportunities to buy affordable shelter.
Furthermore, the existing projects of the newly acquired Golden
Domain Group 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.
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
Kuala Lumpur
Date: 29 March 2000
END
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