Petaling Tin Berhd - Final Results
30 January 1999 - 12:23AM
UK Regulatory
RNS No 8420x
PETALING TIN BERHAD
29th January 1999
PETALING TIN BERHAD
(Incorporated in Malaysia)
AND ITS SUBSIDIARIES
Unaudited Profit Statement for the year ended 31 October 1998
G R O U P C O M P A N Y
31/10/98 31/10/97 +or-% 31/10/98 31/10/97 + or -%
RM '000 RM '000 CHANGE RM '000 RM '000 CHANGE
1. (a) TURNOVER 997 536 86% - 536 (100%)
(b) Investment and other
income excluding
Extraordinary items 860 1,182 (44%) 508 1,042 (51%)
(2) (a) Consolidated Operating
Loss before Income Tax, Minority
interest and Extraordinary items
and after interest on Borrowings,
Depreciation and Amortisation
(see notes (i) and(ii) below) (15,230) (5,709) (167%) (14,257) (5,164) (176%)
(b) Add: Share of Loss of
Associated Company - (82) 100% - - -
(15230) (5,791) (163%) (14,257) (5,164) (176%)
(c) Less Income Tax (43) (34) (26%) - - -
(d) (i) Consolidated
Operating Loss Before
deducting Minority interest (15,273) (5,825) (162%) (14,257) (5,164) (176%)
(ii) Minority interest - - -- - - -
(e) CONSOLIDATED OPERATING LOSS
ATTRIBUTABLE TO MEMBERS OF
THE COMPANY (15,273) (5,825) (162%) (14,257) (5,164) (176%)
(f) (i) Extraordinary items - - - - - -
(ii)Less Minority interests
- - - - - -
(iii) Extraordinary items
attributable to
Members of the Company - - - - - -
(g) Consolidated Operating Loss
& Extraordinary items
attributable to Members
of the Company (15,273) (5,825) (162%) (14,257) (5,164) (176%)
Note: (i) Interest on
Borrowings, including
Interest on Bank
Overdrafts 1,202 167 620% 173 - -
(ii) Depreciation
including Amorti-
sation 1,675 1,166 44% 78 1,165 (93%)
3. Operating loss (2(d)(i)
above as a percentage of
Turnover (1(a) above (1,532%) (1,087%) - - (963%)
4. Operating loss (2(e) above
as a percentage of
Issued Capital and
Reserves at end of
year (128%) (21%) - (93%) (17%) -
5. Earning in sen per
ordinary share for
the year based on 2(e) (75.7) (28.9) - (70.7) (26)
after deducting
therefrom provision
for preference
dividends, if any (sen)
6. Net tangible asset
backing per ordinary
share (sen) 59 170 - 76 145
7. The Group has ceased its tin mining operation and hence, no sales of tin
ore were made. However, PTB Clay Products Sdn Bhn, a wholly-owned
subsidiary, commenced operations of its bricks manufacturing plant on
28th February 1998. The substantial increase in losses compared to the
corresponding period in the previous year are due mainly to:
i) provisions for bad debt on amount owing from an associate company;
ii) write off of stocks and pre-stripping expenditure incurred on
mining in view of the cessation of tinmining operations;
iii) provision for dimunition in value of investment in quoted shares.
G R O U P C O M P A N Y
31/10/98 31/10/97 + or-% 31/10/98 31/10/97 + or -%
RM'000 RM'000 CHANGE RM '000 RM '000 CHANGE
8. (a) Consolidated
Operating Loss
(ref. 2(a) above)
reported for first
half year (11,513) (3,943) (192%) (12,084) (3,864) (213%)
(b) Consolidated
Operating Loss
(ref. 2(e) above)
reported for second
half year (3,760) (1,882) (100%) (2,173) (1,300) (87%)
9. There was no deferred tax or adjustment for under or over provision in
respect of prior year.
10.There was no pre-acquisition profits.
11.There was a loss of RM6,002.00 on sales of quoted shares
12.There were no rights or any issues of stock since the previous dividend was
paid.
13.Following requests and indications from the relevant land and district
office and lessor of the mining land for the surrender of mining leases held,
the company has made preparations during the period concerned to cease its
tin mining operations and related activities. While the surrender of the
said leases is still pending, the Company is pursuing negotiations with the
relevant parties.
14.No decision regarding dividend has been made.
15.The Company is also pleased to confirm that the computerisation system which
the Company adopts is able to effectively deliver results from this point in
time and into the year 2000
By Order of the Board
PETALING TIN BERHAD
CHANG YUET MEI
SECRETARY
Kuala Lumpur
Date: 29 January 1999
END
FR AKVBKKVKAURR
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