Malaysian Pacific Industries Berhad (4817-U)

QUARTERLY REPORT ON CONSOLIDATED RESULTS

FOR THE FINANCIAL QUARTER ENDED 30 SEPTEMBER 2000

This is an extract of  MPI's Quarterly Report on Consolidated Results for the financial quarter ended 30 September 2000.

1.

Accounting policies

   

The accounting policies and methods of computation are consistent with those adopted in the most recent annual financial statements.

2.

Exceptional items

   

Exceptional items comprise :-

Individual Quarter

Cumulative Quarter

Current Year Quarter

Preceding Year Corresponding Quarter

Current Year to date

Preceding Year Corresponding Period

30/09/2000

30/09/99

30/09/2000

30/09/99

RM'000

RM'000

RM'000

RM'000

Exchange gain/(loss) on foreign currency borrowings

-

Realised exchange gain/(loss)

100

27

100

27

Amortisation of Deferred Exchange Differences

(6,832

)

(5,591

)

(6,832

)

(5,591

)

(6,732

)

 

(5,564

)

 

(6,732

)

 

(5,564

)

3.

Extraordinary items

There were no extraordinary items included in the accounts.

4.

Taxation

   

Exceptional items comprise :-

Individual Quarter

Cumulative Quarter

Current Year Quarter

Preceding Year Corresponding Quarter

Current Year to date

Preceding Year Corresponding Period

30/09/2000

30/09/99

30/09/2000

30/09/99

RM'000

RM'000

RM'000

RM'000

Current taxation

2,807

3,048

2,807

3,048

Deferred taxation

4,203

7,019

4,203

7,019

7,010

 

 

10,067

 

 

7,010

 

 

10,067

5.

Pre-acquisition profits

There were no pre-acquisition profits included in the accounts.

6.

Sale of investments / properties

There were no sale of investments and/or properties for the financial quarter ended 30 September 2000. 

7.

Quoted securities

   

(a)

There were no purchase and sale of quoted securities for the financial quarter ended 30 September 2000.

(b)

Particulars of investments in quoted shares as at 30 September 2000:-

RM'000

Total investments at cost

61,364

Total investments at book value (after provision for diminution in value)

61,364

Total investments at market value

46,680

8.

Group structure

The Groupís year-to-date results have not been affected by any form of changes in the composition of the Group.

9.

Corporate proposals

There were no corporate proposals raised during the financial quarter ended 30 September 2000.

10.

Seasonal / Cyclical factors

This quarter coincides with the summer holidays when lower levels of activities from Europe are normally seen. Apart from this, there were no material changes to the factors affecting the sources of income and performance of the Group during the financial quarter ended 30 September 2000.

11.

Debt / Equity securities and Share buy-back

   

(a)

There were no issuance or repayment of debts or equity securities, share buy-back, share cancellation, shares held as treasury shares and resale of treasury shares for the financial quarter ended 30 September 2000 other than as mentioned below. 

(b)

The Executive Share Option Scheme (ďESOSĒ) of the Company was implemented with effect from 28 December 1999. During the quarter review ended 30 September 2000, 32,000 shares were issued and allotted pursuant to the exercise of the ESOS.

   

No. of shares

RM'000

As at 30 June 2000

209,852,419

104,926

Ordinary shares issued pursuant to ESOS

32,000

16

As at 30 September 2000

 

209,884,419

 

104,942

 
   

(c)

During the quarter under review, the Company bought back a total of 1,280,000 of its issued share capital from the open market. Total number of shares bought back as at 30 September 2000 were 8,777,000. The shares bought back are being held as treasury shares in accordance with the requirement of Section 67A of the Companies Act, 1965.

The details of the shares bought back during the financial quarter ended 30 September 2000 were as follows:-

Month No. of shares bought back Highest price paid (RM) Lowest price paid (RM)   Average price paid (RM) Total Consideration (RM)

July 2000

  340,000     36.75     27.50     30.71     10,440,618.15

August 2000

  502,000     29.50     26.50     27.76     13,934,750.69

September 2000

  438,000      28.25      24.20      26.22     11,483,235.86

12.

Group borrowings

   

Particulars of the Groupís borrowings as at 30 September 2000 are as follows :-

RM'000

 

(a)

Unsecured short term borrowings

47,700

 

(b)

Unsecured long term borrowings

354,410

 

402,110

 

The above Groupís borrowing include foreign currency as follows :-

RM'000

 

USD borrowings

235,610

 
           

13.

Contingent liabilities

There are no contingent liabilities to be disclosed as at the date of this report.

14.

Off-balance sheet risks

There are no off-balance sheet risks envisaged as at the date of this report that might materially affect the position or business of the Group.

15.

Material litigation

There is no pending material litigation against the Group as at the date of this report.

16.

Segmental reporting

   

Turnover

Profit Before Tax

Total Assets Employed

RM'000

RM'000

RM'000

 

Semiconductor

413,406

143,436

1,645,212

 

Investment holding & others

-

(6,745

)

399,910

413,406

 

 

136,691

 

 

2,045,122

 

17.

Quarterly analysis

For the 1st quarter ended 30 September 2000, the Group registered a profit after tax of RM129.7 million, an increase of approximately 35% over the same period last year.

18.

Review of results

Turnover for the 1st quarter ended 30 September 2000 was RM413.4 million with an earnings per share of 45.6 sen, representing an increase of 22% and 38% respectively over the same period last year, thus reflecting the continued buoyancy of the semiconductor industry.

19.

Prospects

Barring any unforeseen circumstances, the Board expects the Group to perform satisfactorily in the current financial year.

20.

Profit forecast / profit guaranteed

There was neither profit forecast prepared nor profit guaranteed by the Group.

21.

Dividend

The Board does not recommend any interim dividend for the financial quarter ended 30 September 2000.

By Order of the Board

Malaysian Pacific Industries Berhad

Christine Lee Oi Kuan

Joanne Leong Wei Yin

Company Secretaries

Kuala Lumpur

16 October 2000