Malaysian Pacific Industries Berhad (4817-U)

QUARTERLY REPORT ON CONSOLIDATED RESULTS

FOR THE FINANCIAL QUARTER ENDED 31 DECEMBER 2000

This is an extract of  MPI's Quarterly Report on Consolidated Results for the financial quarter ended 31 December 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

31/12/2000

31/12/1999

31/12/2000

31/12/1999

RM'000

RM'000

RM'000

RM'000

Exchange gain/(loss) on foreign currency borrowings

-

Realised exchange gain/(loss)

-

35

-

62

Amortisation of Deferred Exchange Differences

-

(5,590

)

(6,832

)

(11,181

)

-

 

  

(5,555

)

 

(6,832

)

 

(11,119

)

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

31/12/2000

31/12/1999

31/12/2000

31/12/1999

RM'000

RM'000

RM'000

RM'000

Current taxation

2,038

3,513

4,845

6,561

Deferred taxation

4,203

7,019

8,406

14,037

6,241

 

 

10,532

 

 

13,251

 

 

20,598

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 31 December 2000. 

7.

Quoted securities

   

(a)

There were no purchase and sale of quoted securities for the financial quarter ended 31 December 2000.

(b)

Particulars of investments in quoted shares as at 31 December 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

43,563

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 31 December 2000.

10.

Seasonal / Cyclical factors

The traditional surge in 2nd quarter revenue did not materialise because of softerning of US Economy and the semiconductor industry.

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 31 December 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 year to date, 32,000 shares were issued and allotted pursuant to the exercise of the ESOS.

   

No. of shares

RM'000

As at 1 July 2000

209,852,419

104,926

Ordinary shares issued pursuant to ESOS

32,000

16

As at 31 December 2000

 

209,884,419

 

104,942

 
   

(c)

During the year to date, the Company bought back a total of 3,369,000 of its issued share capital from the open market. Total number of shares bought back as at 31 December 2000 were 10,866,000. 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 31 December 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

October 2000

1,117,000   25.25      18.50      22.16   24,749,073.33

November 2000

40,000     21.30     20.90      21.21   848,432.01

December 2000

  932,000       21.20      15.10     18.23      16,991,343.95

12.

Group borrowings

   

Particulars of the Groupís borrowings as at 31 December 2000 are as follows :-

RM'000

 

(a)

Unsecured short term borrowings

64,250

 

(b)

Unsecured long term borrowings

356,164

 

420,414

 

The above Groupís borrowing include foreign currency as follows :-

RM'000

 

USD borrowings

258,414

 
           

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

819,296

278,003

1,664,831

 

Investment holding & others

929

(7,929

)

385,251

820,225

 

 

270,074

 

 

2,050,082

 

17.

Quarterly analysis

The Group recorded a profit before tax of RM 133.4 million for the quarter under review as compared to RM 136.7 million for the preceding quarter.

18.

Review of results

Turnover for the 2nd quarter ended 31 December 2000 was RM406.8 million with an earnings per share of 45.8 sen, representing an increase of 6.7% and 13.4% respectively over the same quarter last year.

19.

Prospects

The softening of the semiconductor industry coupled with a possible slowdown in the US economy, suggest that the next 6 months would be a challenging period.

20.

Profit forecast / profit guaranteed

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

21.

Dividend

The Board has declared an interim dividend of 30% tax exempt and a further special interim dividend of 30% tax exempt, to make up a total of 60% tax exempt, for the six-months ended 31 December 2000 of the financial year 2000/2001 (1999/2000 : 20% tax exempt and a further special 20% tax exempt) to be paid on 12 March 2001 to holders of ordinary shares whose names appear in the Record of Depositors at the close of business on 27 February 2001.This is to inform that a Depositor shall qualify for the entitlement only in respect of:-

(a)    

shares transferred into the Depositorís securities account before 12.30 p.m. on 27 February 2001 in respect of ordinary transfers; and

(b)    

shares bought on the Kuala Lumpur Stock Exchange on a cum entitlement basis according to the Rules of the Kuala Lumpur Stock Exchange.

In respect of the financial year ended 30 June 2000, the proportion of final dividend attributable to shares bought back by the Company from 1 July 2000 to the dividend entitlement date on 25 October 2000, which amounted to RM837,000, has been reversed and adjusted against retained earnings during the current financial period.

By Order of the Board

Malaysian Pacific Industries Berhad

Christine Lee Oi Kuan

Joanne Leong Wei Yin

Company Secretaries

Kuala Lumpur

7 February 2001


 

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