Malaysian Pacific Industries Berhad (4817-U)

QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FINANCIAL QUARTER ENDED 31 MARCH 2001

 

The Figures have not been audited.

 

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

 

31/03/2001

31/03/2000

31/03/2001

31/03/2000

 

RM'000

RM'000

RM'000

RM'000

Exchange gain/(loss) on foreign currency borrowings

-Realised exchange gain/(loss)

 

 

-

36

-

98

-Amortisation of Deferred Exchange††††††††††††††††††††† Differences

-

(5,591)

(6,832)

(16,772)

 

 

 

 

 

 

-

(5,555)

(6,832)

(16,674)

 

3.

 

Extraordinary items

 

There were no extraordinary items included in the accounts.

 

4.

 

Taxation

 

 

Taxation comprise :-

 

Individual Quarter

Cumulative Quarter

 

 

Current Year Quarter

Preceding Year Corresponding Quarter

Current Year- To-Date

Preceding Year Corresponding Period

31/03/2001

31/03/2000

31/03/2001

31/03/2000

 

RM'000

RM'000

RM'000

RM'000

Current taxation

1,206

7,147

6,051

21,746

Deferred taxation

4,203

3,000

12,609

9,000

 

 

 

 

 

 

5,409

10,147

18,660

30,746

 

5.

 

Pre-acquisition profits

 

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

 

6.

 

Sale of investments / properties

 

There was no sale of investments and/or properties for the financial period ended 31 March 2001. 

 

7.

Quoted securities

 

 

(a)

There were no purchase and sale of quoted securities for the financial period ended 31 March 2001.

 

 

(b)

Particulars of investments in quoted shares as at 31 March 2001:-

 

 

 

 

Total investments at cost

RMí000

 

61,364

 

 

 

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

61,364

 

 

 

Total investments at market value

 

37,325

 

 

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 March 2001.

 

 

10.

Seasonal / Cyclical factors

 

While this quarter has always been a traditionally soft quarter due to festive sessions, the softness this time was exacerbated by the slowdown of the U.S. economy, severely affecting the semiconductor sector. 

  

11.

(a)

 

 

 

(b)

Debt / Equity securities and Share buy-back

 

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 period ended 31 March 2001 other than as mentioned below.

 

The Executive Share Option Scheme (ďESOSĒ) of the Company was implemented with effect from 28 December 1999. During the year to date, 32,000 ordinary shares of RM0.50 each were issued and allotted pursuant to the exercise of the ESOS.

 

 

 

No. of shares

RMí000

 

As at 1 July 2000

209,852,419

104,926

 

Ordinary shares issued pursuant to ESOS

32,000

16

 

As at 31 March 2001

209,884,419

104,942

 

 

(c)

 

 

During the year to date, the Company bought back a total of 3,462,000 of its issued share capital from the open market. Total number of shares bought back as at 31 March 2001 were 10,959,000. 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 year to date 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

34.25

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

 

January 2001

93,000

15.30

14.60

14.97

1,392,172.34

 

February 2001

-

-

-

-

-

 

March 2001

-

-

-

-

-

 

 

12.

Group borrowings

 

Particulars ofthe Groupís borrowings as at 31 March 2001 are as follows :-

 

 

 

 

 

RMí000

 

 

(a)

Unsecured short term borrowings

 

91,509

 

 

(b)

Unsecured long term borrowings

 

335,431

 

 

 

 

 

426,940

 

 

 
The above Groupís borrowings include foreign currency as follows :-

 

 

 

 

RMí000

 

 

 

USD borrowings

 

256,774

 

 

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

 

The Groupís segmental report for the financial year to date are as follows:-

 

 
Turnover

RMí000

 

Profit

Before Tax

RMí000

 

Total Assets

Employed

RMí000

 

Semiconductor

1,119,713

 

336,756

 

1,661,936

 

Investment holding & others

929

 

(8,729)

 

298,375

 

 

 

 

 

 

 

 

1,120,642

 

328,027

 

1,960,311

 

17.

Quarterly Analysis

 

The Group recorded a profit before taxation and minority interest ofRM58.0 million as compared toRM133.4 million for thepreceding quarter.

18.

Review of Results

 

During the quarter under review, the Group was affected by the severe downturn that permeated the electronics sector.

 

The Group recorded a turnoverof RM300.4 million with an earnings per share of 17.7 sen for the quarter under review.

 

19.

Prospects

 

The Board expects demand in the final quarter of this financial year to remain weak.

 

20.

Profit forecast / profit guaranteed

 

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

 

21.

Dividend

 

The Board of Directors has declared a second interim dividend of 80% (30% tax exempt, 30% less tax and a special dividend of 20% tax exempt), for the financial year ending 30 June 2001 (1999/2000: Nil) to be paid on 15 June 2001 to holders of ordinary shares whose names appear in the Record of Depositors at the close of business on 23 May 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 23 May 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.

 

For the financial period ended 31 March 2001, the proportion of dividend attributable to shares bought back by the Company, which amounted to RM865,000, has been reversed and adjusted against retained earnings.

 

 

By Order of the Board

Malaysian Pacific Industries Berhad

 

 

Christine Lee Oi Kuan

Joanne Leong Wei Yin

Company Secretaries

 

Kuala Lumpur

2 May 2001


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