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. |
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2. |
Exceptional items
Exceptional
items comprise :- |
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|
Individual Quarter |
Cumulative Quarter |
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Current Year
Quarter
|
Preceding
Year Corresponding Quarter |
Current Year- To-Date |
Preceding
Year Corresponding Period |
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|
31/03/2001 |
31/03/2000 |
31/03/2001 |
31/03/2000 |
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|
RM'000 |
RM'000 |
RM'000 |
RM'000 |
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Exchange
gain/(loss) on foreign currency borrowings
-Realised exchange gain/(loss) |
-
|
36
|
-
|
98
|
||||
-Amortisation
of Deferred Exchange
Differences
|
-
|
(5,591)
|
(6,832)
|
(16,772)
|
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|
|
|
|
|
||||
|
-
|
(5,555)
|
(6,832)
|
(16,674)
|
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3. |
Extraordinary items
There were no
extraordinary items included in the accounts. |
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4. |
Taxation
|
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|
Taxation
comprise :-
|
Individual Quarter |
Cumulative Quarter |
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|
Current Year
Quarter
|
Preceding
Year Corresponding Quarter |
Current Year- To-Date |
Preceding
Year Corresponding Period |
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31/03/2001 |
31/03/2000 |
31/03/2001 |
31/03/2000 |
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|
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
|
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5. |
Pre-acquisition profits
There were no
pre-acquisition profits included in the accounts. |
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6. |
Sale of investments / properties
There was no sale of
investments and/or properties for the financial period ended 31 March 2001. |
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7. |
Quoted securities
|
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|
(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 |
RM’000 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 Group’s year-to-date
results have not been affected by any form of changes in the composition of
the Group. |
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9. |
Corporate proposals
There were no corporate
proposals raised during the financial quarter ended 31 March 2001. |
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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 (“ESOS”) 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. |
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|
|
No. of shares
|
RM’000
|
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|
As
at 1 July 2000
|
209,852,419
|
104,926
|
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|
Ordinary
shares issued pursuant to ESOS
|
32,000
|
16
|
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|
As
at 31 March 2001
|
209,884,419
|
104,942
|
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(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:-
|
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|
Month |
No. of shares bought back |
Highest price paid (RM) |
Lowest price paid (RM) |
Average price paid (RM) |
Total Consideration (RM) |
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|
July 2000 |
340,000 |
34.25 |
27.50 |
30.71 |
10,440,618.15 |
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|
August 2000 |
502,000 |
29.50 |
26.50 |
27.76 |
13,934,750.69 |
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|
September 2000 |
438,000 |
28.25 |
24.20 |
26.22 |
11,483,235.86 |
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|
October 2000 |
1,117,000 |
25.25 |
18.50 |
22.16 |
24,749,073.33 |
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|
November 2000 |
40,000 |
21.30 |
20.90 |
21.21 |
848,432.01 |
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|
December 2000 |
932,000 |
21.20 |
15.10 |
18.23 |
16,991,343.95 |
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|
January 2001 |
93,000 |
15.30 |
14.60 |
14.97 |
1,392,172.34 |
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|
February 2001 |
- |
- |
- |
- |
- |
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|
March 2001 |
- |
- |
- |
- |
- |
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|
12. |
Group borrowings
Particulars of
the Group’s borrowings as at 31 March 2001 are as follows :-
|
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|
|
|
|
RM’000 |
|
|
(a) |
Unsecured short term borrowings |
|
91,509 |
|
|
(b) |
Unsecured long term borrowings |
|
335,431 |
|
|
|
|
|
426,940 |
|
|
The above Group’s
borrowings include foreign currency as follows :-
|
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|
|
|
|
RM’000 |
|
|
|
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 Group’s segmental
report for the financial year to date are as follows:- |
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|
Turnover
RM’000 |
|
Profit Before
Tax RM’000 |
|
Total
Assets Employed RM’000 |
|
|
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 of RM58.0 million as compared to RM133.4 million for the preceding 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 turnover of 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 Depositor’s 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
www.hli.com.my