Malaysian Pacific Industries Berhad (4817-U)

QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FINANCIAL QUARTER ENDED 30 JUNE 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

 

30/06/2001

RM'000

Preceding Year Corresponding Quarter

30/06/2000

RM'000

Current Year- To-Date

 

30/06/2001

RM'000

Preceding Year Corresponding period

30/06/2000

RM'000

 

Realised exchange gain

-

155

-

253

Amortisation of Deferred Exchange Differences

-

(7,476)

(6,832)

(24,248)

 

 

 

 

 

 

-

(7,321)

(6,832)

(23,995)

 

3.

 

Extraordinary items

 

There were no extraordinary items included in the accounts.

 

4.

 

Taxation

 

 

Taxation comprise :-

 

Individual Quarter

Cumulative Quarter

 

 

Current Year Quarter

 

30/06/2001

RM'000

Preceding Year Corresponding Quarter

30/06/2000

RM'000

Current Year- To-Date

 

30/06/2001

RM'000

Preceding Year Corresponding period

30/06/2000

RM'000

Current taxation

1,186

18,175

7,237

39,920

Deferred taxation

4,203

(9,000)

16,812

-

 

5,389

9,175

24,049

39,920

 

 

The Groupís effective tax rate is lower than the statutory tax rate due to pioneer status and reinvestment allowances granted to certain subsidiaries.

 

5.

 

Sale of investments / properties

 

There was no sale of unquoted investments and/or properties during the financial year ended 30 June 2001.

 

 

6.

Quoted securities

 

 

(a)

There was neither purchase nor sale of quoted securities during the financial year ended 30 June 2001.

 

 

 

 

 

(b) Particulars of investments in quoted shares as at 30 June 2001:- RMí000

Total Investment at cost:

61,364

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

61,364

Total investments at market value

52,461

7.

Group structure

 

 

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

 

8.

 

Corporate Proposals

 

 

There was no corporate proposal raised during the financial year.

 

9.

 

 

 

 

 

 

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 year ended 30 June 2001 other than as mentioned below:-

 

(i) ††††The† Executive† Share† Option Scheme (ďESOSĒ) of† the† Company† was† implemented with effect from 28 December 1999. During the financial year ended 30 June 2001, 32,000 ordinary shares of RM0.50 each were issued and allotted pursuant to the exercise of the ESOS.

 

 

No. of shares

RM

 

†††††††† As at 1 July 2000

209,852,419

104,926,209.50

 

†††††††† Ordinary shares issued pursuant to ESOS

32,000

16,000.00

 

†††††††† As at 30 June 2001

209,884,419

104,942,209.50

 

 

 

 

(ii)† During the financial year ended 30 June 2001, the Company bought back a total of 3,469,000 of† its issued share capital from the open market. Total number of shares bought back as at 30 June 2001 was 10,966,000. 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 are 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

 

May 2001

7,000

11.70

11.40

11.63

81,426.80

 

 

10.

Groupís borrowings

 

Particulars of† the Groupís borrowings as at 30 June 2001 are as follows :-

 

 

 

 

 

RMí000

 

(i)

Unsecured short term borrowings

 

110,092

 

(ii)

Unsecured long term borrowings

 

299,179

 

 

 

 

409,271

 

 
The above include borrowing denominated in foreign currency as follows :-

 

 

 

 

RMí000

 

 

USD borrowings

 

232,676

 

11.

 

Contingent† liabilities

 

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

 

 

12.

Off-balance sheet risks

 

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

 

13.

Material Litigation

 

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

 

 

14.

 

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

1,330,853

326,896

1,562,366

 

Investment holding & others

1,829

(9,238)

269,835

 

 

1,332,682

317,658

1,832,201

 

 

15.

Quarterly Analysis

 

The global slowdown in the semiconductor industry that started last quarter accelerated into this quarter, resulting in an acute decline in revenue. Consequently, the Group recorded a loss before tax of RM10.4 million for the current quarter as compared with a profit before tax of RM58.0 million in the preceding quarter.

 

16.

Review of Results

 

The beginning of calendar year 2001 saw the start of the sharpest decline in the history of the semiconductor industry.† The speed and severity of the deceleration caught the whole industry by surprise and affected all market sectors.

 

For the financial year ended 30 June 2001, the Group recorded a turnover and profit before tax of RM1.3 billion and RM317.7 million respectively, whilst the Company recorded a turnover and profit before tax of 133.0 million and RM120.5 million respectively.† Profit attributable to shareholders was RM201 million, representing earnings of 100.6 sen per share.

 

 

17.

Subsequent Events

 

 

There are no material subsequent events to be disclosed as at the date of this report.

 

18.

Seasonal / Cyclical factors

 

There were no material changes to the factors affecting the sources of income and performance of the Group during the financial year ended 30 June 2001.

 

19.

 

Prospects

 

Notwithstanding overall poor market visibility, the Board expects a moderate recovery in the second quarter, spurred by the Christmas and New Year festive seasons. The new financial year continues to be a challenging one.

 

20.

Profit forecast / profit guaranteed

 

This note is not applicable.

 

21.

Dividend

 

The Directors have declared a first and second interim dividend totaling 60% tax exempt, 50% special tax exempt and 30% less tax for the financial year ended 30 June 2001 (1999/2000 : 20% tax exempt and 20% special tax exempt). The Directors do not recommend any final dividend for the financial year ended 30 June 2001 (1999/2000 : 30% tax exempt, 20% special tax exempt and 30% less tax)

 

For the financial year ended 30 June 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

 

 

 

Queek Chai Choo

Joanne Leong Wei Yin

Company Secretaries

 

Kuala Lumpur

27 August 2001