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1. |
Accounting policiesThe 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 |
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Exceptional items 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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30/09/2001 RM'000 |
30/09/2000 RM'000 |
30/09/2001 RM'000 |
30/09/2000 RM'000 |
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Realised exchange gain |
- |
- |
- |
- |
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Amortisation of Deferred Exchange Differences |
- |
(6,832) |
- |
(6,832) |
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|
(6,832) |
- |
(6,832) |
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3. |
Extraordinary itemsThere 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 Quarter30/09/2001 RM'000 |
Preceding Year Corresponding Quarter 30/09/2000 RM'000 |
Current Year- To-Date 30/09/2001 RM'000 |
Preceding Year Corresponding period 30/09/2000 RM'000 |
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Current taxation |
737 |
2,807 |
737 |
2,807 |
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Deferred taxation |
4,752 |
4,203 |
4,752 |
4,203 |
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|
5,489 |
7,010 |
5,489 |
7,010 |
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The Group’s effective tax rate is higher than the statutory tax rate due to the non-availability of group relief where tax losses of certain subsidiary companies can not be set-off against the taxable income of other subsidiary companies. |
5.
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Sale of investments / propertiesThere was no sale of unquoted investments and/or properties during the financial year ended 30 September 2001.
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6. |
Quoted securities |
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(a) |
There was neither purchase nor sale of quoted securities during the financial year ended 30 September 2001. |
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(b) |
Particulars of investments in quoted shares as at 30 September 2001:- |
RM’000 |
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Total investments at cost: |
65,279 |
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Total investments at book value (after provision for diminution in value) |
65,279 |
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Total investments at market value |
63,023 |
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7. |
Group structure |
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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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8. |
Corporate Proposals |
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There was no corporate proposal raised during the financial year. |
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9. |
Debt / Equity securities and Share buy-backThere were no issuance or repayment of debts or equity securities, share buy back, share cancellation or resale of treasury shares during the quarter under review. |
10. |
Group’s borrowingsParticulars of the Group’s borrowings as at 30 September 2001 are as follows :- |
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RM’000 |
|
(i) |
Unsecured short term borrowings |
|
103,855 |
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(ii) |
Unsecured long term borrowings |
|
296,645 |
|
|
|
|
400,500 |
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The above include borrowing denominated in foreign currency as follows :- |
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RM’000 |
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USD borrowings |
|
231,916 |
11. |
Contingent liabilitiesThere is no contingent liability to be disclosed as at the date of this report. |
12. |
Off-balance sheet risksThere 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. |
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13. |
Material LitigationThere is no material litigation against the Group as at the date of this report.
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14. |
Segmental ReportingThe 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 |
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Semiconductor |
178,816 |
(12,032) |
1,488,302 |
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Investment holding & others |
- |
(1,635) |
271,745 |
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|
178,816 |
(13,667) |
1,760,047 |
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15. |
Quarterly AnalysisRevenue suffered more downward pressure as the semiconductor industry continued its decline into the first quarter of the current financial year. Consequently, the Group recorded a loss before tax of RM13.6 million for the current quarter as compared with a loss of RM10.4 million in the preceding quarter. |
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16. |
Review of ResultsThe further retreat in revenue was expected as we entered the traditional slow summer period, coupled with weak consumer demand. However, the situation was exacerbated by many of the Group’s customers imposing extended factory shutdowns in July and August, in efforts to reduce costs and deplete stocks during this slow period. For the financial quarter ended 30 September 2001, the Group recorded a turnover of RM178.8 million. Loss attributable to shareholders was RM16.8 million, representing a loss of 8.5 sen per share, which is an improvement of 4.5% over last quarter’s 8.9 sen. |
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17. |
Material Events Not Reflected In Financial Statements |
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There are no material subsequent events to be disclosed as at the date of this report. |
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18. |
Seasonal / Cyclical factorsThis quarter coincides with the summer holidays when lower levels of activities from Europe and US are normally seen. |
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19. |
Prospects Consumer confidence at present is still low and orders continued to be erratic, with no medium or long-term visibility. |
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20. |
Profit forecast / profit guaranteed This note is not applicable. |
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21 |
Dividend The Board does not recommend any interim dividend for the financial quarter ended 30 September 2001. |
By Order of the Board
Malaysian Pacific Industries Berhad
Queek Chai Choo
Joanne Leong Wei Yin
Company Secretaries
Kuala Lumpur
12 November 2001