Malaysian Pacific Industries Berhad (4817-U)

QUARTERLY REPORT ON CONSOLIDATED RESULTS

FOR THE FINANCIAL QUARTER ENDED 30 SEPTEMBER 2001

 

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

30/09/2001

RM'000

30/09/2000

RM'000

30/09/2001

RM'000

30/09/2000

RM'000

Realised exchange gain

-

-

-

-

Amortisation of Deferred Exchange Differences

-

(6,832)

-

(6,832)

(6,832)

-

(6,832)

 3.

Extraordinary items

There were no extraordinary items included in the accounts.

4.

Taxation

 

Taxation comprise :-

Individual Quarter

Cumulative Quarter

 

 

Current Year Quarter

 30/09/2001

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

Current taxation

737

2,807

737

2,807

Deferred taxation

4,752

4,203

4,752

4,203

 

5,489

7,010

5,489

7,010

 

 

The Groupís 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.

 

Sale of investments / properties

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

 

 

 

 

6.

Quoted securities

 

(a)

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

 

 

 

 

 

(b)

Particulars of investments in quoted shares as at 30 September 2001:-

RMí000

 

 

Total investments at cost:

65,279

 

 

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

65,279

 

 

Total investments at market value

63,023

 

 

 

 

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 or resale of treasury shares during the quarter under review.

10.

Groupís borrowings

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

 

 

 

 

RMí000

 

(i)

Unsecured short term borrowings

 

103,855

 

(ii)

Unsecured long term borrowings

 

296,645

 

 

 

 

400,500

 

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

 

 

 

 

RMí000

 

 

USD borrowings

 

231,916

 11.

Contingent† liabilities

There is no contingent liability 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

178,816

(12,032)

1,488,302

 

Investment holding & others

-

(1,635)

271,745

 

 

178,816

(13,667)

1,760,047

 

15.

Quarterly Analysis

Revenue 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.

16.

Review of Results

The 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 Groupís 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 quarterís 8.9 sen.

17.

Material Events Not Reflected In Financial Statements

 

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

18.

Seasonal / Cyclical factors

This quarter coincides with the summer holidays when lower levels of activities from Europe and US are normally seen.

19.

Prospects

Consumer confidence at present is still low and orders continued to be erratic, with no medium or long-term visibility.

20.

Profit forecast / profit guaranteed

This note is not applicable.

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