Malaysian Pacific Industries Berhad (4817-U) |
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QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FINANCIAL QUARTER ENDED 31 DECEMBER 2001 |
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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
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Exceptional items comprise :- |
Individual Quarter |
Cumulative Quarter |
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Current Year Quarter
31/12/2001 RM'000 |
Preceding Year Corresponding Quarter 31/12/2000 RM'000 |
Current Year- To-Date
31/12/2001 RM'000 |
Preceding Year Corresponding Period 31/12/2000 RM'000 |
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Realised exchange gain |
- |
- |
- |
- |
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Amortisation of Deferred Exchange Differences |
- |
- |
- |
(6,832) |
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- |
- |
- |
(6,832) |
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3. |
Extraordinary items
There were no extraordinary items included in the accounts.
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4.
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Taxation
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Taxation comprise :-
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Individual Quarter |
Cumulative Quarter |
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Current Year Quarter
31/12/2001 RM'000 |
Preceding Year Corresponding Quarter 31/12/2000 RM'000 |
Current Year- To-Date
31/12/2001 RM'000 |
Preceding Year Corresponding Period 31/12/2000 RM'000 |
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Current taxation |
956 |
2,038 |
1,693 |
4,845 |
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Deferred taxation |
4,752 |
4,203 |
9,504 |
8,406 |
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5,708 |
6,241 |
11,197 |
13,251 |
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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. |
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5.
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Sale of investments / properties
There were no profit or loss on any sale of unquoted investments and/or properties for the current quarter and the financial year-to-date other than as mentioned below:
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Loss on disposal of unquoted investments |
Current Year Quarter31/12/2001 RM’000 |
Current Year-To-Date31/12/2001 RM’000 |
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2,835 |
2,835 |
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6. |
Quoted securities
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(a) |
There were no purchases or disposals of quoted securities for the current quarter and financial year-to-date other than as mentioned below:
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Current Year Quarter31/12/2001 RM’000 |
Current Year-To-Date31/12/2001 RM’000 |
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(i) Purchases |
- |
3,915 |
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(ii) Disposal Sale proceeds Cost of investment |
20,960 (10,431) |
20,960 (10,431) |
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Profit on disposal |
10,529 |
10,529 |
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(b) |
Particulars of investments in quoted shares as at 31 December 2001:- |
RM’000 |
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Total investments at cost: |
54,848 |
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Total investments at book value (after provision for diminution in value) |
47,823 |
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Total investments at market value |
45,149 |
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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 other than as mentioned below:-
(i) Signal Technology Sdn Berhad, a subsidiary of the Company, has been placed under member’s voluntary winding-up pursuant to Section 254(1)(b) of the Companies Act, 1965 and is currently pending tax clearance from the Inland Revenue Board. |
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8. |
Corporate proposalsThere were no corporate proposal raised during the financial year-to-date. |
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9.
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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 current financial year-to-date. |
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10. |
Group’s borrowings
Particulars of the Group’s borrowings as at 31 December 2001 are as follows :-
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RM’000 |
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(i) |
Unsecured short term borrowings |
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85,062 |
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(ii) |
Unsecured long term borrowings |
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282,395 |
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367,457 |
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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 |
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203,103 |
11. |
Contingent liabilities
There is no contingent liability to be disclosed as at the date of this report.
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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.
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13. |
Material litigation
There is no material litigation against the Group as at the date of this report.
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14. |
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 |
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Semiconductor |
359,411 |
(18,668) |
1,391,050 |
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Investment holding & others |
96 |
(2,293) |
289,712 |
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359,507 |
(20,961) |
1,680,762 |
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15. |
Quarterly analysis
Compared with the last quarter, revenue has improved marginally by 1%. Loss before tax, however, improved by 46.6% to RM7.3 million from a loss of RM13.6 million.
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16. |
Review of results
The semiconductor industry enjoyed renewed demand during the start of this quarter, especially for components going into cellphones and consumer electronics. However, the demand could not be sustained and orders flattened off in December. The positive note here, though, is that this is the first improvement after five quarters of decline, leading many to believe that the worst is probably over for the industry.
For the financial quarter ended 31 December 2001, the Group recorded a turnover of RM180.7 million. Loss attributable to shareholders dropped to RM11.3 million, representing a loss of 5.7 sen per share, which is a 33% improvement over last quarter’s 8.5 sen loss.
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17. |
Material events not reflected in financial statementsThere are no material subsequent events to be disclosed as at the date of this report.
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18. |
Seasonal / Cyclical factorsThis quarter’s demand was said to be driven by year-end stocking up for the Christmas and New Year sales. |
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19.
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Prospects
Short-term outlook still remains uncertain. However, worldwide semiconductor sales are expected to pick up in the second half of calendar year 2002.
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20. |
Profit forecast / profit guaranteed
This note is not applicable.
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21. |
Dividend
The Board has declared an interim dividend of 30% tax exempt for the 6 months ended 31 December 2001 of the financial year 2001/2002 (6 months ended 31 December 2000 of the financial year 2000/2001 : 30% tax exempt and a further special interim dividend of 30% tax exempt) to be paid on 19 March 2002 to holders of ordinary shares whose names appear in the Record of Depositors at the close of business on 5 March 2002.
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 5 March 2002 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.
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By Order of the Board
Malaysian Pacific Industries Berhad
Queek Chai Choo
Joanne Leong Wei Yin
Company Secretaries
Kuala Lumpur
06 February 2002