| 1. |
The interim financial report has been prepared in accordance
with MASB26 " Interim Financial Reporting "
and paragraph 9.22 of the Kuala Lumpur Stock Exchange
Listing Requirements, and should be read in conjunction
with the audited financial statements of the Group for
the financial year ended 31 December 2002. The accounting
policies and methods of computation adopted by the Group
in this interim financial report are consistent with those
adopted in the annual financial statement for the financial
year ended 31 December 2002. |
| 2. |
The report of the auditors of preceding annual financial
statements was not subject to any qualification. |
| 3. |
The results for the current quarter under review were
not materially affected by seasonal or cyclical factors
although the leisure and hospitality industries typically
enjoyed higher patronage/occupancy during the year-end
holiday season. |
| 4. |
The profit attributable to members of the Company for
the current quarter was enhanced by RM2.5m largely due
to the reversal of impairment loss on certain assets
in Australia. The provision for impairment loss is no
longer required with the proposed disposal of the property
at a total consideration of A$52.5m as mentioned in
Note A10.
| |
| Results arising from other investing
activities |
11,315
|
| Minority Interest |
(8,730)
|
|
| 5. |
There were no material changes in estimates reported in
prior periods or prior year which may have a material
effect on the amounts reported for the fourth quarter
ended 31 December 2003. |
| 6. |
There were no issuances, cancellations, repurchases, resale
and repayments of debt and equity securities for the 4th
quarter ended 31 December 2003, except for the issuance
of medium term notes amounting to RM55m. |
| 7. |
There was no dividend paid during the 4th quarter
ended 31 December 2003. |
| 8. |
Segmental results for the period ended 31 December 2003
are as follows: |
| |
Property
Development |
Property
Investment |
Leisure |
Hospitality |
Healthcare |
Eliminations |
Consolidated |
| |
| BY
BUSINESS SEGMENTS |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| REVENUE
AND EXPENSES |
|
|
|
|
|
|
|
| Revenue |
|
|
|
|
|
|
|
| -
External sales |
373,633 |
97,757 |
110,276 |
104,121 |
55,000 |
- |
740,787 |
| - Inter-segment
sales |
1,085 |
44,794 |
76 |
2,131 |
154 |
(48,240) |
0
|
| Results |
|
|
|
|
|
|
|
| - Operating
segment results |
90,062 |
44,186 |
(16,638) |
(1,780) |
296 |
(2,698) |
113,428 |
| - Finance
costs |
|
|
|
|
|
|
(37,061) |
- Share
of results of
associated companies |
(511) |
100 |
(252) |
|
|
|
(663) |
| Results
arising from other investing activities |
(2,430) |
|
36,697 |
(1,230) |
|
|
33,037 |
| - Taxation |
|
|
|
|
|
|
(35,826) |
| |
|
|
|
|
|
|
|
| Minority
interest |
|
|
|
|
|
|
(46,902) |
| |
|
|
|
|
|
|
|
|
| 9. |
The value of property, plant & equipment has been
brought forward without amendment from the previous annual
financial statements. |
| 10. |
On 16 February 2004, the Group announced that it shall
be closing its theme park operations at Wonderland Sydney,
Australia by the middle of the year due to persistent
losses incurred and difficult market conditions. The Group
further announced the entering of a Put and Call Option
Deed on 12 February 2004 with Paclib Industrial No. 5
Pty Limited for the disposal of the property known as
Wonderland Sydney for a total consideration of A$52.5
million, excluding Goods and Services Tax. A security
sum of A$10m had been received, which will be forfeited
if neither the Put Option nor the Call Option is exercised. |
| 11. |
There was no material change in the composition of the
Group for the 4th quarter ended 31 December 2003. |
| 12. |
There were no material changes in contingent liabilities
since the last annual balance sheet date. There were no
contingent assets. |
| 13. |
The Group recorded a revenue of RM210.2m representing
an increase of 41.7% over the corresponding quarter ended
31 December 2002. All segments had registered an increase
in revenue over the same period last year with property
development segment being the major contributor with an
increase of 86%.
The profit from operations after finance cost of RM27.9m
had correspondingly increased by 49.2% |
| 14. |
The revenue for the 4th quarter of RM210.2m was
marginally lower than the 3rd quarter of RM211.4m mainly
due to higher progress billings and land compensation
received by the property development segment in the 3rd
quarter. The profit from operations after finance cost
of RM27.9m was accordingly lower than that achieved in
the 3rd quarter of RM33.4m. |
| 15. |
The Group expects to perform well for the current year
with the buoyant property market as it focuses on property
development as its key earnings contributor. The impending
closure of the theme park operations in Australia and
the proposed disposal of the theme park property is expected
to contribute positively to its overall earnings. |
| 16. |
Not applicable. |
| 17. |
The higher effective tax rate for the current year-to-date
was due to profits of subsidiary companies being separately
assessed without relief against losses suffered by other
subsidiary companies.
| |
| |
31/12/2003 |
31/12/2002 |
31/12/2003 |
31/12/2002 |
| |
| Current taxation |
16,279 |
3,229 |
34,533 |
21,048 |
| Associated companies |
0 |
301 |
306 |
747 |
| Deferred Tax |
987 |
|
| 18. |
There were no sales of investments and/or properties of
investment nature for the 4th quarter ended 31 December
2003. |
| 19. |
There were no purchase or disposal of quoted securities
for the 4th quarter ended 31 December 2003. |
| 20. |
There were no corporate proposal announced for the 4th
quarter ended 31 December 2003. |
| 21. |
The Group borrowings as at 31 December 2003 are as follows:
| |
Secured |
Unsecured |
| |
| Short term borrowings |
44,378 |
5,336 |
49,714 |
| Long term borrowings |
228,239 |
235,812 |
464,051 |
| Included in the above are foreign
currency borrowings as follows: |
| |
Secured |
Unsecured |
| |
| Australian Dollar (AUD1=RM2.8612) |
7,153 |
0
|
| US Dollar (USD1 = RM3.825) |
0
|
15,602 |
|
| 22. |
There were no financial instruments with off balance sheet
risk as at 26 February 2004. |
| 23. |
As at 26 February 2004, there were no material litigations
since the last balance sheet date. |
| 24. |
The Board of Directors has proposed a dividend of 1.0
sen per ordinary share of RM1.00 each less 28% income
tax for the financial year ended 31 December 2003 (2002
: 1.5 sen), which is subject to shareholders approval
at the forthcoming AGM. |
| 25. |
The calculation of the earnings / (loss) per share for
the Group is based on profit after taxation and minority
interests less preference shares dividend on the weighted
average number of ordinary shares in issue during the
period.
| |
| |
31/12/2003 |
31/12/2002 |
31/12/2003 |
31/12/2002 |
| |
| |
|
|
|
| Profit attributable to members
of the company |
6,012 |
101,829 |
26,013 |
122,360 |
| Less : Preference share dividends |
0 |
(1,782) |
(1,035) |
(7,128) |
| |
|
|
|
|
| Weighted Average Number of Ordinary
Shares |
391,327 |
340,199 |
391,327 |
340,199
|
| Earnings per share ( Basic )
(sen) |
1.54 |
29.41 |
6.38 |
33.87 |
| |
|
|
|
| Profit attributable to members
of the company |
6,012 |
N/R |
26,013 |
N/R |
| Less : Preference share dividends |
0 |
N/R |
(1,035) |
N/R |
|
| |
|
|
|
|
| Weighted Average Number of Ordinary
Shares |
419,045 |
0 |
419,045 |
0 |
Earnings per share ( Diluted
)
|
1.43 |
N/R |
5.96 |
N/R |
| |
|
|
|
|
|
