| A1. |
The interim financial report has been prepared in accordance
with MASB26 " Interim Financial Reporting "
and paragraph 9.22 of the Bursa Malaysia Securities Berhad
Listing Requirements, and should be read in conjunction
with the audited financial statements of the Group for
the financial year ended 31 December 2004.
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 2004. |
| A2. |
The report of the auditors of preceding annual financial
statements was not subject to any qualification. |
| A3. |
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 holiday seasons.
|
| A4. |
The profit attributable to members of the Company for
the current quarter was slightly affected by a provision
for impairment loss by a subsidiary with a net impact
of RM183,000.
| |
| Results arising from other investing
activities |
(424) |
| Minority interest |
241 |
| |
|
| A5. |
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 1st quarter ended
31 March 2005. |
| A6. |
There were no issuances, cancellations, repurchases, resale
and repayments of debt and equity securities for the 1st
quarter ended 31 March 2005, except for the issuance of
equity securities pursuant to the Employees' Share Option
Scheme amounting to RM880,000. |
| A7. |
There was no dividend paid during the 1st quarter ended
31 March 2005. |
| A8. |
Segmental results for the period ended 31 March 2004 are
as follows:
| |
Property Development
|
Property Investment
|
Leisure |
Hospitality |
Healthcare |
Eliminations
|
Consolidated
|
| |
| BY BUSINESS SEGMENTS |
|
|
|
|
|
|
|
| REVENUE AND EXPENSES |
|
|
|
|
|
|
|
| Revenue |
|
|
|
|
|
|
|
| External sales |
187,516 |
27,268 |
13,490 |
35,767 |
18,678 |
|
282,719 |
| Inter-segment sales |
0 |
11,851 |
0 |
535 |
8 |
(12,394) |
0 |
| Total Revenue |
| Results |
|
|
|
|
|
|
|
| Operating segment results |
56,300 |
14,296 |
(3,470) |
1,088 |
1,300 |
(557) |
68,957 |
| Finance costs |
|
|
|
|
|
|
(12,284) |
| Other investing activity results
|
|
|
|
|
|
|
(424) |
| Share of results of associated
companies |
1,844 |
|
|
|
|
|
1,844 |
| Taxation |
|
|
|
|
|
|
(13,415) |
| Profit after taxation |
|
|
|
|
|
|
44,678 |
| Minority interest |
|
|
|
|
|
|
(11,051) |
| Net profit for the period |
|
| A9. |
The value of property, plant & equipment has been
brought forward without amendment from the previous annual
financial statements. |
| A10. |
On 19 April 2005, the shareholders of the Company approved
the proposed investment of 48% equity interest in Sunway
Resort Hotel Sdn. Bhd. (SRH) by Reco Resort Hotel (M)
Sdn. Bhd. (Reco-M) and the proposed internal restructuring
of SRH.
The proposed investment and proposed internal restructuring
were completed on 20 April 2005 resulting in the Company
and Reco-M holding 52% and 48% of the enlarged issued
and paid-up share capital of SRH respectively. |
| A11. |
There was no material change in the composition of the
Group for the 1st quarter ended 31 March 2005. |
| A12. |
There were no material changes in contingent liabilities
since the last annual balance sheet date.
There were no contingent assets.
|
| B1. |
For the current quarter ended 31 March 2005, the group
registered a revenue of RM282.7 million, an increase
of 11% over the corresponding quarter ended 31 March
2004. All divisions except for the Leisure division
had recorded an increase in revenue, led by Property
Development division with an increase of 22%. The Leisure
division's decline in revenue was due to the closure
of the Wonderland Sydney Theme Park in April 2004.
The Profit before taxation achieved for the current
quarter was RM58.1 million, an increase of 62% over
the same quarter last year. All divisions especially
Property Development division had registered better
performance over the corresponding quarter ended 31
March 2004.
|
| B2. |
The revenue achieved for the current quarter was 11% higher
than the previous quarter ended 31 December 2004. However
profit before taxation was RM30.1 million lower than previous
quarter. The previous quarter's results included gain
arising from other investing activities of RM50.3 million
mainly from the disposal of the Wonderland Sydney Theme
Park. |
| B3. |
Barring unforeseen circumstances, the Group expects strong
earnings growth in 2005, contributed by all business divisions,
particularly its core Property Development business. |
| B4. |
Not applicable. |
| B5. |
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.
| |
| |
31/03/2005 |
31/03/2004 |
31/03/2005 |
31/03/2004 |
| |
Current taxation
|
11,000 |
11,110 |
11,000 |
11,110 |
| Deferred Tax |
2,415 |
1,711 |
2,415 |
1,711 |
| |
|
| B6. |
There were no sales of investments and/or properties of
investment nature for the 1st quarter ended 31 March 2005.
|
| B7. |
There were no purchase or disposal of quoted securities
for the 1st quarter ended 31 March 2005. |
| B8. |
There were no corporate proposal announced for the 1st
quarter ended 31 March 2005. |
| B9. |
The Group borrowings as at
31 March 2005 are as follows:
| |
| |
| Short term borrowings |
62,448 |
4,111 |
66,559 |
| Long term borrowings |
349,001 |
258,020 |
607,021 |
| |
Included in the above are foreign currency borrowings
as follows:
| |
| |
| US Dollar (USD1 = RM3.825) |
0 |
11,777 |
11,777 |
|
| B10. |
There were no financial instruments with off balance sheet
risk as at 17 May 2005. |
| B11. |
As at 17 May 2005, there were no material litigations
since the last balance sheet date. |
| B12. |
The Board of Directors has proposed a final dividend
of 1.5% per ordinary share of RM1.00 each less 28% income
tax for the financial year ended 31 December 2004 (2003
: 1sen), which is subject to shareholders' approval
at the forthcoming Annual General Meeting of the Company.
An interim dividend of 3.5 % per ordinary share of RM1.00
each less 28% income tax for the financial year ended
31 December 2004 was declared in February 2005 and was
paid in April 2005.
|
| B13. |
The calculation of the earnings 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.
| |
| |
31/03/2005 |
31/03/2004 |
31/03/2005 |
31/03/2004 |
| |
|
|
|
|
|
| Profit attributable to members
of the company |
33,627 |
12,693 |
33,627 |
12,693 |
| Weighted Average Number of Ordinary
Shares |
410,853 |
400,371 |
410,853 |
400,371 |
| Earnings per share ( Basic )
(sen) |
8.18 |
3.17 |
8.18 |
3.17 |
| |
|
|
|
| |
|
|
|
| Profit attributable to members
of the company |
33,627 |
12,693 |
33,627 |
12,693 |
| Weighted Average Number of Ordinary
Shares |
425,697 |
427,694 |
425,697 |
427,694 |
| Earnings per share ( Diluted
) (sen) |
7.90 |
2.97 |
7.90 |
2.97 |
|
