| 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 enhanced by RM11.3 million contributed
by a deemed gain arising from dilution of 48% interest
in Sunway Resort Hotel Sdn. Bhd. offset by provision for
impairment loss made on a property. |
| A5. |
There were no material changes in estimates that have
a material effect on the amounts reported for the 2nd
quarter ended 30 June 2005. |
| A6. |
There were no issuances, cancellations, repurchases, resale
and repayments of debt and equity securities for the 2nd
quarter ended 30 June 2005, except for the issuance of
equity securities pursuant to the Employees' Share Option
Scheme amounting to RM653,500. |
| A7. |
During the quarter ended 30 June 2005, a dividend amounting
to RM10,367,444 was paid in respect of the final dividend
of 3.5% per ordinary share of RM1.00 each less 28% income
tax for the financial year ended 31 December 2004. |
| A8. |
Segmental results for the period ended 30 June 2005 are
as follows:
| |
Property Development
|
Property Investment
|
Leisure |
Hospitality |
Healthcare |
Eliminations
|
Consolidated
|
| |
| BY BUSINESS SEGMENTS |
|
|
|
|
|
|
|
| REVENUE AND EXPENSES |
|
|
|
|
|
|
|
| Revenue |
|
|
|
|
|
|
|
| External sales |
368,838 |
54,373 |
27,847 |
71,357 |
39,501 |
|
561,916 |
| Inter-segment sales |
0 |
24,968 |
0 |
1,032 |
16 |
(26,016) |
0 |
| Total Revenue |
| Results |
|
|
|
|
|
|
|
| Operating segment results |
121,264 |
28,936 |
(3,596) |
(3,732) |
2,871 |
(6,628) |
139,114 |
| Finance costs |
|
|
|
|
|
|
(22,955) |
| Other investing activity results
|
|
|
|
|
|
|
10,895 |
| Share of results of associated
companies |
|
|
|
|
|
|
4,704 |
| Taxation |
|
|
|
|
|
|
(37,740) |
| Profit after taxation |
|
|
|
|
|
|
94,018 |
| Minority interest |
|
|
|
|
|
|
(33,974) |
| 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. |
There were no material events subsequent to the end of
the period reported on that have not been reflected in
the financial statement for the said period. |
| A11. |
There was no material change in the composition of the
Group for the 2nd quarter ended 30 June 2005. |
| A12. |
There were no material changes in contingent liabilities
since the last annual balance sheet date.
There were no contingent assets.
|
| B1. |
The Group recorded a revenue of RM279.2 million for
the current quarter ended 30 June 2005, a marginal increase
of 2% over the corresponding quarter ended 30 June 2004.
All divisions except for the Leisure division had recorded
an increase in revenue, with substantial increase of
26% from the Hospitality division. The Leisure division's
decline in revenue was due to the closure of the Wonderland
Sydney Theme Park in April 2004 whilst the increase
from the Hospitality division was contributed by the
Pyramid Tower Hotel which was operational from July
2004.
The profit before taxation of RM73.7 million for the
current quarter ended 30 June 2005 represent a twofold
increase over the same quarter ended 30 June 2004. The
better results for the current quarter was contributed
by the factor mentioned in A4 above and the recognition
of deferred revenue from the disposal of a 40ha Business
Park land in Australia in 2002 (this amount was deferred
pending the finalisation of actual useable land which
was confirmed in June 2005). However this was offset
by charge out of base stocks by certain subsidiary companies.
The results for the corresponding quarter last year
was adversely affected by the pre-operating expenses
of the Pyramid Tower Hotel and closure costs of the
Wonderland Sydney Theme Park.
|
| B2. |
The current quarter's revenue was marginally lower by
RM3.5 million as compared to the quarter ended 31 March
2005. During the 1st quarter ended 31 March 2005, Property
Development division recorded higher billings from delivery
of vacant possession of some projects.
However Profit before taxation for the current quarter
was higher than the 1st quarter ended 31 March 2005 due
to factors mentioned in B1 above. |
| B3. |
Barring unforeseen circumstances, the Group expects all
business divisions, particularly its core Property Development
business to contribute to higher earnings in 2005. |
| 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.
| |
| |
30/06/2005 |
30/06/2004 |
30/06/2005 |
30/06/2004 |
| |
Current taxation
|
17,533 |
8,324 |
28,534 |
19,434 |
| Deferred Tax |
6,792 |
3,227 |
9,206 |
4,938 |
| |
|
| B6. |
The investment of 48% equity interest in Sunway Resort
Hotel Sdn. Bhd. by Reco Resort Hotel (M) Sdn. Bhd. which
was completed on 20 April 2005, resulted in a deemed gain
of RM16.5 million to the Group.
There were no other sales of investments and/or properties
of investment nature for the 2nd quarter ended 30 June
2005. |
| B7. |
There were no purchase or disposal of quoted securities
for the 2nd quarter ended 30 June 2005. |
| B8. |
There were no corporate proposal announced for the 2nd
quarter ended 30 June 2005. |
| B9. |
The Group borrowings as at 30 June 2005 are as follows:
| |
| |
| Short term borrowings |
56,339 |
4,121 |
60,460 |
| Long term borrowings |
364,028 |
257,445 |
621,473 |
| |
Included in the above are foreign currency borrowings
as follows:
| |
| |
| US Dollar (USD1 = RM3.825) |
0 |
11,012 |
11,012 |
|
| B10. |
There were no financial instruments with off balance sheet
risk as at 18 August 2005. |
| B11. |
As at 18 August 2005, there were no material litigations
since the last balance sheet date. |
| B12. |
No dividend has been proposed by the Board of Directors
for the 2nd quarter and financial year-to-date.
|
| B13. |
The calculation of the earnings per share for the Group
is based on profit after taxation and minority interests
on the weighted average number of ordinary shares in issue
during the period.
| |
| |
30/06/2005 |
30/06/2004 |
30/06/2005 |
30/06/2004 |
| |
|
|
|
|
|
| Profit attributable to members
of the company |
26,415 |
12,800 |
60,044 |
25,493 |
| Weighted Average Number of Ordinary
Shares |
411,522 |
405,313 |
411,422 |
402,841 |
| Earnings per share ( Basic )
(sen) |
6.42 |
3.16 |
14.59 |
6.33 |
| |
|
|
|
| |
|
|
|
| Profit attributable to members
of the company |
26,415 |
12,800 |
60,044 |
25,493 |
| Weighted Average Number of Ordinary
Shares |
418,193 |
413,540 |
418,193 |
411,069 |
| Earnings per share ( Diluted
) (sen) |
6.32 |
3.10 |
14.36 |
6.20 |
|
