| 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. |
There were no unusual items affecting assets, liabilities,
equity, net income or cashflows for the 3rd quarter ended
30 September 2005. |
| A5. |
There were no changes in estimates that have a material
effect on the amounts reported for the 3rd quarter ended
30 September 2005. |
| A6. |
There were no issuances, cancellations, repurchases, resale
and repayments of debt and equity securities for the 3rd
quarter ended 30 September 2005, except for the issuance
of equity securities pursuant to the Employees' Share
Option Scheme amounting to RM305,000. |
| A7. |
During the quarter ended 30 September 2005, a dividend
amounting to RM4,451,095 was paid in respect of the final
dividend of 1.5% 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 September 2005
are as follows:
| |
Property Development
|
Property Investment
|
Leisure |
Hospitality |
Healthcare |
Eliminations
|
Consolidated
|
| |
| BY BUSINESS SEGMENTS |
|
|
|
|
|
|
|
| REVENUE AND EXPENSES |
|
|
|
|
|
|
|
| Revenue |
|
|
|
|
|
|
|
| External sales |
516,844 |
82,426 |
43,827 |
116,553 |
61,904 |
|
821,554 |
| Inter-segment sales |
45,473 |
36,687 |
0 |
1,867 |
28 |
(84,055) |
0 |
| Total Revenue |
| Results |
|
|
|
|
|
|
|
| Operating segment results |
165,058 |
41,139 |
(6,802) |
2,634 |
4,728 |
- |
206,757 |
| Finance costs |
|
|
|
|
|
|
(33,213) |
| Other investing activity results
|
|
|
|
|
|
|
10,931 |
| Share of results of associated
companies |
|
|
|
|
|
|
8,926 |
| Taxation |
|
|
|
|
|
|
(58,386) |
| Profit after taxation |
|
|
|
|
|
|
135,015 |
| Minority interest |
|
|
|
|
|
|
(49,520) |
| 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 3rd quarter ended 30 September 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 registered a revenue of RM259.6 million in
the current quarter ended 30 September 2005, representing
an increase of 7% over the corresponding quarter ended
30 September 2004.
All divisions except the Leisure division recorded better
revenue with hospitality division registering the highest
increase of 23% mainly due to better performance for
banqueting and convention as well as strong demand from
the Middle Eastern tourists during the quarter.
Profit before taxation achieved during the quarter was
RM61.6 million, a significant increase of 103% over
the same quarter last year. The results for the corresponding
quarter last year was affected by certain provisions
made for closure costs following the cessation of business
of the Wonderland Sydney Theme Park in April 2004. Financial
charges for the current quarter was significantly lower
due to repayment of debts from proceeds of an equity
investment in Sunway Resort Hotel Sdn. Bhd. by an investor
in April 2005. The better performance for the current
quarter was also contributed by share of profits in
a jointly controlled entity involved in property development.
|
| B2. |
The current quarter's revenue of RM259.6 million was 7%
lower than the 2nd quarter's revenue of RM279.2 million.
The higher revenue in the 2nd quarter 2005 was contributed
by recognition of deferred revenue from the disposal of
40ha Businesss Park land in Australia in 2002, upon the
finalisation of actual useable land in accordance with
the Sales and Purchase agreement.
However the profit from operations for the current quarter
of RM67.6 million was only marginally lower than 2nd quarter
2005 due to a charge out of base stocks by certain subsidiaries
in the 2nd quarter ended 30 June 2005.
Profit before taxation of RM61.6 million was however RM12
million lower than the previous quarter. The previous
quarter's results included results arising from other
investing activities of RM11.3 million which was attributable
to a deemed gain from dilution of 48% interest in Sunway
Resort Hotel Sdn. Bhd. offset by provision for impairment
loss made on a property. |
| B3. |
Barring unforeseen circumstances, the Group is confident
of achieving higher earnings in the current year. |
| 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.
| |
| |
30/09/2005 |
30/09/2004 |
30/09/2005 |
30/09/2004 |
| |
Current taxation
|
19,508 |
10,521 |
48,041 |
29,955 |
| Deferred Tax |
1,138 |
2,130 |
10,345 |
7,068 |
| |
|
| B6. |
There were no sales of investments and/or properties of
investment nature for the 3rd quarter ended 30 September
2005. |
| B7. |
There were no purchase or disposal of quoted securities
for the 3rd quarter ended 30 September 2005. |
| B8. |
There were no corporate proposal announced for
the 3rd quarter ended 30 September 2005. |
| B9. |
The Group borrowings as at 30 June 2005 are as follows:
| |
| |
| Short term borrowings |
63,220 |
4,436 |
67,656 |
| Long term borrowings |
353,374 |
256,804 |
610,178 |
| |
Included in the above are foreign currency borrowings
as follows:
| |
| |
| US Dollar (USD1 = RM3.769) |
0 |
10,247 |
10,247 |
|
| B10. |
There were no financial instruments with off balance sheet
risk as at 22 November 2005. |
| B11. |
As at 22 November 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 3rd 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.
| |
| |
30/09/2005 |
30/09/2004 |
30/09/2005 |
30/09/2004 |
| |
|
|
|
|
|
| Profit attributable to members
of the company |
25,452 |
14,320 |
85,495 |
39,814 |
| Weighted Average Number of Ordinary
Shares |
411,935 |
405,050 |
411,935 |
405,050 |
| Earnings per share ( Basic )
(sen) |
6.18 |
3.54 |
20.75 |
9.83 |
| |
|
|
|
| |
|
|
|
| Profit attributable to members
of the company |
25,452 |
14,320 |
85,495 |
39,814 |
| Weighted Average Number of Ordinary
Shares |
418,455 |
423,197 |
418,455 |
423,197 |
| Earnings per share ( Diluted
) (sen) |
6.08 |
3.38 |
20.43 |
9.41 |
|
