| A1. |
The interim financial report has been prepared in accordance
with FRS134 " 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.
As announced on 19 August 2005, the Company has changed
its financial year-end from 31 December to 30 June. Pursuant
to the change in the financial year-end, comparative figures
for the current quarter and the cumulative period are
not presented.
The figures for "cumulative quarter current year
to date" in the unaudited condensed consolidated
income statement, statement of changes in equity and cash
flow statement are for a period of 5 quarters, i.e. from
1 January 2005 to 31 March 2006 due to the above mentioned
change in the financial year-end. |
| 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 ended 31 March 2006, was slightly
enhanced as follows:
| |
| Deemed gain on divestment of
40% equity interest in a subsidiary company |
7,404 |
| Net reversal of provision for
impairment loss by a subsidiary company due to revival
of project |
5,454 |
| Others |
112 |
| |
| |
|
| Minority interest |
(11,147) |
| |
|
| |
|
| A5. |
There were no changes in estimates that have a material
effect on the amounts reported for the 5th quarter ended
31 March 2006. |
| A6. |
There were no issuances, cancellations, repurchases, resale
and repayments of debt and equity securities for the 5th
quarter ended 31 March 2006, except for the issuance of
equity securities pursuant to the Employees' Share Option
Scheme amounting to RM1,373,000. |
| A7. |
There was no dividend paid during the 5th quarter ended
31 March 2006. |
| 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 |
838,374 |
142,113 |
84,313 |
190,772 |
104,742 |
|
1,360,314 |
| Inter-segment sales |
45,473 |
61,581 |
0 |
3,240 |
53 |
(110,347) |
0 |
| Total Revenue |
| Results |
|
|
|
|
|
|
|
| Operating segment results |
283,926 |
67,481 |
(10,837) |
4,441 |
7,220 |
|
352,231 |
| Finance costs |
|
|
|
|
|
|
(54,158) |
| Other investing activity results
|
|
|
|
|
|
|
23,943 |
| Share of results of associated
companies and jointly controlled entity |
|
|
|
|
|
|
28,755 |
| Taxation |
|
|
|
|
|
|
(83,429) |
| Profit after taxation |
|
|
|
|
|
|
267,342 |
| Minority interest |
|
|
|
|
|
|
(124,449) |
| 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 5th quarter ended 31 March 2006. |
| 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 revenue of RM220.9 million for the
current quarter ended 31 March 2006 and profit before
taxation of RM66.8 million, mainly contributed by the
property development and property investment segments.
Also included in the profit before tax of the current
quarter was results from other activities of RM12.97
million as mentioned in Note A4.
|
| B2. |
The current quarter's revenue of RM220.9 million and profit
before taxation of RM66.8 million were lower compared
to those in the previous quarter ended 31 December 2005
of RM317.8 million and RM90.6 million respectively.
Included in the previous quarter's revenue and profit
before taxation was the contribution from the disposal
of our 50% interest in a parcel of development land at
Wonderland Business Park, Australia amounting to RM59
million and RM52.9 million respectively.
Excluding the effects of the above mentioned disposal,
the profit before taxation achieved was higher despite
a lower revenue. This was mainly attributable to the property
development segment which had increasing contribution
from jointly controlled entity and higher margin products.
Also included in the profit before taxation of the current
quarter was results from other investing activities amounting
to RM12.97 million as mention in Note A4. |
| B3. |
The Board is confident that the Group shall continue to
achieve past performance level for the remaining months
in the current financial period. This prospect is backed
by strong locked-in sales and timely work progress from
its main contributor, the property development segment,
and steady performance by the other segments. |
| B4. |
Not applicable. |
| B5. |
The lower effective tax rate for the current year-to-date
was mainly due to recognition of deferred tax assets in
current financial period. The deferred tax assets recognised
arose from availability of probable future taxable profits
to offset against the related tax credits.
| |
| |
31/03/2006 |
31/03/2006 |
| |
Current taxation
|
14,858 |
84,014 |
| Deferred Tax |
(12,324) |
(585) |
| |
|
| B6. |
The investment of 40% equity interest in Sunway South
Quay Sdn. Bhd. (formerly known as Renown Oasis Sdn. Bhd.),
a wholly owned subsidiary company of Sunway Lagoon Sdn.
Bhd., by Kuwait Finance House (Malaysia) Berhad and Employees
Provident Fund Board of Malaysia which was completed on
24 March 2006 resulted in a deemed gain net of minority
interest of RM3.8 million to the Group.
There were no sales of investments and/or properties of
investment nature for the 5th quarter ended 31 March 2006.
|
| B7. |
There were no purchase or disposal of quoted securities
for the 5th quarter ended 31 March 2006. |
| B8. |
There were no corporate proposal announced for the 5th
quarter ended 31 March 2006. |
| B9. |
The Group borrowings as at
31 March 2006 are as follows:
| |
| |
| Short term borrowings |
61,640 |
2,949 |
64,589 |
| Long term borrowings |
300,931 |
211,451 |
512,382 |
| |
Included in the above are foreign currency borrowings
as follows:
| |
| |
| US Dollar (USD1 = RM3.686) |
0 |
8,400 |
8,400 |
|
| B10. |
There were no financial instruments with off balance sheet
risk as at 30 May 2006. |
| B11. |
As at 30 May 2006, there were no material litigations
since the last balance sheet date. |
| B12. |
No dividend has been proposed by the Board of Directors
for the 5th 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.
| |
| |
31/03/2005 |
31/03/2005 |
| |
|
|
|
| Profit attributable to members
of the company |
33,192 |
142,893 |
| Weighted Average Number of Ordinary
Shares |
412,836 |
412,567 |
| Earnings per share ( Basic )
(sen) |
8.04 |
34.64 |
| |
|
| |
|
| Profit attributable to members
of the company |
33,192 |
142,893 |
| Weighted Average Number of Ordinary
Shares |
418,046 |
417,776 |
| Earnings per share ( Diluted
) (sen) |
7.94 |
34.20 |
|
