Financials
Condensed Consolidated Balance SheetsAs At 31 March 2008
(The figures have not been audited)
(UNAUDITED) |
(AUDITED) |
|
|---|---|---|
AS AT |
AS AT |
|
31/03/2008 |
31/12/2007 |
|
(RM'000) |
(RM'000) |
|
| ASSETS | (restated) | |
| Non-current assets | ||
| Property, plant and equipment | 56,032 | 53,907 |
| Investment in associated companies | - | 26 |
| Other Investment | 1 | 1 |
| Intangible assets | 18 | 20 |
| Prepaid lease payments | 5,368 | 5,542 |
| 61,419 | 59,496 | |
| Current Assets | ||
| Property development cost | 570,549 | 569,325 |
| Inventories | 33,983 | 43,018 |
| Trade and other receivables | 275,002 | 234,558 |
| Deposits with licensed banks | 99,532 | 153,907 |
| Cash and bank balances | 31,117 | 49,820 |
| 1,010,243 | 1,050,628 | |
| TOTAL ASSETS | 1,071,662 | 1,110,124 |
| EQUITY AND LIABILITIES | ||
| Equity attributable to equity holders of the parent | ||
| Share capital | 310,910 | 310,671 |
| Share premium | 133,963 | 133,908 |
| Other reserves | 4,163 | 4,515 |
| Retained profit | 203,567 | 181,223 |
| 652,603 | 630,317 | |
| Minority interest | 5,293 | 5,455 |
| Total equity | 657,896 | 635,772 |
| Non-current liabilities | ||
| Long term borrowings | 132,254 | 142,984 |
| Deferred payables | 52,276 | 52,576 |
| Deferred taxation | 7 | 7 |
| 184,537 | 195,567 | |
| Current Liabilities | ||
| Trade and other payables | 203,165 | 258,850 |
| Term loans | 7,578 | 6,125 |
| Short term borrowings | 8,758 | 7,832 |
| Bank overdrafts | 538 | 385 |
| Taxation | 9,190 | 5,593 |
| 229,229 | 278,785 | |
| Total liabilities | 413,766 | 474,352 |
| TOTAL EQUITY AND LIABILITIES | 1,071,662 | 1,110,124 |
| Net assets per share attributable to equity holders of the parent | ||
| (RM) | 1.05 | 1.01 |
|
(The net assets per share for both periods have been adjusted for the effect of share split and bonus issue) The Condensed Consolidated Balance Sheets should be read in conjunction with the audited financial statements for the year ended 31 December 2007 and the accompanying explanatory notes attached to the interim financial statements. |
||
Condensed Consolidated Income Statements
As At 31 March 2008
(The figures have not been audited)
|
3 months ended |
Period ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 31/3/2008 | 31/3/2007 | 31/3/2008 | 31/3/2007 | ||||||||
| (RM'000) | (RM'000) | (RM'000) | (RM'000) | ||||||||
| (restated) | (restated) | ||||||||||
| Revenue | 140,665 | 141,561 | 140,665 | 141,561 | |||||||
| Cost of Sales | (96,649) | (102,870) | (96,649) | (102,870) | |||||||
| Gross profit | 44,016 | 38,691 | 44,016 | 38,691 | |||||||
| Other income | 1,126 | 577 | 1,126 | 577 | |||||||
| Administrative expenses | (10,387) | (9,680) | (10,387) | (9,680) | |||||||
| Selling and marketing expenses | (2,526) | (3,324) | (2,526) | (3,324) | |||||||
| Interest income | (72) | 86 | (72) | 86 | |||||||
| Finance costs | (1,242) | (1,354) | (1,242) | (1,354) | |||||||
| Profit before taxation | 30,915 | 24,996 | 30,915 | 24,996 | |||||||
| Income tax expense | (8,598) | (6,835) | (8,598) | (6,835) | |||||||
| Profit for the period | 22,317 | 18,161 | 22,317 | 18,161 | |||||||
| Attributable to: | |||||||||||
| Equity holders of the parent | 22,309 | 17,914 | 22,309 | 17,914 | |||||||
| Minority interest | 8 | 247 | 8 | 247 | |||||||
| Profit for the period/year | 22,317 | 18,161 | 22,317 | 18,161 | |||||||
| Earnings per share attributable to equity holders of the parent: | |||||||||||
| - Basic (sen) | Note B13 | 3.59 | 4.12 | 3.59 | 4.12 | ||||||
| - Diluted (sen) | Note B13 | 3.55 | 3.54 | 3.55 | 6.54 | ||||||
|
The Condensed Consolidated Balance Sheets should be read in conjunction with the audited financial statements for the year ended 31 December 2007 and the accompanying explanatory notes attached to the interim financial statements. |
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Review of Performance
The Group recorded profit after tax after minority interest of RM22.31 million for the first quarter ended 31 March 2008;a 24.5% improvement compared to Rm17.91 million for the previous corresponding quarter ended 31 March 2007. The improvement in profit after tax was attributable to contribution from more projects, from 7 projects in the first quarter to 9 projects in the first quarter 2008.
The main contributors to profits after tax during the quarter under review were Hijauan Residence, Aman Perdana, Kemuning Residence and The Icon Jalan Tun Razak (West Wing) in the Klang Valley and Austin Perdana and Sierra Perdana in Johor Bahru.
As at today, the Group has 14 projects, all allocated in prime locations - 9 in the Klang Valley, 4 in Johor Bahru in Iskandar Malaysia and 1 in Penang.
