BHIC Q4-Y2007 Bursa _final_

Document Sample
BHIC Q4-Y2007 Bursa _final_ Powered By Docstoc
					Boustead Heavy Industries Corporation Berhad (11106-V)
(formerly known as PSC Industries Berhad)
UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENTS


For the quarter ended 31 December 2007                   Current Period                Cumulative Period
                                                                   Restated                        Restated
                                                         2007            2006            2007            2006
                                                      RM'000          RM'000          RM'000          RM'000

Revenue                                                 45,700          28,082        117,153           80,476
Operating cost                                         (25,854)        (37,008)        (93,102)       (125,968)
Profit from operations                                  19,846          (8,926)         24,051         (45,492)
Interest income                                            289           2,040           1,179           2,139
Other investment results                                    (10)        (6,401)            941          (6,447)
Finance cost                                                (13)        (3,317)           (723)        (40,104)

Share of results of Associates                          16,575             (10)         56,623             (10)

                                                        36,687         (16,614)         82,071         (89,914)
Waiver by financial institutions pursuant to
Restructuring Scheme                                        -              -          392,819              -
Profit before taxation                                  36,687         (16,614)       474,890          (89,914)
Income tax benefit/(expense)                            11,877          (2,886)         11,427          (3,343)

Profit for the year                                     48,564         (19,500)       486,317          (93,257)

Attributable to:
Shareholders of the Company                             48,253         (19,993)       485,469          (94,218)
Minority interests                                         311             493            848              961
Net profit/(loss) for the period                        48,564         (19,500)       486,317          (93,257)

Basic earnings/(loss)    per share
attributable to equity holders of the
Company (sen)

For profit/(loss) for the period                         32.22          (11.48)         324.19          (54.12)
For profit/(loss) excluding waiver by
financial   institutions pursuant  to
Restructuring Scheme                                     32.22          (11.48)          61.87          (54.12)




The Unaudited Condensed Consolidated Income Statements should be read in conjunction with the Audited Financial
Statements for the Year Ended 31 December 2006.

Notes: The corresponding periods were restated.




                                                           1
Boustead Heavy Industries Corporation Berhad (11106-V)
(formerly known as PSC Industries Berhad)
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

                                                                                                  Restated
                                                                                                  Audited
As at 31 December 2007                                                                        31 December
                                                                                    2007             2006
                                                                                  RM'000           RM'000
ASSETS
Non current assets
Property, plant and equipment                                                      37,446            36,858
Investment properties                                                               6,500             6,500
Prepaid land lease payments                                                        12,562            12,743
Deferred tax assets                                                                13,000               -
Associates                                                                        110,203               -
Investments                                                                            16            53,606
                                                                                  179,727           109,707
Current assets
Inventories                                                                           702             2,135
 Receivables                                                                       53,925            69,280
Cash and bank balances                                                            106,713            17,670
                                                                                  161,340            89,085

Non current assers held for sale                                                      -              57,100
                                                                                  161,340           146,185

TOTAL ASSETS                                                                      341,067           255,892

EQUITY AND LIABILITIES

Equity attributable to equity holders of the Company
Share capital                                                                     248,458           174,083
Reserves                                                                           (39,830)        (664,644)
Shareholders' equity                                                              208,628          (490,561)
Minority interests                                                                   5,524            6,074
Total equity                                                                      214,152          (484,487)
Non current liablities
Long term borrowings                                                                   236              201
Deferred tax liabilities                                                             1,048              823
                                                                                     1,284            1,024
Current liabilities
Borrowings                                                                            149           415,541
Trade and other payables                                                          121,847           319,784
Taxation                                                                            3,635             4,030
                                                                                  125,631           739,355
Total liabilities                                                                 126,915           740,379

TOTAL EQUITY AND LIABILITIES                                                      341,067           255,892

Net assets per share attributable to ordinary equity holders of the
                                                                                      0.84             (2.82)
parent - RM


The Unaudited Condensed Consolidated Balance Sheets should be read in conjunction with the Audited Financial
Statements for the Year Ended 31 December 2006.




                                                             2
Boustead Heavy Industries Corporation Berhad (11106-V)

(formerly known as PSC Industries Berhad)

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


                                                                   Attributable to shareholders of Company
                                                                                        *Exchange Retained Profit
For the quarter ended                    Share         *Share         *Revaluation     Fluctuation /(Accumulated                     Minority      Total
31 December 2007                        Capital      Premium              Reserve        Reserves          Loss)           Total     Interests    Equity
                                        RM'000        RM'000              RM'000         RM'000              RM'000      RM'000      RM'000      RM'000
Balance at 1 January 2007
Restated at 31 December 2006            174,083         70,243                  -          (8,521)           (779,946)   (544,141)      6,074    (538,067)
Prior year adjustment                        -             -                    -             -               53,580      53,580          -       53,580
Balance at 1 January 2007 (restated) 174,083            70,243                  -          (8,521)           (726,366)   (490,561)      6,074    (484,487)


Exchange fluctuation                         -             -                    -              79-               -            79           53        132
Capital reduction                       (139,266)                                                            139,266         -            -          -
 debts settlement                        144,008           -                    -             -                  -       144,008          -      144,008
Rights Issue 2:1                               -                                                                             -            -          -
Share premium cancelled                        -       (70,243)                 -             -               70,243         -            -          -
Rights Issue                              69,633           -                    -             -                  -        69,633          -       69,633
Dilution in equity interest                  -             -                    -             -                   -           -        (1,451)     (1,451)
Net gain not recognised in               74,375        (70,243)                 -              79            209,509     213,720       (1,398)   212,322
 the income statement
Net profit for the period                   -              -                    -             -              485,469     485,469          848    486,317
Balance at 31 December 2007             248,458            -                    -          (8,442)           (31,388)    208,628        5,524    214,152


Balance at 1 January 2006
As previously stated as at              174,083         70,243               10,841        (8,442)           (669,949)   (423,224)      5,316    (417,908)
   31 December 2005
Effects of adopting FRS 140                      -             -            (10,841)              -           (15,779)    (26,620)        -       (26,620)
As previously stated                    174,083         70,243                  -          (8,442)           (685,728)   (449,844)      5,316    (444,528)
Prior year adjustment                        -             -                    -             -               53,580      53,580          -       53,580
Balance at 1 January 2006 (restated) 174,083            70,243                  -          (8,442)           (632,148)   (396,264)      5,316    (390,948)


Exchange fluctuation                         -             -                    - -           (79)
                                                                                                 -                -           (79)        (53)       (132)
Dividends paid to minority interests         -             -                    -             -                   -           -          (150)       (150)

Net gains not recognised in                  -             -                    -             (79)                -           (79)       (203)       (282)
 the income statement
Net loss for the period                     -              -                    -             -               (94,218)    (94,218)        961     (93,257)
Balance at 31 December 2006             174,083         70,243                  -          (8,521)           (726,366)   (490,561)      6,074    (484,487)


NOTES
* Denotes non distributable reserves.
The Unaudited Condensed Consolidated Statements of Changes of Equity should be read in conjunction with the Audited Financial Statements for the Year
Ended 31 December 2006.




                                                                               3
Boustead Heavy Industries Corporation Berhad (11106-V)
(formerly known as PSC Industries Berhad)
UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENT




For the quarter ended 31 December 2007
                                                                                             Restated
                                                                               2007              2006
                                                                           RM'000            RM'000

Operating Activities
Receipts from customers                                                     156,680           105,061
Cash paid to suppliers and employees                                        (94,824)          (99,163)
                                                                             61,856             5,898
Tax paid less refund                                                         (1,542)           (1,473)
Net cash from operating activities                                           60,314             4,425

Capital expenditure                                                          (4,315)           (4,821)
Disposal of property plant & equipment                                          322               616
Additional investments in Subsidiary                                           (500)              -
Others                                                                        1,031               619
                                                                             (3,462)           (3,586)


Financing Activities
Rights issue                                                                 69,633               -
Waiver/(repayment) of borrowings                                               (191)             (697)
Interest paid                                                                  (174)           (2,246)
Others                                                                          -                (150)
Net cash generated from/(used in) financing activities                       69,268            (3,093)

Foreign exchange translation difference                                          20               (36)
Net increase/(decrease) in cash and cash equivalents                        126,140            (2,290)
Cash and cash equivalent at beginning of period                             (22,165)          (19,875)
Cash and Cash Equivalent at End of Period                                   103,975           (22,165)


Analysis of Cash and Cash Equivalents
Deposits, cash and bank balances                                            103,975            15,366
Overdrafts                                                                      -             (37,531)
Cash and Cash Equivalent at End of Period                                   103,975           (22,165)



The Unaudited Condensed Consolidated Cash Flow Statement should be read in conjunction with the Audited
Financial Statements for the Year Ended 31 December 2006.
Note: The corresponding period was restated.




                                                              4
Boustead Heavy Industries Corporation Berhad (11106-V)

(formerly known as PSC Industries berhad)
Notes to the Interim Financial Report for the Quarter Ended 31 December 2007

Part A - Explanatory Notes Pursuant to FRS 134
A1. Basis of Preparation
    The interim financial statements are unaudited and have been prepared in compliance with the requirements of FRS 134: Interim Financial
    Reporting and paragraph 9.22 of the Listing Requirements of Bursa Malaysia Securities Berhad, and should be read in conjunction with the
    Group's audited financial statements for the year ended 31 December 2006.
A2. Changes in Accounting Policies
    The accounting policies and method of computation adopted by the Group are consistent with those used in the preparation of the Y2006
    Audited Financial Statements, except for the adoption of the following new/revised Financial Reporting Standards (FRS) effective for
    financial period beginning 1 January 2007.
     FRS 117 Leases
     Amendment to FRS 119 2004, Employee Benefits-Actuarial Gains and Losses, Group Plans and Disclosure.
     FRS 124 Related Party Disclosures
     The adoption of Amendment to FRSs 119 2004 and 124 does not have significant financial impact on the Group.
     Prior to 1 January 2007, leasehold land held for own use was classified as property, plant and equipment and was stated at cost less
     accumulated depreciation and impairment losses. The adoption of the revised FRS 117 has resulted in a change in the accounting policy
     relating to the classification of leases of land and buildings. Leasehold land held for own use is now classified as operating lease and
     where necessary the minimum lease payments or the up-front payments made are allocated between land and the building elements in
     proportion to the fair values for leasehold interests in the land element and building element of the lease at the inception of the lease. The
     up-front payment represents prepaid lease payments and are amortised on a straight line basis over the lease term.


    RM'000                                                                                                Previously        FRS 117        Restated
    Property, plant & equipment                                                                              49,601         (12,743)        36,858
    Prepaid land lease payments                                                                                   -          12,743         12,743
A3. Comments about Seasonal or Cyclical Factors
    The business operations of the Group are not materially affected by any seasonal or cyclical factors.
A4. Unusual Items Due to Their Nature, Size or Incidence
(a) Changes in accounting policies described in Note A2 .
(b) Following from the completion of the restructuring scheme on 10 August 2007
    - waiver by financial instituitions of RM392.8 million as stated in consolidated income
    - the effect of share capital reduction and consolidation, share premium account cancellation, share issued to financial instituition and rights
      statement of changes in equity.
(c) Prior year adjustment as described in Note B30.

A5. Change in Estimates
    There were no material changes in estimates of amounts reported in the prior interim periods of the current financial year or the previous
A6. Dividends Paid
    There was no dividend paid for the curent financial quarter ended 31 December 2007.




                                                                     5
A7. Segmental Information
    Segment information for the cumulative period is presented in respect of the Group's business segments as follows:
                                                                                Provision
                                                                               of services
                                                                                   and       Investme
                                                                   Heavy      maintenance       nt
                                                                engineerin          of       Propertie     Other
                                                      Trading         g        equipment          s      operations     Elim'n          Total
     2007                                             RM'000        RM'000          RM'000 RM'000          RM'000      RM'000          RM'000
     Revenue
     Group total sales                                  8,186        75,545         31,107       1,565          821        (71)       117,153
     Inter-segment sales                                  -             -               -                       (71)         71           -
     External sales                                     8,186        75,545         31,107       1,565          750        -          117,153
     Result
    Segment result
       - external                                         875        21,243          3,604          734      (2,334)       (71)        24,051
    Waiver by financial institutions
     to Restructuring Scheme                              -        188,826              -           -      203,993         -          392,819
     Interest expense                                     (50)         (552)           (121)        (71)        -            71          (723)
     Interest income                                        87          870             198           24        -                       1,179
     Other investment result                              (10)          -               950         -              1       -              941
     Share of result of
       Associates                                         -          56,623             -           -           -          -           56,623
     Profit before taxation                               902      267,010           4,631          687    201,660         -          474,890

     Income tax benefit/(expense)                                                                                                      11,427
      Profit after taxation for the period                                                                                            486,317
      2006
      Revenue
      Group total sales                                 27,196         17,720       30,873       4,687         -            -          80,476
      Inter-segment sales                                  -              -            -                       334         (334)          -
      External sales                                    27,196         17,720       30,873       4,687         334         (334)       80,476
      Result
      Segment result
        - external                                        1,577        (48,908)      3,870       2,898       (4,929)                   (45,492)
      Interest expense                                       (2)       (24,196)       (130)     (2,044)     (13,761)          29       (40,104)
      Interest income                                        84          1,793         246          30           15          (29)        2,139
      Other investment result                               -              (49)        -           -         (6,398)         -          (6,447)
      Share of result of                                                                                                     -             -
        Associates                                          -              (10)        -           -            -            -             (10)
      Loss before taxation                                1,659        (71,370)      3,986         884      (25,073)         -         (89,914)
     Income tax benefit/(expense)                                                                                            -          (3,343)
      Profit after taxation for the period                                                                                   -         (93,257)
A8. Debts and Equity Securities
     Except as disclosed in A4, there were no other issuances and repayment of debt and equity securities, share buybacks, share cancellations,
     shares held as treasury shares and resale of treasury shares in the current financial period.
A9. Carrying Amount of Revalued Assets
     There has been no revaluation of property, plant and equipment during the current quarter.
A10 Subsequent Events
     There were no material subsequent events that will materially affect the financial statements of the financial period under review.
A11. Changes in Group Composition
     The Management regard Boustead Naval Shipyard Sdn Bhd as an associate with effect from 10 August 2007. Previously, Management had
     regarded Boustead Naval Shipyard Sdn Bhd as an investment as described in Note B30.
     On 11 September 2007, the Group dissolved Penang Shipbuilding and Construction (UK) Limited in accordance with the provisions of
     Section 652 of the Companies Act, 1985 of the United Kingdom.
     There were no other material changes in the composition of the Group during the period under review.




                                                                   6
A12. Changes in Contingent Liabilities
     On 19 July 2007, the corporate guarantee agreement in relation to the Company's guarantee to financial institution on behalf of an associate
     company for RM 260 million has been returned to the Company.
     Other than the above, the status of the contingent liabilities disclosed in the 2006 Annual Report remains unchanged.No other contingent
     liability has arisen since the financial year end.
A13. Capital Commitments
     The Group has the following commitments as at 31 December 2007:
                                                                                  Authorised
                                                                                         and
                                                                                   contracted
                                                                                     RM'000
     Property, plant and equipment                                                     8,130
Part B - Explanatory Notes Pursuant to Appendix 9B of the Listing Requirements of Bursa Malaysia
B14. Performance Review
     The BHIC Group recorded sharply improved results with turnover of RM117.1 million and profit before non recurring item (waiver by
     financial institutions pursuant to Restructuring Scheme) and tax of RM82.1 million for the financial year ended 31 December 2007,
     compared to revenue of RM80.5 million and a loss before tax of RM89.9 million in the previous year.
     The turnaround is mainly due to a marked improvement in the contribution from ongoing businesses and the share of profit of associate
     companies. The non recurring item of RM392.8 million were due to the waiver of interest and principal outstanding from financial
     institutions arising from the corporate restructuring.
     As at the year end, our strong earnings have allowed us to reduce the past years’ accumulated losses, resulting in a positive shareholders’
     funds position. Our financial condition is considerably improved with minimal debt, and we are in a net cash positive position.

B15. Material Changes in Quarterly Results Compared to The Results of the Immediate Preceding Quarter
     The improvement in the current quarter, is mainly due to better contribution from its ongoing businesses and share of profit of associate .

B16. Prospect for the next financial year
     The Company is financially stronger with negligible gearing and going forward we expect contributions from business operations to be
     profitable.
B17 Notes on variance in actual profit and shortfall in profit guarantee
    The disclosure requirements for explanatory notes for the variance of actual profit after tax and minority interests and shortfall in profit
    guarantee are not applicable.


B18. Taxation
                                                                                                               Current                 Cumulative
                                                                                                                Period                    Period
                                                                                                                 2007                       2007
                                                                                                               RM'000                    RM'000



     Malaysian taxation based on profit for the period:
     - Current                                                                                                     511                         962
     - Deferred                                                                                                (12,661)                    (12,741)
     - Under-provision of prior year                                                                                22                          81
                                                                                                               (12,128)                    (11,698)
     Non-Malaysian taxation based on profit for the period:
     - Current                                                                                                     251                         271
                                                                                                               (11,877)                    (11,427)


     The Group's effective tax rate for the current quarter and financial year-to-date is lower than the statutory rate of tax applicable mainly due
     to the availability of unutilised tax losses, unabsorbed capital allowances and recognition of deferred tax asset.
B19. Sale of Unquoted Investments and Properties
     There were no sales of unquoted investments and properties for the period under review.
B20. Quoted Securities
     There were no purchases or disposals of quoted securities for the period under review.




                                                                    7
B21. Status of Corporate Proposal
     There were no corporate proposals announced and there are none pending completion.

B22. Utilisation of proceeds raised from corporate proposals

                                Propose
                                      d      Actual     Intended
                               Utilisatio Utilisatio
                                        n          n time frame
                                                             for
     Purpose                   RM'000 RM'000          utilisation
      Working capital           65,433     38,527 6 months from completion of proposals
      Estimated expenses          4,200      4,200 3 months from completion of proposals
                                69,633     42,727

B23 Group Borrowings and Debt Securities
13.
    Total group borrowings as at 31 December 2007 are as follows:-
                                                                                                          31.12.2007                  31.12.2006
                                                                                                            RM'000                      RM'000
     Long Term Borrowings (Secured)
     - Term loan                                                                                                  -                            32
      - Hire Purchase and finance lease liabilities                                                               236                        169
                                                                                                                  236                        201
     Short term borrowings
     Secured
     - Term loan                                                                                                    46                   299,106
     - Hire Purchase and finance lease liabilities                                                                103                      7,294
     - Bank overdrafts                                                                                            -                       27,028
     - Revolving Credit                                                                                           -                       10,000
                                                                                                                  149                    343,428
     Unsecured
      - Term loan                                                                                                 -                       57,086
      - Bank overdrafts                                                                                           -                        7,410
     - Bankers' acceptance                                                                                        -                        7,096
     - Trade financing facilities                                                                                 -                          521
                                                                                                                  -                       72,113

                                                                                                                  149                    415,541

     The term loan in the current year is denominated in US Dollars (USD14,047). All other borrowings are denominated in Ringgit Malaysia.
B24 Off Balance Sheet Financial Instruments
    The Group does not have any off balance sheet financial instruments as at 31 December 2007.

B25 Changes in Material Litigations
    There were no changes in material litigation, including the status of pending material litigation since the last annual balance sheet as at 31
    December 2006, except as follows:-
    -all the loans with the financial instituitions have been settled via restructuring scheme.
    -the following cases are pending.
                                                           Amount
    Company                    Creditor                   RM'000         Remark
     Boustead Penang
        Shipyard Sdn Bhd Tetuan Thanggaya                    4,000 Pending hearing
                                 Khoo & Co.

     Sedap Development
     Sdn Bhd                   Malayan Banking             8,529   Auction fixed on 5 May 2008 at reserve price of RM8.5 million
                               Berhad

B26 Dividend Payable
    The Directors will propose at the forthcoming Annual General Meeting, a final tax exempt dividend of 1.5% per share, amounting to
    RM3,726,864. These financial statements do not reflect the final dividend which will be accounted for in the shareholders' equity as an
    appropriation of retained earnings in the year ending 31 December 2008 when approved by shareholders.




                                                                    8
B27 Earnings Per Share
                                                                                                  Current Period          Cumulative Period
                                                                                                   2007       2006          2007         2006


     Basic for profit/(loss) for the year                                                        48,253      (19,993)     485,469        (94,218)

     Profit/(loss) before excluding not recurring item (waiver by financial institutions
     pursuant to Restructuring Scheme)                                                           48,253      (19,993)      92,650        (94,218)


     Weighted average number of ordinary shares in issue ('000)                                 149,749      174,083      149,749        174,083

                                                                                                    sen           sen          sen           sen
     Basic earnings/(loss) per share for:

     For profit/(loss) for the year                                                               32.22        (11.48)     324.19         (54.12)

     Profit/(loss) before excluding non recurring item (waiver by financial institutions
     pursuant to Restructuring Scheme)                                                            32.22        (11.48)       61.87        (54.12)




B28 Auditors' Report on Preceding Annual Financial Statements
    The audit report of the preceding audited financial statements was not qualified.

B29 Associates

          (a) Prior year adjustment

             The investment in Boustead Naval Shipyard Sdn. Bhd. ("BN Shipyard") has been reclassified to other investment as a prior
             year adjustment. Information relating to the prior year adjustment is set out in Note B31 to the financial statements.

          (b) Exercise of significant influence during the year

              During the current financial year ended 31 December 2007, with the completion of the Group’s restructuring scheme on 10
              August 2007, Boustead Holdings Berhad ("BHB") holds 65% equity interest in the Company and it became a subsidiary of
              BHB.

              Consequently, the Group is deemed to exercise significant influence over the operations of BN Shipyard. Accordingly, the
              Group has classified the carrying amount as at 10 August 2007 on its investment in BN Shipyard of RM53,579,670 as
              investment in associates and equity accounted its share of results for the period ended from August 2007 to 31 December
              2007 of RM56.6 million.


              Included in the share of results is the Group's share of the utilisation of previously unrecognised tax losses by Boustead Naval
              Shipyard Sdn. Bhd. amounting to RM21.2 million, in accordance with Paragraph 65 of FRS 3 Business Combinations.



B30 Prior Year adjustments

     The prior year adjustment is in respect of the following:-
     Prior to the financial year ended 31 December 2005, BHIC indirectly held 79.16% of the equity interest in Boustead Naval Shipyard
     Sdn Bhd ("BN Shipyard") through Boustead Penang Shipyard Sdn Bhd ("BP Shipyard") (a wholly owned subsidiary) and Perstim
     Industries Sdn Bhd (“Perstim”) (an indirect subsidiary) amounting to 103,000,002 shares of RM1.00 each. As disclosed in the audited
     financial statements of the Company, BP Shipyard and Perstim for the year ended 31 December 2004, the Group’s entire shareholding
     in BN Shipyard was pledged to lenders for borrowings granted to the Group.




                                                                     9
B30 Prior Year adjustments (cont'd)
      Following the foreclosure of 76,000,001 ordinary shares by the lenders arising from the default in the borrowings, as at 31 December
      2005, the Group’s equity interest in BN Shipyard had been reduced to 20.77%. As the Group was under severe financial distress and
      under PN17, BHIC’s new substantial shareholder, Boustead Holdings Berhad (“BHB”), negotiated with the lenders to purchase the
      lenders’ respective holdings of the foreclosed shares. Following the acquisition of the foreclosed shares, BHB acquired a controlling
      interest in BN Shipyard.


      As BN Shipyard is considered a strategic investment by BHB, BHB controls the operations of BN Shipyard. Although Perstim has
      20.77% equity interest in BN Shipyard, and is represented on the board of directors of BN Shipyard, in the Board’s opinion and upon
      closer examination of the circumstances, BHIC through Perstim was unable to exercise any significant influence over the operations
      of BN Shipyard for the period from August 2005 to 10 August 2007, which is the completion date of the Regularisation Scheme of
      BHIC. Accordingly the equity method of accounting for the Group’s investment in BN Shipyard should not have been applied.

     The effects of the resulting prior year adjustments are as follows:-

     (a) Effects on Consolidated Balance Sheets

                                                                              Investment                     Other               Accumulated
                                                                             in Associates              Investment                    Losses
                                                                                  RM'000                   RM'000                    RM'000

         At 1 January 2006
         As previously stated                                                               -                   505                   (685,728)
         Effects of prior year adjustments
          - Reclassification from
              Investment in Associates
               to Other Investments                                                (53,580)                  53,580                           -
          - Cumulative share of post acquisition
              losses in associates                                                  53,580                                              53,580
         At 1 January 2006 (restated)                                                   -                    54,085                   (632,148)

     The effects of the resulting prior year adjustments are as
                                                                              Investment                     Other               Accumulated
                                                                             in Associates              Investment                    Losses
                                                                                  RM'000                   RM'000                    RM'000

         At 1 January 2007
         As previously stated                                                               -                    26                   (779,946)
         Effects of prior year adjustments
          - Reclassfication from
            Investment in Associates
            to Other Investments                                                   (53,580)                  53,580                           -
          - Cumulative share of post acquisition
              losses in associates                                                  53,580                        -                     53,580
         At 1 January 2007 (restated)                                                  -                     53,606                   (726,366)




     (b) Effects on consolidated net profits and earnings per share in prior year

        There are no effects on the consolidated net profits and earnings per share for financial year ended 31 December 2006 arising from
        the PYA.




                                                                    10
B30 Prior Year adjustments (cont'd)


     (c) Comparative amounts as at 31 December 2006, have been restated as follows:

                                                                        Previously
                                                                            Stated    Adjustments    Restated
                                                                          RM'000          RM'000     RM'000

         Group
         Investment in associates
           - Unquoted shares, at cost                                       54,840        (53,580)      1,260
           - Cumulative share of post acquisition
              losses in associates                                         (54,840)        53,580      (1,260)

         Other investment
          - Unquoted shares, at cost                                            26         53,580      53,606




                                                           11

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:2
posted:10/21/2011
language:English
pages:11