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KLSE 4Qtr 2006xls - Bursa Malaysia Listed Companies - Announcements

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					                                 PJI HOLDINGS BERHAD          (499758-W)
        INTERIM FINANCIAL REPORT FOR THE FOURTH QUARTER ENDED 30 JUNE 2006
                             (The figures have not been audited)

                         CONDENSED CONSOLIDATED INCOME STATEMENTS

                                             INDIVIDUAL QUARTER              CUMULATIVE QUARTER

                                          CURRENT PRECEDING YEAR           CURRENT PRECEDING YEAR
                                             YEAR CORRESPONDING               YEAR CORRESPONDING
                                          QUARTER       QUARTER             TODATE         PERIOD

                                                                                          (AUDITED)
                                          30/06/2006      30/06/2005       30/06/2006       30/06/2005
                                            RM '000         RM '000          RM '000          RM '000

Revenue                                     19,652          34,085           74,042          128,187

Operating Expenses                           7,761            6,238          21,460           23,742

Other Operating Income                         512             947            3,543            4,119

Loss from Operations                       (10,964)         (13,021)        (25,817)         (23,250)

Finance costs                               (1,096)          (1,103)         (4,597)          (3,950)

Share of profit of associated companies         19                39             97              141

Share of loss of joint venture                    -            (100)               -            (100)

Loss before tax                            (12,041)         (14,185)        (30,317)         (27,159)

Taxation                                      (145)               70           (574)          (4,146)

Loss after tax                             (12,186)         (14,115)        (30,891)         (31,305)

Minority Interest                               44             (237)             38              221

Net loss for the year                      (12,142)         (14,352)        (30,853)         (31,084)




Earnings per share
(a) Basic (sen) ( Note : B13)                 (2.99)          (3.53)           (7.60)           (7.66)




(The Condensed Consolidated Income Statements should be read in conjunction with the Annual Financial
Report for the year ended 30 June 2005)
                                  PJI HOLDINGS BERHAD (499758-W)
      INTERIM FINANCIAL REPORT FOR THE FOURTH QUARTER ENDED 30 JUNE 2006
                                       (The figures have not been audited)

                              CONDENSED CONSOLIDATED BALANCE SHEET

                                                                     ( UNAUDITED )              (AUDITED)
                                                                                  AS AT             AS AT
                                                                               30/06/06           30/06/05
                                                                               RM '000            RM '000

Property, plant and equipment                                                    18,521             19,733
Investment properties                                                             5,857              6,027
Investment in associated companies                                                1,933              1,728
Other investments                                                                 5,340              5,340
Deferred tax assets                                                                 164                164
Goodwill on consolidation                                                           737                961

Current assets
  Inventories                                                                     1,185             1,371
  Trade receivables                                                              34,314            76,792
  Retention sum                                                                  16,850            18,996
  Amount due from customer for contract works                                    62,636            85,680
  Other receivables, deposits and prepayments                                    15,281            17,883
  Deposits with licensed banks                                                    8,017             7,692
  Cash and bank balances                                                            612               377
                                                                                138,895           208,791

Current liabilities
  Trade payables                                                                 54,628            76,376
  Amount due to customer for contract works                                       3,124             7,110
  Other payables and accruals                                                     6,785            13,050
  Short term borrowings                                                          15,227            20,250
  Bank overdrafts                                                                12,033            13,312
  Provision for taxation                                                          2,099             2,119
                                                                                 93,896           132,217

Net current assets                                                               44,999             76,574
                                                                                 77,551           110,527

Financed by :
Share Capital                                                                    81,209             81,209
Reserves
  Reserve on consolidation                                                          -                2,037
  Translation reserve                                                               149                 89
  Accumulated losses                                                            (45,397)           (14,544)
Shareholders' equity                                                             35,961             68,791

Minority interests                                                                   681              719
Long term borrowings                                                             40,121             40,126
Hire purchase payables                                                               633              669
Deferred taxation                                                                   155               222
                                                                                 77,551           110,527

Net assets per share (RM)                                                        0.0902 **          0.1712 **

** The total issued and paid up share capital is 406,046,665 ordinary shares of RM 0.20 each.


(The Condensed Consolidated Balance Sheet should be read in conjunction with the Annual Financial
Report for the year ended 30 June 2005)
                                   PJI HOLDINGS BERHAD (499758-W)
            INTERIM FINANCIAL REPORT FOR THE FOURTH QUARTER ENDED 30 JUNE 2006
                                 (The figures have not been audited)

                     CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


                                                          Non-Distributable               Distributable
                                                              Reserves                      Reserve
                                                                                           Retained
                                                                              Foreign      Earnings /
                                      Share     Share       Reserve on        Exchange   (Accumulated      Total
                                     Capital   Premium     Consolidation      Reserves       losses)
                                     RM'000    RM'000        RM'000            RM'000       RM'000        RM'000

Balance as at 1 July 2005             81,209       -              2,037            89         (14,544)     68,791

Amortisation of reserve                  -         -              (2,037)          -               -       (2,037)

Currency translation differences         -         -                 -             60              -           60

Net profit/(loss) for the year           -         -                 -             -          (30,853)    (30,853)

Balance as at 30 June 2006            81,209       -                 -            149         (45,397)     35,961




Balance as at 1 July 2004             69,608    10,933            4,074            34          17,218     101,867

Bonus Issue                           11,601   (10,923)              -             -              (678)       -

Amortisation of reserve                  -         -              (2,037)          -               -       (2,037)

Share issue expenses                     -         (10)              -             -               -          (10)

Currency translation differences         -         -                 -             55              -           55

Net profit/(loss) for the year           -         -                 -             -          (31,084)    (31,084)

Balance as at 30 June 2005            81,209       -              2,037            89         (14,544)     68,791




(The Condensed Consolidated Statements of Changes in Equity should be read in conjunction with the Annual
Financial Report for the year ended 30 June 2005)
                   PJI HOLDINGS BERHAD (499758-W)
         INTERIM FINANCIAL REPORT FOR THE FOURTH QUARTER ENDED 30 JUNE 2006
                          (The figures have not been audited)

            CONDENSED CONSOLIDATED CASH FLOW STATEMENT
                                                                                             (Audited)
                                                                                 2006             2005
                                                                           12 months        12 months
                                                                               ended            ended
                                                                             30/06/06         30/06/05
                                                                             RM'000           RM'000
Cash Flow From Operating Activities
Loss before taxation                                                          (30,317)         (27,159)
Adjustments for non-cash items :-
 Depreciation of property, plant and equipment                                  1,743            1,805
 Amortisation of reserve on consolidation                                      (2,037)          (2,037)
 Amortisation of goodwill on consolidation                                        225              148
 Share of results of associates companies                                         (97)            (141)
 Share of loss of joint venture                                                   -                100
 Net financing costs                                                            3,909            3,104
 Other non-cash items                                                             925            2,298
 Other non-operating items                                                       (166)            (163)
Operating loss before changes in working capital                              (25,815)         (22,045)

Changes in working capital
 Net Changes in current assets                                                 71,663          (21,178)
 Net Changes in current liabilities                                           (36,770)          32,470
Cash generated used in operations                                               9,078          (10,753)

Tax paid                                                                       (2,696)          (1,423)
Interest paid                                                                  (4,597)          (3,950)
Net cash generated used in operating activities                                 1,785          (16,126)

Investing Activities
  Equity investment                                                              (107)           3,262
  Other investment                                                                382            2,861
Net cash generated from investing activities                                      275            6,123

Cash Flow From Financing Activities
 Issue share expenses                                                             -                (10)
 Repayment of term loans                                                           (5)              (5)
 Repayment of hire purchase payables                                             (596)            (470)
Net cash generate used in financing activities                                   (601)            (485)

Net decrease in cash and cash equivalents                                       1,459          (10,488)

Cash and cash equivalents at beginning of the year                            (12,935)          (2,499)

Effect of changes in exchange rate                                                 55               52

Cash and cash equivalents at end of the year ( Note : A14)                    (11,421)         (12,935)

(The Condensed Consolidated Cash Flow Statement should be read in conjunction with the Annual Financial
Report for the year ended 30 June 2005)
                             PJI HOLDINGS BERHAD (499758-W)
                             NOTES TO THE INTERIM FINANCIAL REPORT
                            FOR THE FOURTH QUARTER ENDED 30 JUNE 2006

SELECTED EXPLANATORY NOTES : MASB 26 PARA 16

A1. Basis of preparation
    The interim financial report is unaudited and has been prepared in compliance with MASB 26, Interim Financial
    Reporting and Chapter 9 part K of the Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa
    Malaysia").

    The interim financial report should be read in conjunction with the audited financial statements of the Group for
    the year ended 30 June 2005.

    The accounting policies and methods of computation adopted by the Group in this interim financial report are
    consistent with those adopted in the financial statements for the year ended 30 June 2005.

A2. Qualification of audit report of the preceding annual financial statements
    The audit report of the Group's annual financial statements for the year ended 30 June 2005 was not subject to
    any audit qualification.

A3. Seasonality or cyclicality of interim operations
    The Group's operations are not affected materially by any seasonal or cyclical factors for the quarter under
    review.

A4. Unusual items affecting assets, liabilities, equity, net income or cash flows
    There were no unusual items affecting assets, liabilities, equity, net income or cash flows during the financial
    period under review.

A5. Changes in accounting estimates
    There were no changes in estimates of amounts reported that have a material effect in the current quarter.

A6. Issuance, cancellations, repurchases, resale and repayments of debt and equity securities
    There were no issuance, cancellations, repurchases, resale and repayments of debts and equity securities for the
    current financial year-to-date.

A7. Dividends paid
    There were no dividends paid during the financial year-to-date.

A8. Segmental Reporting
    Segmental reporting is not presented as the activities of the Group are principally the provision of electrical,
    mechanical engineering and building/civil construction services in Malaysia.

A9. Valuation of property, plant and equipment
    There were no changes in the valuation on property, plant and equipment since the last annual financial
    statements.




                                                Page 5 of 10
                           PJI HOLDINGS BERHAD (499758-W)
                            NOTES TO THE INTERIM FINANCIAL REPORT
                           FOR THE FOURTH QUARTER ENDED 30 JUNE 2006

A10. Material events subsequent to the balance sheet date
     (i)         Refer to our announcement dated 26 June 2006, Peremba Construction Sdn Bhd (Sudan Branch)
                 (“the Main Contractor”), has awarded the Sub-Contract Works as described below amounting to
                 USD 1,438,000.00 (United States Dollar One Million Four Hundred and Thirty Eight Thousand)
                 only to PJ Indah Sdn Bhd ("PJISB"), a wholly-owned subsidiary of the Company and PJISB has
                 accepted it on 26 June 2006. The Sub-Contract Works form part of the following project awarded
                 by the Employer, Messrs. Greater Nile Petroleum Operating Company to the Main Contractor.
                 Project : The Construction, Completion and Maintenance of the New Corporate Greater Nile
                 Petroleum Operating Company Ltd. Headquarters Building at Almogran, Khartoum, Sudan. Sub-
                 Contract Works : Supply, Installation, Completion, Testing and Commissioning and Maintenance
                 of Fire Suppression, Fire Alarm & Detection System for the Tower and Ancillary Building at
                 Almogran, Khartoum, Sudan.


     (ii)        Refer to our announcement dated 12 July 2006, WCT Construction Sdn Bhd (“the Main
                 Contractor”), has awarded the Sub-Contract Works amounting to RM7,584,000.00 (Ringgit
                 Malaysia Seven Million Five Hundred and Eighty Four Thousand) only to Megatara Sdn Bhd
                 ("MSB"), a 80% owned subsidiary of the Company and MSB has accepted it on 12 July 2006.
                 Project : The Proposed Design, Construction and Completion of an Office Building on Plot 3C4,
                 Precinct 3, Putrajaya Holdings Sdn. Bhd. Sub-Contract Works : The Supply, Delivery, Installation,
                 Testing, Commissioning and Maintenance of Air-Conditioning and Mechanical Ventilation
                 Services Works.

     (iii)       Refer to our announcement dated 20 July 2006, Ocean Electrical Co. Sendirian Berhad (“OEC”) a
                 wholly-owned subsidiary of the Company, has been awarded and accepted a Letter of Award on 20
                 July 2006 in relation to Cadangan Pembinaan Kampus Baru German Malaysian Institute (GMI),
                 Bangi, Selangor Darul Ehsan, Electrical Low Voltage and Telecommunication Services For Zone
                 D and E (“the Project”). The Letter of Award is from Nadi Cergas Sendirian Berhad (Company
                 No. 243249-U). The Contract sum is RM15,973,213.10 (Ringgit Malaysia: Fifteen Million Nine
                 Hundred Seventy Three Thousand Two Hundred Thirteen and Cents Ten Only).


     (iv)        Refer to our announcement dated 8 August 2006, P. J. International Ltd (IBC No. 367381)
                 ("PJIL"), a wholly-owned subsidiary of the Company has on 7 August 2006 entered into a joint
                 venture agreement ("JVA") with LFGC Corporation (“LFGC”) to form a joint venture namely "PJI-
                 LFGC JVC" for the purpose of jointly secure and undertake Clean Development Mechanism
                 (CDM) landfill projects in Ho Chin Minh City, Hanoi and Da Nang, the cities of Vietnam. PJI-
                 LFGC JVC will cooperate with the provisional Vietnam Government Agency, Urban Environment
                 Company (“URENCO”) to operate the proposed projects, which include financing, development,
                 implementation, management and maintenance of the gas extraction activities and the sale of the
                 Certified Emission Reduction (“CER”) as generated by the activities.


     (v)         Further to the announcement to Bursa Malaysia pertaining to the above JVA, PJI-LFGC JVC has
                 also on 7 August 2006 entered into a Memorandum of Agreement ("MOA") with Hanoi URENCO.
                 PJI-LFGC JVC and Hanoi URENCO shall cooperate to facilitate the implementation of the gas
                 recovery projects in Nam Son landfill and Tay Mo landfill and a project for Cau Dien composting
                 plant according to the CDM established by Kyoto Protocol.




                                              Page 6 of 10
                                 PJI HOLDINGS BERHAD (499758-W)
                                 NOTES TO THE INTERIM FINANCIAL REPORT
                                FOR THE FOURTH QUARTER ENDED 30 JUNE 2006

A11. Changes in the composition of the Group
     (i)         Refer to our announcement dated 4 July 2006, DKLS-PJI Venture Capital Sdn Bhd (“DKLS-PJI”),
                 a 30%-owned associate company of OEC, a wholly-owned subsidiary of the Company has on 30
                 June 2006 entered into a Share Sale Agreement to dispose of its entire interest in its wholly-owned
                 subsidiary, Zhangzhou Jinfeng Water Works Co Ltd (“ZJWW”) for a total cash consideration of
                 Renminbi (“RMB”) Forty Million (RMB40,000,000) (approximately RM18,300,000) to Fujian
                 Ming Nan (ZhangZhou) Economic Development Co Ltd.

                      Upon completion of the Proposed Disposal, ZJWW shall cease to be a wholly-owned subsidiary of
                      DKLS-PJI.

     (ii)             Refer to our announcement dated 5 July 2006, PJI’s 100%-owned subsidiary, PJIL has on 5 July
                      2006 disposed of the entire investment of Fifty-One (51) Ordinary Shares of USD1-00 each in
                      Transturbo Co. Ltd. (IBC No. 603417) ("TCL") representing 51% of the total paid-up capital of
                      TCL to Ms. Sallina Binti Omar at a total cash consideration of USD51-00 (United States Dollar
                      Fifty One) Only.

     (iii)            Refer to our announcement dated 10 August 2006, the Company has on 10 August 2006 entered
                      into a Share Sale Agreement (“the Share Sale Agreement”) to acquire Six Hundred (600) ordinary
                      shares of RM1-00 each in the share capital of Waishun Saujana Sdn. Bhd. (Company No. 702582-
                      X) (“WSSB”) representing 60% of the entire issued and paid-up share capital of WSSB from Wai
                      Shun Construction & Engineering Sdn. Bhd. (Company No. 661798-P) and Puri Saujana Sdn. Bhd.
                      (Company No. 626973-H) at a total purchase consideration of Ringgit Malaysia Three Million
                      (RM3,000,000-00) Only.

A12. Changes in Contingent Liabilities and Contingent Assets
     The changes in contingent liabilities are as follows :

                                                                                            RM'000
            As at 1 July 2005                                                                  441
            Increase / (decrease) in third parties bankers guarantees                         (100)
            As at 30 June 2006                                                                 341

A13. Capital commitments
     The outstanding capital commitments at the end of current quarter are as follows :-

                                                                                           30-Jun-06
                                                                                             RM'000

     Contracted but not provided for                                                            537


A14. Cash and cash equivalents
                                                                                           30-Jun-06
                                                                                             RM'000
     Cash and bank balances                                                                      612
     Deposits with licensed banks                                                              8,017
     Bank overdrafts                                                                         (12,033)
                                                                                              (3,404)
     Less : Fixed Deposit pledged to licensed banks                                           (8,017)
                                                                                             (11,421)




                                                     Page 7 of 10
                             PJI HOLDINGS BERHAD (499758-W)
                             NOTES TO THE INTERIM FINANCIAL REPORT
                            FOR THE FOURTH QUARTER ENDED 30 JUNE 2006



ADDITIONAL INFORMATION REQUIRED BY THE BURSA MALAYSIA'S LISTING REQUIREMENTS

B1. Review of performance
    For the current quarter under review, the Group recorded a turnover of RM 19.7 million and loss before tax of
    RM 12.0 million as compared to turnover of RM 34.1 million and loss before tax of RM 14.2 million for the
    preceding year's corresponding quarter ended 30 June 2005. The loss of the Group was mainly due to lower
    revenue achieved and high material cost.


    For the current financial year, the Group recorded a turnover of RM 74.0 million and loss before tax of RM 30.3
    million as compared to turnover of RM 128.2 million and loss before tax of RM 27.2 million of the preceding
    year's corresponding period ended 30 June 2005. The loss of the Group was mainly due to lower revenue
    achieved and high material cost.

B2. Comparison with preceding quarter
    The Group's loss before tax of RM 12.0 million represents a further increase of RM 2.4 million from the loss
    before tax of RM 9.7 million reported in previous quarter ended 31 March 2006. The increase in loss was mainly
    due to lower margin achieved.

B3. Current year prospects
    Based on the existing order book and good prospect to secure more jobs, both from local market and overseas,
    barring any unforeseen circumstances, the Directors are of the opinion that the Group will be able to achieve a
    satisfactory performance for the next financial year ending 30 June 2007.

B4. Profit forecast / Profit guarantee
    Not applicable as no profit forecast was announced for the current financial year.

B5. Tax expense
                                                                                       Current Year       Cumulative
                                                                                            Quarter      Current Year
                                                                                             Ended            To Date
                                                                                          30-Jun-06         30-Jun-06
                                                                                            RM'000            RM'000
    Current year                                                                                 141                554
    Share of Associated Companies' taxation                                                        4                 20
                                                                                                 145                574

    For the current year to date, the Group's effective tax rate is higher than the statutory tax rate principally due to
    the losses of certain subsidiaries which cannot be off set against taxable profits made by other subsidiaries.

    The Group also reported a prior year tax of RM 133,000.00 incurred in the current financial year by one of the
    subsidiaries.

B6. Profit/Loss on sale of unquoted investments and / or properties
    There were no sales of unquoted investments or properties during the quarter.




                                                 Page 8 of 10
                              PJI HOLDINGS BERHAD (499758-W)
                              NOTES TO THE INTERIM FINANCIAL REPORT
                             FOR THE FOURTH QUARTER ENDED 30 JUNE 2006


B7. Purchases or disposals of quoted securities
    (a) There were no purchases and disposals of quoted securities for the current quarter under review.

     (b) Investment in quoted securities as at 30 June 2006 :-
                                                                                                               RM'000
     (i) At costs                                                                                               1,263
     (ii) At carrying value/book value                                                                          1,263
     (iii) At market value                                                                                        587


B8. Status of corporate proposals announced
    Not Applicable.

B9. Group's borrowings and debt securities
    Total Group's borrowings as at 30 June 2006 are as follows :

                                                                       Short Term       Long Term                 Total
                                                                           RM'000           RM'000             RM'000
         Secured                                                            27,260              121             27,381
         Unsecured                                                               -           40,000             40,000
     Total Group's borrowings                                               27,260           40,121             67,381

     Foreign currency bank borrowings included in the above short term borrowings is as follows:
                                                                                            Foreign           Ringgit
                                                                                           Currency         Equivalent
                                                                                               '000               '000
     Singapore Dollar                                                                           738               1,703

B10. Off balance sheet financial instruments
     During the financial year to date, the Group did not enter into any contracts involving off balance sheet financial
     instruments.


B11. Changes in material litigation
     As at the date of this announcement, the pending material litigations of the Group, since the last annual balance
     sheet date, consist of the following :-

     Kejuruteraan R.E. Morris Sdn Bhd (RE) vs P.J. Indah Sdn Bhd (PJI)
     Award published on 11 July 2006 in favour of RE for RM 629,544.59. RE's solicitor made a Statutory Notice of
     Demand pursuant to Section 218 (1) (e) of the Companies Act 1965. PJI has filed an application for an
     injunction to restrain RE from filing winding up petition. Hearing for the application for the Injunction is fixed
     in 4 Oct 2006. Meanwhile, PJI also filed its appeal to Shah Alam High Court on 10 Aug 2006 to set aside the
     Arbitrator's award.

     Approach Network Sdn Bhd vs PJ Indah Sdn Bhd and 2 others
     Next date of hearing set at 4 Oct 2006. Still at case management stage.

     Plaza Rakyat Sdn Bhd ("PRSB") vs PJ Indah Sdn Bhd ("PJISB")
     PRSB terminated contract due to funding problem. PJISB is disputing the validity of termination as well as
     counter-claiming for outstanding payment for works performed. Hearing set on 17 Oct 2006 whether the case to
     be referred arbitration.



                                                  Page 9 of 10
                              PJI HOLDINGS BERHAD (499758-W)
                              NOTES TO THE INTERIM FINANCIAL REPORT
                             FOR THE FOURTH QUARTER ENDED 30 JUNE 2006


     Chin Aun Enterprise Sdn Bhd v PJ Indah Sdn Bhd ("PJISB")
     M/S Chin Aun Enterprise Sdn Bhd at Sarikei Hospital project in Sarawak has dispute with PJISB over final
     contract sum and brought a Summary Judgment proceeding to claim PJISB a sum of RM 711,262.47 for alleged
     additional works performed . PJISB has served its defence. Hearing on 15 Nov 2006.

     Nova Nusantara Sdn Bhd (NNSB) v Bintulu Indah Sdn Bhd (BISB)
     NNSB, the nominated subcontractor for BISB has served writ of summon on 14 February 2006 to BISB for the
     RM 634,345.28 deducted as backcharges by BISB for sites preliminaries. BISB has filed its defence. Pre-trial
     case management set on 29 Aug 2006.

B12. Dividends
     No interim dividend has been recommended for the current quarter under review.

B13. Earnings per share
     (i) Basic earnings per share
     The calculation of basic earnings per share for the financial period is based on the net profit attributable to
     ordinary shareholders and divided by the weighted average number of ordinary shares outstanding during the
     financial period.
                                                                                          Current      Cumulative
                                                                                          Quarter     Current Year
                                                                                           Ended           To Date
                                                                                        30-Jun-06        30-Jun-06
     Net profit / (loss) attributable to shareholders (RM'000)                            (12,142)          (30,853)

     Weighted average number of ordinary shares ('000)                                    406,047           406,047

     Basic earnings per share (sen)                                                          (2.99)           (7.60)

     (ii) Diluted earnings per share
     Not applicable as at 30 June 2006.


B14. Corporate Guarantee
     Up to the quarter under review, the Group's total amount of Corporate Guarantees issued in favour to the
     Principal Contractors and Suppliers reduced to RM37.63 million as compared to RM38.83 million in the last
     Quarter.

     Barring any unforeseen circumstances, the Board is of the opinion that this will not have any material impact on
     the Group.


     BY ORDER OF THE BOARD
     PJI HOLDINGS BERHAD




     DATO' IR LEE PENG JOO
     CEO/ GROUP MANAGING DIRECTOR

     Shah Alam, Selangor Darul Ehsan
     30 August 2006




                                                 Page 10 of 10