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Bonus Computation and Income Statement Preparation

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									 TA WIN HOLDINGS BERHAD (Company No. 291592-U)
 CONDENSED CONSOLIDATED INCOME STATEMENT
 FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2004 (UNAUDITED)


                                                      3 months ended                 9 months ended
                                          Note     30-Sep-04 30-Sep-03           30-Sep-04 30-Sep-03
                                                    RM'000     RM'000             RM'000     RM'000

Revenue                                                 59,987        36,160       176,976          94,465

Operating expenses                                     (58,796)      (34,139)      (166,990)       (90,073)

Other operating income                                       80          127            205            262

Profit from operations                                   1,271         2,148         10,191          4,654

Finance expenses                                            (846)       (555)        (2,180)         (1,478)

Profit before taxation                      8               425        1,593          8,011          3,176

Taxation                                    18               (35)       (239)          (701)          (501)

Net profit for the period / year                            390        1,354          7,310          2,675


Earnings per share (sen)                    26
     - Basic                                                0.70        2.42          13.05            4.78
     - Diluted                                              0.69        2.42          12.91            4.78



The condensed consolidated income statement should be read in conjunction with the audited financial statements for
the year ended 31 December 2003 and the accompanying explanatory notes attached to the interim financial statements.




                                                        1
dited financial statements for
he interim financial statements.
TA WIN HOLDINGS BERHAD (Company No. 291592-U)
CONDENSED CONSOLIDATED BALANCE SHEET                                                                    AS AT
AS AT 30 SEPTEMBER 2004 (UNAUDITED)                                        AS AT END               PRECEDING
                                                                          OF CURRENT               FINANCIAL
                                                                             QUARTER                YEAR END
                                                                     Note     30-Sep-04               31-Dec-03
                                                                               RM'000                  RM'000

         PROPERTY, PLANT AND EQUIPMENT                                  9             45,187                43,513
         OTHER INVESTMENTS                                             20                 48                    48
         CURRENT ASSETS
                INVENTORIES                                                           40,756                28,214
                TRADE RECEIVABLES                                                     56,242                33,789
                OTHER DEBTORS, PREPAYMENT AND
                  DEPOSITS                                                            1,597                    560
                CASH AND CASH EQUIVALENTS                                             7,998                  3,876
                                                                                    106,593                 66,439


         CURRENT LIABILITIES
                SHORT TERM BORROWINGS                                  22             66,921                37,687
                TRADE PAYABLES                                                         2,796                 3,175
                OTHER PAYABLES                                                         1,192                 1,734
                PROVISION FOR TAXATION                                                   467                    67
                                                                                      71,376                42,663

         NET CURRENT ASSETS                                                           35,217                23,776

                                                                                      80,452                67,337


         SHAREHOLDERS' FUNDS
         SHARE CAPITAL                                                                56,058                40,000
         RESERVES:
                 SHARE PREMIUM                                                             2                 3,544
                 EXCHANGE TRANSLATION RESERVES                                           (91)                    -
                 REVALUATION RESERVES                                                  2,856                     -
                 RETAINED PROFITS                                                     10,493                15,639
                                                                                      69,318                59,183
         DEFERRED TAXATION                                                             6,849                 5,680
         LONG TERM BORROWINGS                                          22              4,285                 2,474

                                                                                      80,452                67,337
         NTA per share                                                                1.2365                1.4796

The condensed consolidated balance sheet should be read in conjunction with the audited financial statements for the year
ended 31 December 2003 and the accompanying explanatory notes attached to the interim financial statements.




                                                       2
       PRECEDING
       FINANCIAL




ancial statements for the year
TA WIN HOLDINGS BERHAD (Company No. 291592-U)
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2004 (UNAUDITED)

                                                    Non-Distributable
                                                                      Exchange
                                      Share         Share Revaluationtranslation Distributable
                                     capital       premium reserves    reserves retained profits Total
                                     RM'000        RM'000  RM'000      RM'000       RM'000       RM'000

At 1 January 2004                     40,000         3,544          -           -             15,639      59,183

Issued of shares, pursuant to         16,000         (3,544)        -           -            (12,456)         -
   bonus issue

Issued of shares, pursuant to
   Employees' Share Option Scheme             58           2        -           -                -                60

Currency translation differences
  arising in the period                   -            -            -           (91)             -            (91)

Arising from revaluation of land
   and buildings                          -            -         2,856          -                -          2,856

Net profit for the period                 -            -            -           -              7,310        7,310


At 30 September 2004                  56,058               2     2,856          (91)          10,493      69,318


At 1 January 2003                     40,000         3,544                      -             11,896      55,440

Net profit for the period                 -            -                        -              2,675        2,675

At 30 September 2003                  40,000         3,544                      -             14,571      58,115



The condensed consolidated statements of changes in equity should be read in conjunction with the audited financial
statements for the year ended 31 December 2003 and the accompanying explanatory notes attached to the interim
financial statements.




                                               3
TA WIN HOLDINGS BERHAD (Company No. 291592-U)
CONDENSED CONSOLIDATED CASH FLOW STATEMENT FOR THE
NINE MONTHS ENDED 30 SEPTEMBER 2004 (UNAUDITED)

                                                         9 months ended            9 months ended
                                                            30-Sep-04                 30-Sep-03
                                                             RM'000                    RM'000

Net cash (used in)/from operating activities                      (25,026)                      251

Net cash used in investing activities                              (1,957)                   (4,800)

Net cash from financing activities                                 31,105                     2,680



Net increase/(decrease) in cash and cash equivalents                4,122                    (1,869)
At beginning of financial period                                    3,876                     6,904
At end of financial period                                          7,998                     5,035

Cash and cash equivalents comprise:
Cash and bank balances                                              7,998                     5,509
Bank overdrafts                                                       -                        (474)
                                                                    7,998                     5,035

The condensed consolidated cash flow statement should be read in conjunction with the audited financial
statements for the year ended 31 December 2003 and the accompanying explanatory notes attached
to the interim financial statements.
4
th the audited financial
TA WIN HOLDINGS BERHAD (Company No.291592-U)
NOTES TO INTERIM FINANCIAL REPORT ENDED 30 SEPTEMBER 2004


Part A - Explanatory Notes Pursuant to MASB 26

1. Basis of Preparation

   The interim financial statements are unaudited and have been prepared in accordance with the requirements of MASB 26: Interim
   Financial Reporting and paragraph 9.22 of the Listing Requirements of the Bursa Malaysia Securities Berhad.

   The interim financial statements should be read in conjunction with the audited financial statements for the year ended 31 December
   2003. These explanatory notes attached to the interim financial statements provide an explanation of events and transactions that are
   significant to an understanding of the changes in the financial position and performance of the Group since the financial year ended
   31 December 2003.

   The same accounting policies and methods of computation are followed in the interim financial statements as compared with the
   financial statements for the year ended 31 December 2003.


      Tanges in accounting policies have Financial Statements
2. Auditors' Report on Preceding Annualbeen applied retrospectively and comparatives have been restated. The effect of changes in

   The auditors' report on the financial statements for the financial year ended 31 December 2003 was not qualified.


3. Comments About Seasonal or Cyclical Factors

   The sales of enamelled copper wire and copper rods are not subject to cyclical or seasonal factors.




4. Unusual Items Due to their Nature, Size or Incidence

   There were no items affecting the assets, liabilities, equity, net income, or cash flows of the Group that are unusual because of their
   nature, size or incidence.


5. Changes in Estimates

   There were no changes in estimates that have had a material effect in the current quarter.


6. Debt and Equity Securities

  During the financial quarter ended 30 September 2004, the movement in the issued and paid up share capital were as follows:

  58,300 new ordinary shares of RM1.00 each were issued by virtue of the exercise of 58,300 options pursuant to the Employees'
  Share Option Scheme at the exercise price of RM1.03 per ordinary shares.

  There were no other issuance and repayment of debts and equity securities or share cancellation in the current interim period under
  review. The company has not implemented any share buyback scheme and it does not hold any shares as treasury shares during the
  current financial period.


7. Dividend Paid

   No dividend was paid in the current financial period under review.


                                                                               5
8. Segmental Reporting
                                                                          Revenue                      Profit/(loss) before taxation
   Major geographical segment:                                    2004             2003                  2004                2003
                                                               Year to date     Year to date          Year to date       Year to date
                                                                RM'000            RM'000                RM'000             RM'000
   Malaysia                                                          121,309           65,684                  7,597              3,079
   People's Republic of China                                            -                -                     (106)               -
   Republic of Mauritius                                                 -                -                     (127)               -
   Hong Kong (S.A.R)                                                  55,667           28,781                    647                  97
                                                                     176,976           94,465                  8,011              3,176

9. Carrying Amount of Revalued Assets

   The Group's land and buildings were revalued during the financial year ended 31st December, 2004. The properties were revalu ed
   based on valuations conducted by Colliers, Jordan Lee and Jaafar in September 2004 using the comparison method of valuation.



    Subsequent Event
10.The Group's land and buildings were revalued during the financial year ended 31st December, 2004. The properties were revalued

   There were no material events subsequent to the end of the current quarter.


11. Changes in Composition of the Group

   There were no changes in the composition of the Group during the current quarter, including business combinations, acquisition or
   disposal of subsidiaries and long term investment, restructuring, and continuing operation.



12. Changes in Contingent Liabilities and Contingent Assets

   There were no material changes in contingent liabilities or assets since the last annual balance sheet as at 31 December 2003.


13. Capital Commitments

   The amount of commitments not provided for in the financial statements as at 30 September 2004 is as follows:

                          Approved and contracted for                                      RM7,342,366


Part B - Explanatory Notes Pursuant to Appendix 9B of the Listing Requirements of Bursa Malaysia Securities Berhad

14. Performance Review
                                                                                                    Current Quarter       Year -To-Date
                                                                                                          30.9.2004           30.9.2004
                                                                                                          (RM'000)            (RM'000)
     Revenue                                                                                                 59,987             176,976
     Profit from operations                                                                                   1,271              10,191
     Profit before taxation                                                                                     425               8,011
     Net profit for the period                                                                                  390               7,310
   For the current quarter under review, the Group achieved a higher revenue of RM59.987 million compared with RM36.160 million
   in the same period ended 30 September 2003. Although there was an increase in sales of copper rod/wire for the third quarter this
   year compared to preceding year, the Group profit before tax has decreased from RM1.593 million (30.9.03) to RM0.425million
   (30.9.04). This was mainly due to intense competition in both domestic and export market and also rising material costs which has




                                                                              6
15. Comment on Material Change in Profit Before Taxation

                                                                                        30.9.2004           30.6.2004           Changes
                                                                                           RM'000              RM'000                  (%)
   Revenue                                                                                 59,987              62,703                   (4)
   Profit before taxation                                                                     425               2,160                  (80)

   The Group has registered lower revenue and profit for the current quarter compared with that of the preceeding quarter. Despite a
   recovery of copper price at the LME for this quarter compared to last quarter (30.6.2004: USD2,686.70 per MT versus 30.9.2004:
   USD2,894.86 per MT), the Group's profitability for the financial period to date declined due to intense competition and increase in


16. Commentary on Prospects

   The industry is expected to remain challenging due to intense competition and the impact of increase in the cost of raw material. To
   compensate for ongoing pricing pressure, the Group is focusing its effort on improving the overall productivity and further reducing
   cost and improving product quality.

   The Board of Directors are of the opinion that the Group performance will be satisfactory for the full financial year ending 31
   December 2004.

17. Profit Forecast or Profit Guarantee

   There was neither a profit forecast nor a profit guarantee issued by the Company for the current financial period ended 30 September
   2004.


18. Taxation                                                                                           3 months ended 9 months ended
                                                                                                            30.9.2004      30.9.2004
                                                                                                              RM'000         RM'000

   Tax expense for the period:
   Malaysian income tax                                                                                                 37             643
   Deferred tax                                                                                                         (2)             58
                                                                                                                        35             701

   The effective tax rate for the period presented above is lower than the statutory tax rate principally due to utilisation of reinvestment
   allowances, resulting in a tax savings of approximately RM134,000.


19. Sale of Unquoted Investments and Properties

   There were no sales of unquoted investments and properties for the financial period ended 30 September 2004.

20. Quoted Securities
                                                                                                       3 months ended 9 months ended
                                                                                                            30.9.2004      30.9.2004
                                                                                                              RM'000         RM'000

   Purchase consideration                                                                                               48                 48
   Less: Provision for diminution in value                                                                          -                  -
                                                                                                                        48                 48

                                                                                                                                 30.9.2004
                                                                                                                                  RM'000
   Investment in quoted securities:
   At cost                                                                                                                                 48
   At book value                                                                                                                           48
   At market value                                                                                                                         54

                                                                               7
21. Corporate Proposals

   (a) Status of Corporate Proposals
        There was no corporate proposal which was announced and not completed as at the date of this announcement.



        The status Debt Securities
22. Borrowings andof utilisation of proceeds remains unchanged to-date since the announcement of previous quarterly report for the

   Breakdown of group borrowings is as follow:

   a. Short term borrowings
                                                                                        Secured      Unsecured              Total
                                                                                        RM'000         RM'000             RM'000
    ECR                                                                                     -          26,497             26,497
    Bankers' acceptance                                                                     -          40,325             40,325
    Hire Purchase                                                                             70           -                  70
                                                                                              70       66,822             66,892
    Term loan                                                                                 29           -                  29
                                                                                              99       66,822             66,921

   b. Long term borrowings

    Term loan                                                                              4,210            -              4,210
    Hire Purchase                                                                             75            -                 75
   Total                                                                                   4,384         66,822           71,206

   All the Group's borrowings are denominated in Ringgit Malaysia (RM).




23. Off Balance Sheet Financial Instruments

   There were no outstanding foreign currency contracts as at the date of this announcement.



24. Changes in Material Litigation

   There was no material litigation as at the date of this annoucement.



25. Dividend

   No dividend was recommended for the current financial period under review.




                                                                             8
26. Earnings Per Share

                                                                      3 months ended                    9 months ended
                                                                 30-Sep-04       30-Sep-03         30-Sep-04       30-Sep-03

   (a) Basic earnings per share
   Net profit for the period (RM'000)                                     390              1,354              7,310              2,675

   Weighted average number of ordinary shares in issue ('000)          56,032             56,000             56,010             56,000

   Basic earnings per share (sen)                                        0.70               2.42              13.05               4.78


   (a) Diluted earnings per share

   Net profit for the period (RM'000)                                     390              1,354              7,310              2,675

   Weighted average number of ordinary shares in issue ('000)          56,032             56,000             56,010             56,000

   Adjustment for share options ('000)                                    622                -                  622                 -

   Weighted average number of ordinary shares for
    diluted earnings per share ('000)                                  56,654             56,000             56,632             56,000

   Diluted earnings per share (sen)                                      0.69               2.42              12.91               4.78


   The calculation of earnings per share for Year 2003 has been adjusted to reflect the bonus issue of 16,000,000 new ordinary shares during
   the last quarter of the financial year.


27. Authorisation for Issue

   The interim financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors
   on 24 November 2004.




                                                                             9

								
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