SEACERA TILES BERHAD (Company No : 163751-H) Quarterly Report for the period ended 31 March 2005 Notes to the Interim Financial Report A1. ACCOUNTING POLICIES The interim financial report is unaudited and has been prepared in compliance with MASB 26, Interim Financial Reporting. The interim financial report should be read in conjunction with the audited financial statements of the Group for the financial statements for the year ended 31 December 2004. The accounting policies and methods of computation adopted by the Group in this interim financial report are consistent with those adopted in the most recent audited financial statements for the year ended 31 December 2004. A2. AUDIT REPORT OF PRECEDING ANNUAL FINANCIAL STATEMENTS The audit report of the preceding annual financial statements was not qualified. A3. SEASONALITY OR CYCLICALITY OF OPERATIONS The Group's performance is directly related to the level of market acitivity which invariably experiences a slowdown during the festive season. A4. UNUSUAL ITEMS AFFECTING INTERIM FINANCIAL REPORT Save for the information disclosed in this interim report, there are no unusual items affecting assets, liabilities, equity, net income or cash flow. A5. MATERIAL CHANGES IN ESTIMATES There was no changes in estimates of amounts reported in prior interim periods of the current financial year or in prior financial years that have a material effect in the current interim period. A6. DEBT AND EQUITY SECURITIES There were no issuance, cancellation, repurchase, resale and repayment of debt and equity securities for the current quarter and financial year to-date. A7. DIVIDENDS PAID No dividend was paid in the quarter under review. SEACERA TILES BERHAD (Company No : 163751-H) Quarterly Report for the period ended 31 March 2005 A8. SEGMENTAL INFORMATION Profit before Turnover Taxation RM'000 RM'000 Manufacturing 19025 608 19,025 608 A9. VALUATION OF PROPERTY, PLANT AND EQUIPMENT The property, plant and equipment have not been revalued since the previous report. A10. MATERIAL SUBSEQUENT EVENTS Seacera Properties Sdn. Bhd. (formerly known as Seacera Marketing Sdn. Bhd.), a wholly owned subsidiary of the Company entered into a Joint Venture Development Agreement with Duta Skyline Sdn. Bhd. to develop pieces of freehold land held by Duta Skyline Sdn. Bhd. There have been no other material events subsequent to the end of the quarter under review that have not been reflected in the financial statements. A11. CHANGES IN THE COMPOSITION OF THE GROUP There were no changes in the composition of the Group during the quarter and the financial year to-date. A12. CHANGES IN CONTINGENT LIABILITIES There were no changes in contingent liabilities and contingent assets since the last annual balance sheet date. SEACERA TILES BERHAD (Company No : 163751-H) Quarterly Report for the period ended 31 March 2005 B1. REVIEW OF PERFORMANCE The Group achieved a turnover of RM 19.025 million and a profit before tax of RM 0.608 million for the current financial quarter as compared with RM 18.234 million and RM 0.268 million respectively for the preceding year corresponding quarter. The higher profit recorded was mainly due to higher sales and improved selling prices the BOPP business. B2. MATERIAL CHANGES IN THE QUARTERLY RESULTS Profit before tax for the quarter under review was RM 0.608 million compare with RM 2.072 million in the preceding quarter. The lower profit before tax was expected due to the seasonal nature of the tiles business. B3. PROSPECTS Barring unforeseen circumstances, the Board of Directors anticipates the performance of the Group for the year to be satisfactory. B4. PROFIT FORECAST Not applicable B5. TAXATION Current quarter Year to date ended 31/03/05 31/03/05 RM '000 RM '000 Current year provision 175 175 Deferred tax liability 0 0 175 175 The effective tax rate is marginally higher than the statutory tax rate due to certain disallowable expenses for tax purposes. B6. SALE OF UNQUOTED INVESTMENTS AND / OR PROPERTIES There were no sale of unquoted investments or properties during the financial quarter. B7. QUOTED SECURITIES There were no purchase or sale of quoted securities during the financial quarter. SEACERA TILES BERHAD (Company No : 163751-H) Quarterly Report for the period ended 31 March 2005 B8. STATUS OF CORPORATE PROPOSALS There are no corporate proposals announced as at the date of this announcement. B9. BORROWINGS AND DEBT SECURITIES Group borrowings consist of the following: As at 31/03/2005 Denominated in Ringgit Malaysia RM '000 Secured Long term loan 2,298 Secured Short term loan 18,500 Term loan payable within 12 months 903 Bankers acceptance 15,964 Bank overdraft 2,787 38,154 B10. OFF BALANCE SHEET FINANCIAL INSTRUMENTS There were no off balance sheet financial instruments entered into by the Group as at the date of this report. B11. MATERIAL LITIGATIONS There were no pending material litigation as at the date of this report. B12. DIVIDEND Year 2005 A final dividend of 2.5% (tax exempt) for the year ended 31 December 2004 will be proposed at the forthcoming Annual General Meeting. Year 2004 An interim dividend of 2% (tax exempt) for year ended 31 December 2003 was paid on 16 January 2004. B13. EARNINGS PER SHARE Basic earnings per share for the current quarter and year to-date have been calculated based on the Group's net profit attributable to ordinary shareholders divided by the weighted average number of 53,332,000 ordinary shares in issue.
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