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					                                                                                                                                         FINAL

                                                  PPB GROUP BERHAD (8167-W)
                        QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FIRST QUARTER
                                             ENDED 31ST MARCH 2001
                                                         (The figures have not been audited)


                                                CONSOLIDATED INCOME STATEMENT

                                                                               INDIVIDUAL QUARTER                      CUMULATIVE QUARTER
                                                                               Current    Preceding Year                Current   Preceding Year
                                                                                Year      Corresponding                  Year     Corresponding
                                                                               Quarter       Quarter                    To-date       Period
All figures in RM'000                                                        31/Mar/2001   31/Mar/2000                31/Mar/2001  31/Mar/2000

 1.   (a) Revenue                                                               1,130,956           1,414,859            1,130,956             1,414,859

      (b) Investment income                                                          290                    49                   290                    49
      (c) Other income                                                             7,021                 6,612                 7,021                 6,612

 2.   (a) Profit/(loss) before finance cost, depreciation and
          amortisation, exceptional items, income tax,
          minority interests and extraordinary items                               79,125               63,379                79,125               63,379
      (b) Finance cost                                                             (3,763)              (4,290)               (3,763)              (4,290)
      (c) Depreciation and amortisation                                           (26,484)             (25,679)              (26,484)             (25,679)
      (d) Exceptional items                                                           145                1,207                   145                1,207
      (e) Profit/(loss) before income tax, minority interests
          and extraordinary items                                                 49,023                34,617                49,023               34,617
      (f) Share of profits and losses of associated companies                     17,521                17,082                17,521               17,082
      (g) Profit/(loss) before income tax, minority interests
          and extraordinary items                                                  66,544               51,699                66,544               51,699
      (h) Income Tax                                                              (17,364)             (15,179)              (17,364)             (15,179)
      (i) (i) Profit/(loss) after income tax before
                deducting minority interests                                       49,180               36,520                49,180               36,520
          (ii) Less minority interests                                            (16,524)             (21,695)              (16,524)             (21,695)
      (j) Pre-acquisition profit/(loss), if applicable                                  -                    -                     -                    -
      (k) Net profit/(loss) from ordinary activities
          attributable to members of the Company                                  32,656                14,825                32,656               14,825

       (l) (i) Extraordinary items                                                      -                      -                    -                      -
           (ii) Less minority interests                                                 -                      -                    -                      -
           (iii) Extraordinary items attributable to members
                 of the Company                                                         -                      -                    -                      -
      (m) Net profit/(loss) attributable to members of
           the Company                                                            32,656                14,825                32,656               14,825

 3. Earnings per share based on 2 (m) above after
    deducting any provision for preference dividends,
    if any:-
    (a) Basic (based on 367,967,343 ordinary shares) (sen)                           8.87                  4.03                 8.87                  4.03

      (b) Fully diluted (sen)                                                        8.87                   N/A                 8.87                      N/A




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                                                                                                                   FINAL
CONSOLIDATED BALANCE SHEET
                                                                          As At End of            As at
                                                                            Current             Preceding
                                                                            Quarter           Financial Year
                                                                                                   End
All figures in RM'000                                                     31/Mar/2001          31/Dec/2000

1.   Property, plant and equipment                                             2,206,859            2,215,986
2.   Investment property                                                          25,121               52,036
3.   Investment in associated companies                                          686,316              675,223
4.   Long term investments                                                       264,880              259,719
5.   Goodwill on consolidation                                                    40,910               42,268
6.   Intangible assets                                                                 -                    -
7.   Investment in subsidiary company                                              2,191                2,191

8.   Current Assets
      - Inventories                                                              528,260              537,656
      - Gross amount due from customers                                           23,571                3,136
      - Trade receivables                                                        264,242              300,152
      - Cash and bank balances                                                    60,374               49,605
      - Deposits with banks and financial institutions                           443,600              432,372
      - Others - Other receivables                                                94,689               73,938
                    - Land held under development                                 21,749                    -
                    - Amount due from associates                                 118,157              326,534
                                                                               1,554,642            1,723,393
9.   Current Liabilities
      - Trade payables                                                           178,545              219,609
      - Gross amount due to customers                                             15,269               26,160
      - Other payables                                                           151,535              161,411
      - Hire purchase liabilities                                                    330                  447
      - Short term borrowings                                                    339,805              507,696
      - Proposed dividend                                                         26,494               26,494
      - Provision for taxation                                                    27,032               34,122
      - Others - Amount due to associated companies                                6,674                8,008
                                                                                 745,684              983,947

10. Net Current Assets                                                           808,958              739,446
                                                                               4,035,235            3,986,869
11. Shareholders' Funds
    Share Capital                                                                367,967              367,967
    Reserves
     - Share premium account                                                     143,908              143,908
     - Revaluation reserve                                                       150,090              150,090
     - Capital reserve                                                           120,493              120,382
     - Unappropriated profit                                                   1,851,805            1,819,149
     - Others - Exchange fluctuation reserve                                      19,916               25,479
                                                                               2,654,179            2,626,975
12. Minority interests                                                         1,305,700            1,286,800
13. Long term borrowings                                                          13,265               10,571
14. Long term hire purchase liabilities                                              558                  623
    Deferred income - Reserve on consolidation                                    11,973               12,349
15. Deferred taxation                                                             49,560               49,551
                                                                               4,035,235            3,986,869

16. Net tangible assets per share (sen)                                              710                   702




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                                                                                                                                  FINAL

NOTES

1. Accounting policies
   The financial statements of the Group are prepared using the same accounting policies, methods of computation and basis of
   consolidation as those used in the preparation of the most recent annual financial statements.

2. Exceptional items
   There was a profit on sales of subsidiaries amounting to RM145,000.

3. Extraordinary items
   There were no extraordinary items for the financial periods under review.

4. Taxation                                                                               Current Year         Current Year
   Taxation comprises:-                                                                     Quarter              To-date
                                                                                          31/Mar/2001          31/Mar/2001
                                                                                            RM'000               RM'000
        Malaysian taxation based on profit for the period:-
            Current                                                                              14,349                14,349
            Deferred                                                                                 (9)                   (9)
            Share of taxation of associated companies                                             1,194                 1,194
                                                                                                 15,534                15,534
        Foreign taxation
            Current                                                                                  42                    42
            Share of taxation of associated companies                                             1,788                 1,788
                                                                                                 17,364                17,364

5. Profit on sale of unquoted investments and / or properties
   There was a profit on sales of unquoted investments amounting to RM 145,021. There was no sale of properties for the
   quarter under review.

6. Quoted securities
   (a) There were no purchases and disposals of quoted securities for the financial period under review.

   (b) Total investments in quoted securities as at 31 March 2001 are as follows:-
                                                                                            RM'000
             At cost                                                                          250,431
             At book value                                                                    243,065
             At market value                                                                  254,481

7. Changes in the composition of the Group
   There were no changes in the composition of the Group during the financial period under review.

8. Status of corporate proposals
   The following are the corporate proposals that have been announced but not completed at the date of this
   announcement :-
   a) The proposed disposal of 7,000,000 shares of USD1.00 each in PT Tidar Sungkai Sawit (TSS) representing 70%
        equity interest to our subsidiary company PPB Oil Palms Berhad (PPBOP) for a cash consideration of US3.612 million
        (RM13.727 million); and assignment to PPBOP of an existing shareholders' loan including interest amounting
        to USD7.467 million(RM28.375million).

   b)   Fedflour Trading (Singapore) Pte Ltd a wholly-owned subsidiary of FFM, was placed under members' voluntary
        liquidation on 2 October 2000 and the liquidation is still in progress. Accordingly, its financial statements have
        ceased to be consolidated in the Group's financial statements. The unconsolidated net assets of Fedflour Trading
        (Singapore) Pte Ltd are presented as Investment in a Subsidiary Company in the Consolidated Balance Sheet.




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                                                                                                                                    FINAL
 9. There were no issuances and repayment of debt and equity securities, share buy-backs, share cancellations, shares held
    as treasury shares and resale of treasury shares for the current financial year to date.

10. Group borrowings
    Total Group borrowings as at 31 March 2001 are as follows:-
                                                                              RM'000               RM'000               RM'000
                                                                                Total              Secured            Unsecured
     Long term bank loans                                                     14,884               11,008                3,876
     Hire purchase liabilities                                                   888                  888                     -
     Repayments due within the next 12 months                                 (1,949)                (330)              (1,619)
                                                                              13,823               11,566                2,257

     Short term bank borrowings
         Bills payable                                                        99,230                    -               99,230
         Short term loans                                                    164,577                    -              164,577
         Short term loans (USD)                                               56,954                    -               56,954
         Current portion of long term loans                                    1,619                    -                1,619
         Current portion of hire purchase liabilities                            330                  330                    -
                                                                             322,710                  330              322,380
          Bank overdrafts                                                     17,425                    -               17,425
                                                                             340,135                  330              339,805

11. Contingent liabilities
    The Group's contingent liabilities as at the date of this announcement are as follows :-
                                                                                                                        RM'000
     (a) Unsecured guarantees issued in consideration of credit facilities granted to                                   14,800
         associated companies
     (b) Claim for compensation for early termination of tenancy agreement by a subsidiary                                3,029
         company
                                                                                                                         17,829

12. Off balance sheet financial instruments
    The Group does not have any financial instruments with off balance sheet risk as at 4 May 2001, the latest
    practicable date which is not earlier than 7 days from the date of this quarterly report.

13. Material litigation
    (a) About 2,176 hectares of land belonging to a subsidiary company, Suburmas Plantations Sdn Bhd ("Suburmas"), was
        compulsorily acquired by the Sarawak State Government on 30 June 1999. Suburmas has accepted the net compensation
        of RM16,538,090 under protest and has applied to the Land and Survey Department in Bintulu to refer the matter to the
        High Court. The amount claimed by Suburmas is RM77,300,000 based on a valuation by Messrs CH Williams, Talhar &
        Yeo Sdn Bhd. The High Court has yet to set the date of hearing.

     (b) On 14 July 2000, a legal suit was filed at the High Court of Sabah and Sarawak at Sandakan against the Government
         of the State of Sabah challenging the alienation by the Sabah State Government to our subsidiaries, Hibumas Sdn
         Bhd ("Hibumas") and Penumilek Sdn Bhd ("Penumilek") of a total of 5,700 acres (2,307 hectares) of land situated in Sugut
         and Bonggaya District of Sandakan (the said lands). The said lands form part of a total area of 25,784 acres (10,434
         hectares) alienated to Hibumas and Penumilek, who were named as the Second and Third Defendants respectively.

          Hibumas and Penumilek have sought legal advice on the above suit, and the directors of Hibumas and Penumilek are
          of the opinion that it is without merit. The management of Hibumas and Penumilek had filed an application to strike
          out the plaintiff's writ of summons and statement of claim on 12 September 2000. Hearing has been fixed on 9 to 11 July
          2001.




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                                                                                                                                      FINAL
14. Segmental reporting
                                                                          Revenue                                     Profit               Total
     All figures in RM'000                                                  Inter                                     before              Assets
     Analysis by activity                             External            Segment                Total               taxation            employed

     Food industries                                  1,044,016                      -          1,044,016                41,106            1,780,916
     Plantations                                         15,997               50,840               66,837                 7,539            1,282,798
     Manufacturing and services                          64,682                6,399               71,081                (1,020)             298,659
     Commodity trading                                  598,925                      -            598,925                 8,961              212,929
     Shipping                                            14,513                      -             14,513                 4,638              177,698
     Property, entertainment and retailing               20,905                      -             20,905                  (500)             506,299
     Hotels                                               5,320                      -              5,320                 1,230               63,177
     Others                                              43,297                      -             43,297                 4,590              458,443
                                                      1,807,655               57,239            1,864,894                66,544            4,780,919
     less :    Inter-segment sales                                                                (57,239)                      -                     -
               Group share of associated companies' revenue                                      (676,699)                      -                     -
                                                                                                1,130,956                66,544            4,780,919

     No geographical analysis has been prepared as the Group's business interests are predominantly located in Malaysia.

15. Material changes in the quarterly results compared to the results of the preceding quarter
    The Group profit before tax for the quarter under review of RM66.544 million was 56.1% lower when compared to RM151.703
    million for the preceding quarter. In the preceeding quarter there was an exceptional gain of RM58.820 million arising from the
    divestment of PPB's 34.78% equity interest in RA-PPB (Tops) Retail Sdn Bhd.

16. Review of performance of the Company and its principal subsidiaries
    For the period under review, profit contribution from the foods division was higher compared to the same period in the
    preceeding year due to improved performance in sugar and edible oils refining operations. The plantation division contributed
    a lower profit due to the poor palm product prices.

17. Material Subsequent Events
    The were no material subsequent events as at 4 May 2001, the latest practicable date which is not earlier than 7 days from the
    date of this quarterly report.

18. Seasonal or cyclical factors
    The Group's operations are not affected by any seasonal or cyclical factors except for the oil palm plantations division.
    As the natural cropping pattern of the oil palm plantations declines to a trough in the first half of the year and rises
    to a peak in the second half , the profits of the plantations and mills will be affected accordingly.

19. Prospects for the current financial year
    The food division is expected to maintain its performance whilst contributions from plantation operations are expected to be
    lower when compared to the previous financial year due to depressed palm product prices. Earnings of the utilities and
    environmental engineering operations are expected to improve with contributions from the water treatment activities. The
    property division will also register higher profits with the launch of sales of their residential units at Taman Segar in March
    2001. Based on current trading conditions, the Group's operating results for the current financial year are expected to be
    comparable with that of the previous year.

20. Variance of actual profit from forecast profit
    Not applicable

21. Dividend
    The Directors do not recommend any interim dividend for the period under review.




     Kuala Lumpur                                                                                                       By order of the Board
     11 May 2001                                                                                                          Tan Teong Boon
                                                                                                                         Company Secretary




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