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The notes to the condensed Financial Statements should be read in conjunction with
the Annual Financial Statements for the year ended 31 December 2007.
The interim consolidated financial statements are unaudited and have been
prepared in accordance with the requirements of Financial Reporting
Standards (“FRS”) 134 “Interim Financial Reporting” and Paragraph 9.22 of
the Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa
Securities”).
The significant accounting policies adopted are consistent with those of the
audited financial statements for the year ended 31 December 2007.
The audit report of the preceding annual financial statements of the Group was
not subject to any qualification.
The company’s business is seasonal. First six (6) months are considered off-
season period generating lower revenue, however the effect of Seasonal or
cyclical factors affecting the company’s business has been substantially
mitigated by the company’s ongoing product and market diversification.
A4 Unusual items affecting assets, liabilities, equity, net income or cash flows
There are no unusual items to be reported by the Company which affects the
assets, liabilities, equity, net income or cash flow of the Company.
All the borrowings in the Indian operations are in Indian Rupees and in the
Malaysian operations are in Malaysian Ringgit.
The loans repayable within one year include Overdraft (OD) and trade facilities from
various banks, which are renewable in nature.
There were no share buy-backs, share cancellations, share held as treasury shares and
resale of treasury shares for the current financial quarter.
A7 Dividend
An interim tax exempt dividend calculated at the rate of 2.6% on the capital of the
company amounting to RM4,380,998.34 was paid on August 25, 2008.
This tax exempt dividend was paid out of the dividend received from Premium
Vegetable Oils Sdn Bhd, one of the subsidiary of the company calculated at the rate of
10% on the capital of the subsidiary amounting to RM5,486,250 was received on
August 22, 2008.
A8 Segment information
The segmental reporting on basis of geographical location for the 3rd quarter ended
30 September 2008 is set out below:-
The exchange rate used for conversion of USD is RM3.4575 to USD1 and for
Indian Rupees exchange rate considered is RM 7.49190 to 100 Indian Rupees.
No revaluation of the assets of the company was done during the current
period.
There are no material events subsequent to balance sheet date as at the end of
the current quarter.
Group RM’000
The Group recorded a revenue and profit before taxation for the current
quarter of RM250.43 million and RM1.278 million respectively, representing
an increase of 1.8% and decrease of 60% respectively when compared to the
immediate preceding quarter.(2nd quarter RM245.83 million and
RM2.039million respectively)
The material change in profit before tax for the current quarter as compared to
the proceeding quarter is due to losses incurred by our Indian subsidiary due to
the sharp decline in raw material prices.
B4 Profit forecast
B5 Tax expense
B7 Quoted securities
There was no purchase and disposal of quoted securities for the current quarter.
B8 Status of corporate proposals
There is no off balance sheet financial instruments other than forward sale and
purchase contracts entered in the normal course of business.
The basic earnings per share for the current quarter and cumulative year to date
are computed as follows:
3 months ended 30 Sept Cumulative period
ended 30 Sept
2008 2007 2008
2007
There is no dilution of earning for the company, for the period. The earning
per share has been calculated on the PAT of RM6.136 million for the period
ended September 30, 2008 being the current period, on the issued number of
shares of 337.0 million.
The interim financial statements were authorized for issue by the Board of
Directors in accordance with a resolution of the directors on 26th Nov 2008.
By order of the Board
Jeya Kumar Jegathison
Shikha Dutt
Company Secretary
Kuala Lumpur