Interim financial statements for the quarter ended 31 ... - ChartNexus

DIJAYA CORPORATION BERHAD (47908-K)
Interim financial statements for the quarter ended 31 March 2004
(The figures have not been audited)
CONDENSED CONSOLIDATED INCOME STATEMENTS
Note
Current Year
Quarter Ended
Revenue 20,947
Cost of sales (10,883)
Gross profits 10,064
Other operating income 13,154
Other operating expenses (8,785)
Profits from operations 8 14,433
Finance costs (1,051)
Share of results of associated companies 597
Profits before tax 13,979
Taxation 18 (2,482)
Company and subsidiaries (2,315)
Associates (167)
Profits after tax 11,497
Minority interests (869)
Net profits for the period 10,628
Earnings per share (sen)
Basic 26 4.1
Diluted 26 -
Individual Quarter Year To Date
Preceding Year
Corresponding
Quarter Ended
Current Year
Period Ended
Preceding Year
Corresponding
Period Ended
31/3/04 31/3/03 31/3/04 31/3/03
RM'000 RM'000 RM'000 RM'000
31,038
(22,953)
8,085
6,970
(8,483)
6,572
(1,925)
385
5,032
(1,325)
(1,217)
(108)
3,707
474
4,181
1.6
-
20,947
(10,883)
10,064
13,154
(8,785)
14,433
(1,051)
597
13,979
(2,482)
(2,315)
(167)
11,497
(869)
10,628
4.1
-
31,038
(22,953)
8,085
6,970
(8,483)
6,572
(1,925)
385
5,032
(1,325)
(1,217)
(108)
3,707
474
The Condensed Consolidated Income Statements should be read in conjunction with the audited financial statements for the year ended 31
December 2003 and the accompanying notes to the interim financial statements.
4,181
1.6
-
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DIJAYA CORPORATION BERHAD (47908-K)
Interim financial statements for the quarter ended 31 March 2004
(The figures have not been audited)
CONDENSED CONSOLIDATED BALANCE SHEETS
As At As At
Note 31/3/2004 31/12/2003
RM'000 RM'000
Non-current assets
Property, plant and equipment 9 289,265
289,817
Land held for development 24,300
24,300
Investment in associated companies 46,424
45,994
Other investments 44,158
44,158
Security retainers accumulation fund 2,005
2,005
406,152
Current assets
Development properties 285,439
Inventories 36,609
Trade and other receivables 40,251
Marketable securities 20 27,252
Cash and bank balances 122,354
511,905
Current liabilities
Provision for liabilities 664
Short term borrowings 22 39,611
Trade and other payables 122,271
Tax payable 14,111
176,657
Net current assets 335,248
741,400
406,274
320,362
34,391
40,926
27,252
119,110
542,041
664
58,289
134,041
13,939
206,933
335,108
741,382
2

DIJAYA CORPORATION BERHAD (47908-K)
Interim financial statements for the quarter ended 31 March 2004
(The figures have not been audited)
CONDENSED CONSOLIDATED BALANCE SHEETS
As At As At
Note 31/3/2004 31/12/2003
RM'000 RM'000
Financed by:
Share capital 259,526
259,526
Reserves 202,467
191,839
Minority Interests
461,993
61,890
Negative goodwill, net 16,141
540,024
Non-current liabilities
Long term borrowings 22 3,481
Deferred taxation 99,631
Sinking fund reserve 3,763
Security retainers 27,370
Deferred licence fees 67,131
201,376
741,400
Net tangible asset per share (RM) 1.78
451,365
61,021
16,444
528,830
3,481
110,968
3,562
27,370
67,171
212,552
741,382
The Condensed Consolidated Income Statements should be read in conjunction with the audited financial statements for the year ended
31 December 2003 and the accompanying notes to the interim financial statements.
1.74
3

DIJAYA CORPORATION BERHAD (47908-K)
Interim financial statements for the quarter ended 31 March 2004
(The figures have not been audited)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share
Reserves
Attributable Accumulated
Capital Premium To Capital Losses Total
RM'000 RM'000 RM'000 RM'000 RM'000
As at 1 January 2003
As previously stated 259,526 402,654 512
Prior year adjustments -
-
-
As at 1 January 2003 (restated) 259,526 402,654 512
Net profit for the period
Foreign exchange differences, representing net
-
-
gains not recognised in the income statement (147)
As at 31 December 2003 259,526
As at 1 January 2004 259,526
Net profit for the period -
As at 31 March 2004 259,526
402,654
402,654
-
402,654
365
365
-
365
(226,469)
(1,966)
(228,435)
17,255
(211,180)
(211,180)
10,628
(200,552)
436,223
(1,966)
434,257
17,255
(147)
451,365
451,365
10,628
461,993
The Condensed Consolidated Income Statements should be read in conjunction with the audited financial statements for the year ended 31 December
2003 and the accompanying notes to the interim financial statements.
4

DIJAYA CORPORATION BERHAD (47908-K)
Interim financial statements for the quarter ended 31 March 2004
(The figures have not been audited)
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Quarter ended
31/3/2004 31/3/2003
RM'000 RM'000
Net cashflow generated from operating activities (5,333) 34,330
Net cashflow from investing activities 35,522 1,209
Net cashflow from financing activities (19,729) (17,608)
Net increase/ (decrease) in cash and cash equivalents 10,460 17,931
Cash and cash equivalents at beginning of financial period 107,471 24,137
Cash and cash equivalents at end of financial period * 117,931 42,068
* Cash and cash equivalents at end of the financial period comprise the following:
Quarter ended
31/3/2004 31/3/2003
RM'000 RM'000
Cash and bank balances 122,354 56,545
Less: Bank overdrafts (3,495) (11,916)
118,859 44,629
Less: Cash and cash equivalents not available for use (928) (2,561)
117,931 42,068
The Condensed Consolidated Income Statements should be read in conjunction with the audited financial statements for the year ended 31
December 2003 and the accompanying notes to the interim financial statements.
5

DIJAYA CORPORATION BERHAD (47908-K)
Interim financial statements for the quarter ended 31 March 2004
(The figures have not been audited)
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 Bhd.
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 accounting policies and methods of computation adopted by the Group in this interim financial statement are
consistent with those adopted in the audited financial statements for the financial year ended 31 December 2003, except
for the adoption of the relevant new accounting standards, which became effective from 1 January 2004. The adoption
of MASB 32 does not have material effect on the financial results of the Group for the financial quarter ended 31 March
2004.
2. Auditors' report on preceding annual financial statements
The auditors' report on the financial statements for the year ended 31 December 2003 was not qualified.
3. Seasonal or cyclical factors
The Group's business operations are not materially affected by any seasonal/ cyclical factors.
4 Nature and amount of items affecting assets, liabilities, equity, net income or cash flows that are unusual
because of their nature, size or incidence
There were no unusual items affecting assets, liabilities, equity, net income or cash flows during the financial period
ended 31 March 2004, save for receipt of the proceeds from sale of land in Mukim Ijok.
5. Changes in estimates of amounts reported in prior interim periods of the current financial year or in prior
financial year
There were no changes in estimates of amounts reported in prior interim periods of the current financial year or prior
financial year.
6. Debt and equity securities
There were no issuances, cancellations, repurchases, resale and repayments of debt and equity securities.
7. Dividends paid
No dividend has been paid during the financial period.
6

DIJAYA CORPORATION BERHAD (47908-K)
Interim financial statements for the quarter ended 31 March 2004
(The figures have not been audited)
8. Segmental information
Real property
and resort Engineering
development and trading Investment Others Consolidated
RM'000 RM'000 RM'000 RM'000 RM'000
YTD ended 31 March 2004
Revenue 17,679 3,268
-
- 20,947
Results from operations 15,370 (317) (408) (212) 14,433
Finance cost (312) (77) (662) - (1,051)
Share of results of -
associated companies -
-
597
597
Profit/(Loss) before tax 15,058 (394) (473) (212) 13,979
YTD ended 31 March 2003
Revenue 24,113
6,470
-
455
31,038
Results from operations 3,895
87 3,321 (731) 6,572
Finance cost (819) (63) (1,043) - (1,925)
Share of results of -
associated companies -
-
385
-
385
Profit/(Loss) before tax 3,076
24 2,663 (731) 5,032
9 Valuations of property, plant and equipment
The valuations of property, plant and equipment have been brought forward without any amendment from the audited
financial statements for the year ended 31 December 2003.
10. Subsequent events
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.
12. Changes in contingent liabilities or contingent assets
There were no significant changes in contingent liabilities since the last annual balance sheet date.
13. Capital commitments
There were no capital commitments not provided for in the interim financial statements as at 31 March 2004.
7

DIJAYA CORPORATION BERHAD (47908-K)
Interim financial statements for the quarter ended 31 March 2004
(The figures have not been audited)
PART B - EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE LISTING REQUIREMENTS OF BURSA
MALAYSIA SECURITIES BHD
14. Performance review
The revenue for the current quarter ended 31 March 2004 was lower at RM20.9 million compared to RM31.0 million for
the corresponding period last year. However, despite the lower revenue the pre-tax profit increased substantially to
RM13.9 million for the current quarter from RM5.0 million in the previous year's quarter as a result of better profit
margins earned by the property development division and a gain of RM8.9 million from disposal of land.
15. Variation of results against previous quarter
31/3/2004 31/12/2003
RM’000 RM’000
Revenue 20,947 53,215
Consolidated profit before taxation 13,979 21,210
16. Current year prospects
The property development division is expected to be the main contributor in terms of revenue and profits for this financial
year, supported by the encouraging sales achieved to date. Overall, the directors are of the view that the Group
operating results will continue to be satisfactory for the current year.
17. Profit forecast or profit guarantee
The Group has not provided any profit forecast or profit guarantee in a public document.
18. Taxation
Individual quarter ended
Quarter ended
The Group's profit before taxation for the current quarter ended 31 March 2004 of RM13.9 million represented a
decrease of 34% from the previous quarter ended 31 December 2003 of RM21.2 million. This was attributable to lower
of recognition progress billing from the real property development projects and losses incurred by the engineering and
investment holding segments during the period.
Cumulative quarters ended
31/3/04 31/3/03 31/3/04 31/3/03
RM'000 RM'000 RM'000 RM'000
Tax expense for the period 13,652 1,767 13,652 1,767
Deferred taxation transfers (11,337) (550) (11,337) (550)
2,315 1,217 2,315 1,217
Share of taxation of associated company 167 108 167 108
2,482 1,325 2,482 1,325
The taxation charge for the Group is disproportionate to the results of the Group due to losses of certain subsidiaries
which cannot be set-off against taxable profits made by other subsidiaries as no group relief is available and certain
expenses which are disallowed for taxation purposes.
19. Sale of unquoted investments and/ or properties
There were no sales of unquoted investments or properties outside the ordinary course of business of the Group during
the financial period under review.
8

DIJAYA CORPORATION BERHAD (47908-K)
Interim financial statements for the quarter ended 31 March 2004
(The figures have not been audited)
20. Quoted securities
Current Current year
quarter to date
3/31/2004 3/31/2003
RM'000 RM'000
Total purchases Nil Nil
Total disposals Nil 341
Total gain/ (loss) on disposals Nil 199
As at
3/31/2004
RM'000
At cost 79,399
At carrying value/ book value 34,489
At market value 41,632
21. Corporate proposals
The Special Bumiputra Issue ("SBI") of 31,000,000 new ordinary shares of RM1.00 each in the Company to Bumiputra
investors approved by the Ministry of International Trade and Industry at an issue price of RM1.00 per share is still
pending implementation. As announced on 7 January 2004, the Securities Commission had approved a further
extension of time of one year until 31 December 2004 for implementation of the SBI.
On 30 March 2004, Bakat Rampai Sdn Bhd, a wholly-owned subsidiary of the Company, together with Tan Sri Dato' Seri
Vincent Tan Chee Yioun, Dato' Robin Tan Yeong Ching, Rayvin Tan Yeong Sheik, Nerine Tan Sheik Ping, JMP
Holdings Sdn Bhd and Vecc-Men Holdings Sdn Bhd entered into a conditional sale and purchase agreement with Matrix
International Bhd ("MIB") to sell its entire shareholding of 36,081,980 ordinary shares of RM1.00 each representing
approximately 11.25% equity interest in Berjaya Times Square Sdn Bhd to MIB for a consideration of RM111,854,138 to
be satisfied by the issuance of 79,895,813 new ordinary shares of RM1.00 each in MIB at an issue price of RM1.40 per
share. The proposed disposal is still pending all approvals of the relevant authorities including the Securities
Commission.
22. Borrowings
Particulars of the Group's borrowings are as follows:
As at As at
31/3/04 31/12/03
RM'000 RM'000
Secured short-term borrowings 39,611 58,289
Secured long-term borrowings 3,481 3,481
All of the above borrowings are denominated in Ringgit Malaysia.
43,092 61,770
23. Off balance sheet financial instruments
There is no financial instruments with off balance sheet risk as at the date of this quarterly report.
24. Material litigation
There is no pending material litigation as at the date of this announcement, the value of which exceeds 5% of the
Group's net tangible assets.
9

DIJAYA CORPORATION BERHAD (47908-K)
Interim financial statements for the quarter ended 31 March 2004
(The figures have not been audited)
25. Dividend payable
As announced on 19 April 2004, the Company declared a first and final dividend of 2% less 28% Malaysian income tax
amounting to dividend payable of 1.44 sen per share in respect of the year ended 31 December 2003. The proposed
dividend payment is subject to the shareholders' approval at a general meeting of the Company to be held later.
26. Earnings per share
(a) Basic earnings per ordinary share
Basic earnings per ordinary share is calculated by dividing the net profit for the period by the weighted average
number of ordinary shares in issue during the period.
3 months ended 3 months ended
3/31/2004 3/31/2003
Net profit for the period (RM'000) 10,628 4,180
Weighted average number of ordinary shares ('000) 259,526 259,526
Basic earnings per share (sen) 4.1
(b) Diluted earnings per ordinary share
The effect on the basic earnings per share arising from the assumed exercise of ESOS is anti-dilutive.
Accordingly, diluted earnings per share was not presented.
By Order of the Board
Low Nyoke Fun
Secretary
Petaling Jaya
21 May 2004
1.6
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