Hidong Est. Regulatory News (HID)

28 Dec 2005 07:01

Hidong Estate PLC28 December 2005 Hidong Estate PLC(Incorporated in England)-------------------------------------------------------------------------------- Interim Report of ShareholdersHalf Year Ended 30th September, 2005 The estimated results for the half year ended 30th September, 2005 are givenbelow with appropriate comparative figures:- Half year Half year Year ended ended ended 30 Sept, 30 Sept, 31 Mar, 2005 2004 2005 RM RM RMTurnover 1,166,615 971,901 1,927,119Cost of sales -including replantingExpenditure ofRM 16,688(2004:RM15,860) (769,850) (644,522) (1,379,475)Profit 396,765 327,379 547,644Distribution costs (57,357) (44,405) (80,532)Administrative (119,949) (71,369) (138,754)expenses 219,459 211,605 328,358Other income 8,557 9,154 16,786Operating Profit 228,016 220,759 354,144Tangible fixed assets - - (1)written offInterest receivable on - 6,575 25,833short term depositsProfit on ordinaryactivitiesbefore taxation and extraordinary items 228,016 227,334 370,976Tax on profit on - - (81,397)ordinary activitiesRETAINED PROFIT AFTERTAXATION BUT BEFOREEXTRAORDINARY ITEMS 228,016 227,334 289,579Extraordinary itemsPROFIT ATTRIBUTABLETO SHAREHOLDERS 228,016 227,334 289,579Earnings per 10p share 13.31 sen 13.27 sen 16.90 sen STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES The Company has no recognised gains and losses other than the gain of RM228,016for the six months period ended 30th September, 2005 (2004: gain RM227,334). Notes: 1. The Company reported an operating profit of RM228,016 for the half yearended 30th September, 2005. This profit, as compared to a profit RM220,759 for the corresponding period, was attributed to increase in yield of Oil Palms and rubber price. 2. The directors do not propose to pay any interim dividend (last year -nil) 3. The Estate is expected to continuous increase in production withimprovement in inputs to the existing planted area and higher percentage of maturing palms. The Company is expected to improve in its performance for the second half. 4. Further to the announcement on 14th October 2005 pertaining to theproposed disposal of the Company's land, the directors announces that the approval from the Estate Land Board being one of the requisite approvals attendant to the sale has been obtained. The Company shall be calling for an Extraordinary General Meeting to seek shareholders' approval with regardsto the proposed disposal as soon as practical. 5. A copy of this report will be sent to shareholders and will be availablefor inspection at the Company's registered office, 34 Beckenham Road, Beckenham,Kent, BR3 4TU. CHEW SING GUANPenang Chairman27th December 2005 Balance Sheetas at 30th September, 2005 Half year Half year Year ended ended ended 30 Sept, 30 Sept, 31 Mar, 2005 2004 2005 RM RM RWFIXED ASSETSTangible assets 7,662,491 7,619,941 7,677,932 CURRENT ASSETSStocks 121,278 220,750 152,907Debtors 348,787 233,415 218,413Cash at bank and in hand 1,061,871 843,360 1,014,913Tax refundable 38,886 42,317 204 1,570,822 1,339,842 1,386,437CURRENT LIABILITIESCreditors : Amounts fallingdue within oneYear (262,027) (281,254) (315,543)NET CURRENT ASSETS 1,308,795 1,058,588 1,070,894 TOTAL ASSETS LESSCURRENT LIABILITIES 8,971,286 8,678,529 8,748,826PROVISION FOR LIABILITIESAND CHARGES (557,630) (555,134) (563,186)NET ASSETS 8,413,656 8,123,395 8,185,640 CAPITAL AND RESERVESCalled up share capital 1,067,846 1,067,846 1,067,846Revaluation reserve 5,832,048 5,832,048 5,832,048Profit and loss account 1,513,762 1,223,501 1,285,746TOTAL EQUITY SHAREHOLDERS'FUNDS 8,413,656 8,123,395 8,185,640 These financial statements were approved by the Board of Directors on 27thDecember 2005. CHEW SING GUAN ) ) ) DirectorsZAMBRI BIN HAJI MAHMUD ) Reconciliation of Operating (Loss) / Profit to Net Cash outflow from OperatingActivities Half year Half year Year ended ended ended 30 Sept, 30 Sept, 31 Mar, 2005 2004 2005 RM RM RMOperating profit 228,016 220,759 345,144Depreciation charge 15,441 12,232 32,239Provision for service gratuity benefits (5,556) - 8,052(Increase) / Decrease in stocks 31,629 (130,111) (62,267)(increase) / Decrease in debtors (130,374) (24,329) (9,327)Increase/(Decrease) in creditors (53,516) 59,278 93,567 85,640 137,829 407,408 Cash flow statement for the Half year Ended 30th September, 2005 Half year Half year Year ended ended ended 30 Sept, 30 Sept, 31 Mar, 2005 2004 2004 RM RM RMNET CASH INFLOW/(OUTFLOW)OPERATING ACTIVITIES 85,640 137,829 407,408 RETURNS ON INVESTMENTS AND SERVICING OF FINANCEInterest received - 6,575 25,833 TAXATIONOverseas tax paid (38,682) (34,737) (74,021)Tax refund - 43,140 43,140 (38,682) 8,403 9,575CAPITAL EXPENDITURESale of fixed assets - - -Purchase of tangible fixed assets - (230) (78,230) - (230) (78,230) NET CASH INFLOW/ (OUTFLOW)BEFORE MANAGEMENT OFLIQUID RESOURCES 46,958 152,577 324,130 MANAGEMENT OF LIQUID RESOURCES(Increase)/Decrease in short term deposits 50,000 (100,000) (420,000)INCREASE/(DECREASE) IN CASH 96,958 52,577 (95,870) This information is provided by RNS The company news service from the London Stock Exchange