QUARTERLY   REPORT
                                                                                                                                                29th September 2000
SELANGOR   PROPERTIES   BERHAD
(5199-X)
(Incorporated in Malaysia)

Quarterly report on consolidated results for the financial quarter ended 31st July 2000. The figures have not been audited.

CONSOLIDATED INCOME STATEMENT
	INDIVIDUAL	    QUARTER	CUMULATIVE	    QUARTER			
	          CURRENT
        YEAR	   PRECEDING 
         YEAR           	CURRENT
YEAR	PRECEDING YEAR
CORRESPONDING			
	         QUARTER	CORRESPONDING	TO DATE	PERIOD			
		QUARTER					
	          31/07/00	31/07/99	31/07/00	31/07/99			
	            RM’000	RM’000	RM’000	RM’000			
							
1   (a) Turnover	26,586	17,038	83,953	57,269			
     (b)  Investment income	10,615	15,853	55,548	44,046			
     (c)  Other income including interest income	7,928	8,101	14,752	14,444			
2   (a)  Operating profit/(loss) before
           interest on borrowings, depreciation and
           amortisation, exceptional items, income tax,
           minority interests and extraordinary items	20,049	29,802	95,123	74,569			
     (b)  Interest on borrowings	(3,296)	(2,451)	(12,083)	(5,487)			
     (c)  Depreciation and amortisation	(1,125)	(894)	(3,181)	(2,772)			
     (d)  Exceptional items							
     (e)  Operating profit/(loss) after
           interest on borrowings, depreciation and
           amortisation and exceptional items but
           before income tax, minority interests and
           extraordinary items	15,628	26,457	79,859	66,310			
     (f )  Share in the results of associated companies	(29)	(19)	(612)	2,952			
     (g)  Profit/(loss) before taxation, minority
           interests and extraordinary items   	15,599	26,438	79,247	69,262			
     (h)  Taxation	(2,261)	(190)	(9,577)	(253)			
     (i)   (i)   Profit/(loss) after taxation
                 before deducting minority interests	13,338	26,248	69,670	69,009			
           (ii)  Less minority interests	223	232	807	1,026			
     (j)   Profit/(loss) after taxation
           attributable to members of the company	13,115	26,016	68,863	67,983			
     (k)  (i)   Extraordinary items   							
           (ii)  Less minority interests							
           (iii) Extraordinary items attributable to
                members of the company							
     (l)   Profit/(loss) after taxation and extraordinary
           items attributable to members of the
           company	13,115	26,016	68,863	67,983			
3   (a)  Earnings per share based on 2(j) above after
           deducting any provision for preference
           dividends, if any:-							
           (i)  Basic (based on 343,616,761
                ordinary shares) (sen)
           (ii) Fully diluted (based on 343,616,761
                ordinary shares) (sen)	3.82	7.57	20.04	19.78			
4   (a)  Dividend per share (sen)
     (b)  Dividend Description	
						
	AS AT END OF CURRENT QUARTER	AS AT PRECEDING FINANCIAL YEAR END				
5    Net Tangible Assets per share (RM)	2.93		2.73				

CONSOLIDATED BALANCE SHEET
	AS AT	AS AT	
	END OF	PRECEDING	
	CURRENT	FINANCIAL	
	QUARTER	YEAR END	
	31/07/2000	31/10/1999	
	RM’000	RM’000	
			
1   Fixed Assets	23,412	18,773	
2   Investment in Associated Companies	172,309	130,121	
3   Long Term Investments	457,962	435,052	
4   Intangible Assets	1,116	1,115	
5   Development Properties	360,422	238,531	
6   Long Term Debtors	43,098	42,000	
	1,058,319	865,592	
7   Current Assets			
         Stocks	25	92	
         Trade Debtors	11,515	106,217	
         Short Term Investments	95,228	259,503	
         Cash	36,907	31,736	
         Deposits with Financial Institutions	523,147	321,091	
         Mortgage Loans	738	591	
         Other Debtors	53,394	43,197	
         Due from Associated Companies
         Construction in Progress	16,037
        19,518	50,525
              64,336	
	756,509	877,288	
			
8   Current Liabilities			
         Short Term Borrowings	96,853	20,197	
         Trade Creditors	756	1,287	
         Other Creditors	306,845	355,160	
         Provision for Taxation	7,447	3,100	
         Fees Received in Advance	4,990	6,557	
         Proposed Dividend	           -	27,214	
         Due to Holding Company	145,035	59,894	
         Due to Director or their Related Company	102	352	
	562,028	473,761	
			
9   Net Current Assets	194,481	403,527	
			
	1,252,800	1,269,119	
			
10 Shareholders’ Funds			
     Share Capital	343,617	343,617	
     Reserves			
         Share Premium	201,754	201,754	
         Revaluation Reserve	23,723	23,723	
         Capital Reserve	47,207	47,207	
         Retained Profit
         Exchange Fluctuation Reserve	391,752
(1,132)	322,889
207	
		      663,304	595,780	
			
11  Minority Interests	4,247	3,440	
12  Long Term Borrowings	231,402	315,704	
13  Deferred Taxation	10,230	10,578	
	1,252,800	1,269,119	
14  Net tangible assets per share (RM)	2.93	2.73	

NOTES

1.	Accounting Policies

The Group has, on the advice of its external auditors, changed the treatments of certain income statement items resulting in these items being reclassified in the Consolidated Income Statement.

In the previous periods, investment income was included in the turnover of the Group. However, for the current period, investment income has been excluded from turnover. Also, investment income now consists of all gains and losses on disposal of investments, any provision or reversal of provision for diminution in value of investments and the net returns on equity linked deposits. This treatment is adopted to reflect the income generated from investments.

All comparative figures have been reclassified to conform with the current period’s presentation.

Other than the above, there has been no change in the accounting policies and methods of computation of this quarterly financial statements compared with the most recent annual financial statement.

2.	Exceptional Items

		There are no exceptional items.

3.	Extraordinary Items

		There are no extraordinary items.

4.	Taxation

	The tax figures do not contain any deferred tax and/or adjustment for under or over-provisions in respect of prior years.

5.	Pre-Acquisition Profits

	There are no pre-acquisition profits for the current financial year to 31 July 2000.

6.	Sale of Investment / Properties

	The profits from sale of investment for the current financial year to 31 July 2000 totals RM21,782,000.00.

7.	Quoted Securities 

		Particulars of Purchase or Disposal of Quoted Securities for the current financial year to 31 July 2000:-

(a)      Summary of Dealings In Quoted Securities:        	RM’000	
                Total Purchases	1,113,941	
                Total Disposals      	1,135,723	
                Total Profit on Disposal	     21,782	
		
(b)     Investments in Quoted Securities:	RM’000	
                Total investments at cost	  122,228	
                Total investments at carrying value/book value 
                (after provision for diminution in value)	    95,228
	
                Total investment at market value at end of reporting period	    95,589	

8.	Group Structure

	There are no changes in the composition of the company for the current financial year to 31 July 2000 including business combinations, acquisition or disposal of subsidiaries and long term investments, restructuring and discontinuing operations.

9.	Corporate Proposals

The implementation of the Employees’ Share Option Scheme (‘ESOS’) is still being reviewed as at 23 September 2000.

10.	Seasonal or Cyclical Factors

The company’s properties and investments are affected by economic cycles in their principal markets. 	

11.	Debt and Equity Securities

	There were no issuance 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 31 July 2000.

12.	Group Borrowings

	Group Borrowings and Debt Securities as at the end of the reporting period:-

Security	Currency	Short Term	Long Term	Total	
Secured	USD	RM  49,436,088		RM  49,436,088	
Secured          	AUD      	RM    2,967,030		RM    2,967,030	
Secured	AUD	            -	RM167,021,853	RM167,021,853	
Unsecured	AUD	-	RM  64,380,000	RM  64,380,000	
Unsecured	RM	RM  44,450,000		RM  44,450,000	
Total 		RM  96,853,118	RM231,401,853	RM328,254,971	

13.	Contingent Liabilities

As at 23 September 2000, there is a corporate guarantee given in support of a AUD29,000,000 (RM64,380,000) credit facility granted to the bare trustee of a wholly-owned subsidiary.

14.	Off Balance Sheet Risk

	Off Balance Sheet Financial Instruments as at 23 September 2000:-

Contract Date	27/6/00		Total	
Currency	AUD		AUD	
Notional Cover	RM55,500,000		RM55,500,000	
Cover Dates	15/8/00-15/8/01			
Cap Rate	7.00%			
Floor Rates	6.10% (15/8/00 & 15/11/00)
6.00% (15/2/01 & 15/5/01)			
Settlement Dates	Quarterly			

The contracts are entered into with a lender which granted credit facilities to the Group to hedge the Group exposure to possible increase of Australian interest rates. The credit risks are that of the lender and the market risk is the cost of the cash premiums and/or the higher floor interest rates that the Group is committed to pay if Australian interest rates decline.

15.	Material Litigation

	There is no pending material litigation as at 23 September 2000.

16.	Segmental Reporting

Segmental analysis for the current financial year to 31 July 2000 is as follows:-

By industries:	Turnover	Profit/(Loss) before Taxation	Tangible Assets Employed	
	RM	RM	RM	
Property and other investment holding	49,606,763	76,682,362	1,743,573,258	
Hotel and catering	  4,257,621	(469,534)	21,513,259	
Education	27,350,533	6,897,751	48,311,656	
Others	      58,983	(3,251,577)	313,608	
	81,273,900	79,859,002	1,813,711,781	
Group’s share of associated companies results	  2,679,557	(612,216)		
	83,953,457	79,246,786		

17.	Quarterly Analysis

For the quarter under review, the Group achieved a profit before taxation, minority interests and extraordinary items of RM15.6 million. Profit attributable to shareholders is RM13.1 million, representing 3.82 sen per share. 

	The uneven distribution of the Australian development income, the decline in the investment income and the additional provisions for diminution in value of short-term equity investment accounted for most of the reduction in the profit before taxation for this quarter compared with the preceding quarter. 

18.	Review of Performance

For the current financial year to 31 July 2000, the Group achieved a profit before taxation, minority interests and extraordinary items of RM79.2 million as compared to RM69.2 million for the same period last year.

The income from property investment and hotel have stabilized and are beginning to show improvement.  HELP Institute continues to grow and show higher profits. The investment income has become less predictable in view of the volatile markets.

	The Directors are of the opinion that there were no material events affecting the earnings of the Group and the Company between 31 July 2000 and 23 September 2000.

19.	Current Year Prospects

	Barring unforeseen circumstances, the Board believes that the Group’s current year prospects remain promising.    

20.	Variance from Forecast Profit and Profit Guarantee

This note is not applicable.

21.	Dividend

		No decision has been made on dividend.