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

Quarterly report on consolidated results for the financial quarter ended 31st October 2000. 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			
	31/10/2000	31/10/1999	31/10/2000	31/10/1999			
	RM’000	RM’000	RM’000	RM’000			
							
1   (a) Turnover	25,957	51,192	109,910	108,461			
     (b)  Investment (loss)/income	(13,533)	45,632	42,015	89,678			
     (c)  Other income including interest income	38,123	7,856	52,875	22,300			
2   (a)  Operating profit before interest on borrowings, depreciation and amortisation, exceptional items, income tax, minority interests and extraordinary items	17,629	77,344	112,752	151,913			
     (b)  Interest on borrowings	(10,719)	(4,180)	(22,802)	(9,667)			
     (c)  Depreciation and amortisation	(1,245)	(722)	(4,426)	(3,494)			
     (d)  Exceptional items	-	-	-	-			
     (e)  Operating profit after interest on borrowings,        depreciation and amortisation and exceptional items but before income tax, minority interests and extraordinary items	5,665	72,442	85,524	138,752			
     (f )  Share in the results of associated companies	3	(2,344)	(609)	608			
     (g)  Profit before taxation, minority interests and extraordinary items   	5,668	70,098	84,915	139,360			
     (h)  Taxation	(5,580)	(3,396)	(15,157)	(3,649)			
     (i)   (I)   Profit after taxation
                 before deducting minority interests	88	66,702	69,758	135,711			
           (ii)  Less minority interests	258	2,783	1,065	3,809			
     (j)   (Loss)/profit after taxation
           attributable to members of the company	(170)	63,919	68,693	131,902			
     (k)  (I)   Extraordinary items   	-	-	-	-			
           (ii)  Less minority interests	-	-	-	-			
           (iii) Extraordinary items attributable to
                members of the company	-	-	-	-			
     (l)   (Loss)/profit after taxation and extraordinary
           items attributable to members of the
           company	(170)	63,919	68,693	131,902			
3   (a) (Loss)/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)	(0.05)	18.60	19.99	38.39			
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)	2.86		2.73				

CONSOLIDATED BALANCE SHEET
	AS AT	AS AT	
	END OF	PRECEDING	
	CURRENT	FINANCIAL	
	QUARTER	YEAR END	
	31/10/2000	31/10/1999	
	RM’000	RM’000	
			
1   Fixed Assets	22,122	18,773	
2   Investment in Associated Companies	183,425	130,121	
3   Long Term Investments	477,381	435,052	
4   Intangible Assets	1,087	1,115	
5   Development Properties	345,292	238,531	
6   Long Term Debtors	42,120	42,000	
	1,071,427	865,592	
7   Current Assets			
         Stocks	149	92	
         Trade Debtors	8,846	106,217	
         Short Term Investments	112,345	259,503	
         Cash	36,870	31,736	
         Deposits with Financial Institutions	423,209	321,091	
         Mortgage Loans	1,567	591	
         Other Debtors	92,731	43,197	
         Due from Associated Companies
         Construction in Progress
         Development Properties	261
        -
20,406	50,525
               64,336
-	
	696,384	877,288	
			
8   Current Liabilities			
         Short Term Borrowings	19,461	20,197	
         Trade Creditors	1,516	1,287	
         Other Creditors	287,485	355,160	
         Provision for Taxation	6,288	3,100	
         Fees Received in Advance	6,522	6,557	
         Proposed Dividend	        22,266	27,214	
         Due to Holding Company	130,136	59,894	
         Due to Director or their Related Company	106	352	
	473,780	473,761	
			
9   Net Current Assets	222,604	403,527	
			
	1,294,031	1,269,119	
			
10 Shareholders’ Funds			
     Share Capital	343,617	343,617	
     Reserves			
         Share Premium	224,554	201,754	
         Revaluation Reserve	11,279	23,723	
         Capital Reserve	49,899	47,207	
         Retained Profits
         Exchange Fluctuation (Deficit)/Reserve	356,756
(2,697)	322,889
207	
		      639,791	595,780	
			
11  Minority Interests	4,506	3,440	
12  Long Term Borrowings	285,799	315,704	
13  Deferred Taxation	20,318	10,578	
	1,294,031	1,269,119	
14  Net tangible assets per share (RM)	2.86	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 annual financial statements, investment income was included in the turnover of the Group. However, for the preceding quarter and this quarter, 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 Item

Included in the operating profit is RM21,978,762 related to compensation sum received arising from compulsory acquisition for SPRINT Highway project of 77,775 square feet lands owned by Bungsar Hill Holdings Sdn Bhd, a wholly-owned subsidiary of the Company, in Pusat Bandar Damansara, Kuala Lumpur.

3.	Extraordinary Items

		There are no extraordinary items.

4.	Taxation

	The tax figures do not contain any adjustment for under or over-provisions in respect of prior years but include an estimated deferred tax of RM8,035,000.

5.	Pre-Acquisition Profits

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

6.	Sale of Investment / Properties

	The profits from sale of investment for the current financial year to 31 October 2000 totals RM6,910,000.

7.	Quoted Securities 

		Particulars of Purchase or Disposal of Quoted Securities for the current financial year to 31 October 2000:-
(a)      Summary of Dealings In Quoted Securities:        	RM’000	
                Total Purchases	1,208,831	
                Total Disposals      	1,215,741	
                Total Profit on Disposal	  6,910	
		
(b)     Investments in Quoted Securities:	RM’000	
                Total investments at cost	135,573	
                Total investments at carrying value/book value 
                (after provision for diminution in value)	    111,840
	
                Total investment at market value at end of reporting period	111,840	

8.	Group Structure

During the quarter, Allied Provincial Investments Inc., a wholly-owned subsidiary of the Company, disposed of 220,000 ordinary shares of S$1.00 each in Pointworth Management Pte Ltd, representing 10% of the issued capital, to Dennis See Chee Chiow for a consideration of S$429,000. (Singapore dollars Four Hundred Twenty Nine Thousand) only.

Following the said disposal, the Company’s shareholdings in Pointworth Management Pte Ltd is reduced from 20% to 10%.

	Except for the above, there is no changes in the composition of the company for the current financial year to 31 October 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.

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 October 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          	AUD      	RM    2,640,924	-	RM    2,640,924	
Secured	AUD	-	RM228,495,116	RM228,495,116	
Unsecured	AUD	-	RM  57,304,000	RM  57,304,000	
Unsecured	RM	RM  16,819,824	-	RM  16,819,824	
Total 		RM  19,460,748	RM285,799,116	RM305,259,864	

13.	Contingent Liabilities

As at 23 December 2000, there is a corporate guarantee given in support of a AUD29,000,000 (RM57,304,000) 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 December 2000:-

Contract Date	27/6/00		Total	
Currency	AUD		AUD	
Notional Cover	RM49,400,000		RM49,400,000	
Cover Dates	15/2/01-15/8/01			
Cap Rate	7.00%			
Floor Rate	6.00%			
Settlement Dates	Quarterly			

The contracts are entered into with lenders 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 lenders 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 December 2000.

16.	Segmental Reporting

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

By industries:	
Turnover	Profit/(Loss) before Taxation	Tangible Assets Employed	
	RM	RM	RM	
Property and other investment holding	66,927,609	79,279,691	1,704,721,360	
Hotel and catering	5,738,718	(1,390,121)	19,785,940	
Education	36,539,922	9,355,037	41,916,952	
Others	703,710	(1,720,944)	38,059	
	109,909,959	85,523,663	1,766,462,311	
Group’s share of associated companies results	-	(608,547)		
	109,909,959	84,915,116		

17.	Quarterly Analysis

For the quarter under review, the Group achieved a profit before taxation, minority interests and extraordinary items of RM5.668 million.

The deficit in investment income for this quarter 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 October 2000, the Group achieved a profit before taxation, minority interests and extraordinary items of RM84.915 million. 

The income from property investment and hotel for this quarter continue to remain consistent vis a vis the last quarter. The equity market continues to be volatile. Given such scenario, the Company have increased its cash and deposits with financial institutions and reduced its equity investments during the period. Despite that, investment income still recorded a deficit for this quarter. HELP Institute continues to grow and achieved higher profits. 

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

19.	Current Year Prospects

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

20.	Variance from Forecast Profit and Profit Guarantee

This note is not applicable.

21.	Dividend

A final dividend has been recommended as follows:-

a)	amount per share: 9.0 sen (less 28% tax);
b)	previous corresponding period: 11.0 sen (less 28% tax);
c)	total dividend for the current financial year: 9.0 sen (less 28% tax).

The directors will decide on the entitlement and payment dates for the above dividend and announce to the Kuala Lumpur Stock Exchange at a later date.