QUARTERLY   REPORT
                                                                                                                                                30th March 2001
SELANGOR   PROPERTIES   BERHAD
(5199-X)
(Incorporated in Malaysia)

Quarterly report on consolidated results for the financial quarter ended 31st January 2001. 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			
	31/01/2001	31/01/2000	31/01/2001	31/01/2000			
	RM’000	RM’000	RM’000	RM’000			
							
1   (a) Turnover	23,172	25,438	23,172	25,438			
     (b)  Investment (loss)/income	(6,677)	41,700	(6,677)	41,700			
     (c)  Other income including interest income	7,332	2,353	7,332	2,353			
2   (a)  Operating profit before interest on borrowings, depreciation and amortisation, exceptional items, income tax, minority interests and extraordinary items	10,875	44,358	10,875	44,358			
     (b)  Interest on borrowings	(2,058)	(3,883)	(2,058)	(3,883)			
     (c)  Depreciation and amortisation	(1,266)	(1,011)	(1,266)	(1,011)			
     (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	7,551	39,464	7,551	39,464			
     (f )  Share in the results of associated companies	145	(735)	145	(735)			
     (g)  Profit before taxation, minority interests and extraordinary items   	7,696	38,729	7,696	38,729			
     (h)  Taxation	(2,211)	(2,571)	(2,211)	(2,571)			
     (i)   (i)   Profit after taxation
                 before deducting minority interests	5,485	36,158	5,485	36,158			
           (ii)  Less minority interests	238	183	238	183			
     (j)   Profit after taxation
           attributable to members of the company	5,247	35,975	5,247	35,975			
     (k)  (i)   Extraordinary items   	-	-	-	-			
           (ii)  Less minority interests	-	-	-	-			
           (iii) Extraordinary items attributable to
                members of the company	-	-	-	-			
     (l)   Profit after taxation and extraordinary
           items attributable to members of the
           company	5,247	35,975	5,247	35,975			
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)	1.53

0.00
	10.47

0.00	1.53

0.00
	10.47

0.00			
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)	2.87		2.85				

CONSOLIDATED BALANCE SHEET
	AS AT	AS AT	
	END OF	PRECEDING	
	CURRENT	FINANCIAL	
	QUARTER	YEAR END	
	31/01/2001	31/10/2000	
	RM’000	RM’000	
			
1   Fixed Assets	20,647	20,369	
2   Investment in Associated Companies	183,569	183,425	
3   Long Term Investments	517,191	516,421	
4   Intangible Assets	1,087	1,087	
5   Development Properties	346,858	344,221	
6   Long Term Debtors	39,856	39,794	
	1,109,208	1,105,317	
7   Current Assets			
         Stocks	144	115	
         Trade Debtors	15,706	8,296	
         Short Term Investments	179,119	149,840	
         Cash	22,288	36,870	
         Deposits with Financial Institutions	334,340	347,209	
         Other Debtors	73,205	101,992	
         Due from Associated Company
         Development Properties	-
22,899	261
20,044	
	647,701	664,627	
			
8   Current Liabilities			
         Short Term Borrowings	6,788	79,417	
         Trade Creditors	1,331	1,516	
         Other Creditors	290,557	287,022	
         Provision for Taxation	14,669	16,680	
         Fees Received in Advance	5,320	6,522	
         Proposed Dividend	        22,266	22,266	
         Due to Holding Company	150,860	130,670	
         Due to Associated Company	15,480	-	
         Due to Director or their Related Company	116	106	
	507,387	544,199	
			
9   Net Current Assets	140,314	120,428	
			
	1,249,522	1,225,745	
			
10 Shareholders’ Funds			
     Share Capital	343,617	343,617	
     Reserves			
         Share Premium	201,754	201,754	
         Revaluation Reserve	23,722	23,722	
         Capital Reserve	59,766	59,766	
         Retained Profits
         Exchange Fluctuation Deficit	359,333
(1,766)	354,086
(2,573)	
	642,809	636,755	
			
11  Minority Interests	6,347	4,480	
12  Long Term Borrowings	241,445	225,842	
13  Deferred Taxation	15,304	15,051	
	1,249,522	1,225,745	
14  Net tangible assets per share (RM)	2.87	2.85	

NOTES

1.	Accounting Policies

There has been no change in the accounting policies and methods of computations of this quarterly financial statements compared with the most recent annual financial statement. 

2.	Exceptional Item

There are no exceptional items.

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.

5.	Pre-Acquisition Profits

	There are no pre-acquisition profits for the current financial period to 31 January 2001.

6.	Sale of Investment / Properties

	The loss from sale of investment for the current financial period to 31 January 2001 totals RM4,103,000.

7.	Quoted Securities and Other Short Term Investments

Particulars of Quoted Securities and Other Short Term Investments for the current financial period to 31 January 2001:-
(a)      Summary of Dealings In Quoted Securities:        	RM’000	
                Total Purchases	58,172	
                Total Disposals      	54,069	
                Total Loss on Disposal	  (4,103)	
		
(b)     Investments in Quoted Securities and Other Short Term Investments:	RM’000	
                Total investments at cost	205,425	
                Total investments at carrying value/book value 
                (after provision for diminution in value)	    179,119	
                Total investment at market value at end of reporting period	185,614	

8.	Group Structure

During the quarter, HELP Institute Sdn. Bhd. (“HELP Institute”), a subsidiary company of the Company, completed a share issue (“Share Issue”) of 1,293,000 new ordinary shares of RM1.00 each to certain identified Bumiputras at an issue price of RM1.26 per share. The Share Issue is implemented in order to increase the Bumiputra equity participation in HELP Institute. Following the Share Issue, the Company’s shareholding in HELP Institute is reduced from 83.73% to 78.88%.

	Except for the above, there is no changes in the composition of the Company for the current financial period to 31 January 2001 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 deferred sine die.

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 period to 31 January 2001.

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      	             -	RM181,240,706	RM181,240,706	
Unsecured	AUD	-	  RM60,204,000	  RM60,204,000	
Unsecured	RM	    RM6,787,820	-	    RM6,787,820	
Total 		    RM6,787,820	RM241,444,706	RM248,232,526	

13.	Contingent Liabilities

As at 23 March 2001, there is a corporate guarantee given in support of a AUD29,000,000 (RM54,415,600) 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 March 2001:-

Contract Date	27/6/00		Total	
Currency	AUD		AUD	
Notional Cover	RM46,910,000		RM46,910,000	
Cover Dates	15/8/00 to 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 March 2001.

16.	Segmental Reporting

Segmental analysis for the current financial year to 31 January 2001 is as follows:-

By industries:	
Turnover	Profit/(Loss) before Taxation	Tangible Assets Employed	
	RM	RM	RM	
Property and other investment holding	13,459,084	4,073,996	1,695,251,404	
Hotel and catering	1,342,313	(262,282)	19,966,227	
Education	8,370,747	1,148,679	40,552,010	
Others	-	2,590,564	52,198	
	23,172,144	7,550,957	1,755,821,839	
Group’s share of associated companies results	-	144,566		
	23,172,144	7,695,523		

17.	Quarterly Analysis

For the quarter under review, the Group achieved a profit before taxation, minority interests and extraordinary items of RM7.696 million as compared to RM5.668 million in the preceding quarter. This represents an increase of 35.78% in the profit before taxation, minority interests and extraordinary items. The material factor affecting the growth was mainly due to a reduction in the deficit in investment income of the Group as compared against the preceding quarter.

Additional provision for diminution in value of the short-term equity investment and loss from sale of investment during the quarter under review of a subsidiary company have resulted in a deficit in the investment income and lowered its contribution to the Group’s overall profit before taxation.

18.	Review of Performance

For the current financial period to 31 January 2001, the performance of the Group is within expectation.

The income from property and other investment holdings was and will continue to be affected by the softening of the Malaysian and Australian economy and the global market conditions. The student enrolment for HELP Institute remained consistent and HELP Institute continued to make positive contribution to the Group’s overall profits. The low occupancy rate for the hospitality industry was affected and will continue to affect Wenworth Hotel’s bottom line.

The Directors are of the opinion that there were no material events affecting the earnings of the Group and the Company between 31 January 2001 and 23 March 2001 except that the volatility of the global equity markets may affect the investment income.

19.	Current Year Prospects

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

20.	Variance from Forecast Profit and Profit Guarantee

This note is not applicable.

21.	Dividend

No decision has been made on dividend.