QUARTERLY   REPORT
                                                                                                                                                29th June 2001
SELANGOR   PROPERTIES   BERHAD
(5199-X)
(Incorporated in Malaysia)

Quarterly report on consolidated results for the financial quarter ended 30th April 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			
	30/04/2001	30/04/2000	30/04/2001	30/04/2000			
	RM’000	RM’000	RM’000	RM’000			
							
1   (a) Turnover	25,891	31,929	49,063	57,367			
     (b)  Investment (loss)/income	(7,036)	3,233	(13,713)	44,933			
     (c)  Other income including interest income	9,683	4,471	17,015	6,824			
2   (a)  Operating profit before interest on borrowings, depreciation and amortisation, exceptional items, income tax, minority interests and extraordinary items	13,879
	30,716	24,754	75,074			
     (b)  Interest on borrowings	(2,813)	(4,904)	(4,871)	(8,787)			
     (c)  Depreciation and amortisation	(1,299)	(1,045)	(2,565)	(2,056)			
     (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	9,767	24,767	17,318	64,231			
     (f )  Share in the results of associated companies	642	152	787	(583)			
     (g)  Profit before taxation, minority interests and extraordinary items   	10,409	24,919	18,105	63,648			
     (h)  Taxation	(4,414)	(4,745)	(6,625)	(7,316)			
     (i)   (i)   Profit after taxation
                 before deducting minority interests	5,995	20,174	11,480	56,332			
           (ii)  Less minority interests	364	401	602	584			
     (j)   Profit after taxation
           attributable to members of the company	5,631	19,773	10,878	55,748			
     (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	5,631	19,773	10,878	55,748			
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)	1.64

-	5.75

-	3.17

-
	16.22

-			
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)	2.88		2.85				

CONSOLIDATED BALANCE SHEET
	AS AT	AS AT	
	END OF	PRECEDING	
	CURRENT	FINANCIAL	
	QUARTER	YEAR END	
	30/04/2001	31/10/2000	
	RM’000	RM’000	
			
1   Fixed Assets	20,582	20,369	
2   Investment in Associated Companies	184,212	183,425	
3   Long Term Investments	458,483	516,421	
4   Intangible Assets	1,087	1,087	
5   Development Properties	350,324	344,221	
6   Long Term Debtors	43,382	39,794	
	1,058,070	1,105,317	
7   Current Assets			
         Stocks	114	115	
         Trade Debtors	4,512	8,296	
         Short Term Investments	115,168	149,840	
         Cash	17,579	36,870	
         Deposits with Financial Institutions	375,927	347,209	
         Other Debtors	85,031	101,992	
         Due from Associated Company
         Development Properties	-
42,876	261
20,044	
	641,207	664,627	
			
8   Current Liabilities			
         Short Term Borrowings	21,543	79,417	
         Trade Creditors	1,490	1,516	
         Other Creditors	288,202	287,022	
         Provision for Taxation	12,786	16,680	
         Fees Received in Advance	3,858	6,522	
         Proposed Dividend	        22,266	22,266	
         Due to Holding Company	146,453	130,670	
         Due to Associated Company	15,478	-	
         Due to Director or their Related Company	15	106	
	512,091	544,199	
			
9   Net Current Assets	129,116	120,428	
			
	1,187,186	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	364,888
(2,917)	354,086
(2,573)	
	647,213	636,755	
			
11  Minority Interests	6,787	4,480	
12  Long Term Borrowings	173,746	225,842	
13  Deferred Taxation	15,823	15,051	
	1,187,186	1,225,745	
14  Net tangible assets per share (RM)	2.88	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

Included in the operating profit is RM9,370,340 being compensation sum arising from the compulsory acquisition for SPRINT Highway project of 15,115 square feet of land owned by Bungsar Hill Holdings Sdn Bhd, a wholly-owned subsidiary of the Company in Damansara Heights, Kuala Lumpur.

3.	Extraordinary Items

		There were no extraordinary items.

4.	Taxation

	The tax figures did not contain any adjustment for under or over-provisions in respect of prior years.

5.	Pre-Acquisition Profits

	There were no pre-acquisition profits for the current financial period to 30 April 2001.

6.	Sale of Investment / Properties

	The loss from sale of investments for the current financial period to 30 April 2001 was RM12,477,000.

7.	Quoted Securities 

Particulars of Purchase or Disposal of Quoted Securities for the current financial period to 30 April 2001:-
(a)      Summary of Dealings In Quoted Securities:        	RM’000	
                Total Purchases	179,746	
                Total Disposals      	167,269	
                Total Loss on Disposal	(12,477)  	
		
(b)     Investments in Quoted Securities:	RM’000	
                Total investments at cost	125,950	
                Total investments at carrying value/book value 
                (after provision for diminution in value)	115,168    	
                Total investment at market value at end of reporting period	122,648	

	The sales and purchases of the securities as mentioned above were carried out by a subsidiary of the Company, Allied Provincial Invest Ltd., a company incorporated in The British Virgin Islands, during the 

period from 1/2/01 to 30/4/01 in the ordinary course of business. The principal activity of the said subsidiary company is that of investment holding.

The sales and purchases of the above securities were in respect of quoted securities held overseas.

8.	Group Structure

There were no changes in the composition of the Group during the quarter under review.

9.	Corporate Proposals

There were no corporate proposals made during the quarter under review except that the implementation of the Employees’ Share Option Scheme (‘ESOS’) was deferred sine die.

10.	Seasonal or Cyclical Factors

The Company’s properties and investments were 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 30 April 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      	             -	RM117,717,770	RM117,717,770	
Unsecured	AUD	             -	RM  56,028,000	RM  56,028,000	
Unsecured	RM	  RM21,542,555	          -	RM  21,542,555	
Total 		  RM21,542,555	RM173,745,770	RM195,288,325	

13.	Contingent Liabilities

As at 23 June 2001, there was a corporate guarantee given in support of a AUD29,000,000 (RM56,896,260) 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 June 2001:-

Contract Date	27/6/00	27/6/01	Total	
Currency	AUD	AUD	AUD	
Notional Cover	RM49,048,500	RM39,238,800	RM88,287,300	
Cover Dates	15/2/01-15/8/01	15/2/01-16/7/01		
Cap Rate	7.00%	6.00%		
Floor Rate	6.10%	 -		
Settlement Dates	Quarterly	Quarterly		

The contracts were 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 was no pending material litigation as at 23 June 2001.

16.	Segmental Reporting

Segmental analysis for the current financial year to 30 April 2001 is as follows:-

By industries:	
Turnover	Profit/(Loss) before Taxation	Tangible Assets Employed	
	RM	RM	RM	
Property and other investment holding	27,237,041	12,666,762	1,635,163,648	
Hotel and catering	2,602,200	(538,335)	19,795,836	
Education	18,742,507	4,047,631	43,178,745	
Others	481,503	1,142,733	52,197	
	49,063,251	17,318,791	1,698,190,426	
Group’s share of associated companies results		786,789		
	49,063,251	18,105,580		

17.	Quarterly Analysis

For the quarter under review, the Group achieved a profit before taxation, minority interests and extraordinary items of RM10.4 million as compared to RM7.7 million in the preceding quarter. This represents an increase of 35.3% in the profit before taxation, minority interests and extraordinary items. The material factor contributing to the increase in the profit before taxation is the compensation sum for the compulsory acquisition of 15,115 square feet of land owned by Bungsar Hill Holdings Sdn Bhd for the SPRINT Highway project.

18.	Review of Performance

For the current financial period to 30 April 2001, the performance of the Group was within expectation.

The current sluggish property and equity market conditions will continue to affect the Company’s income from property and investment holding. The income from HELP Institute remains positive with consistent number of student enrolments. The Wenworth Hotel’s operation continues to suffer losses due to the low occupancy rate and higher food costs. 

The Directors are of the opinion that there were no material events affecting the earnings of the Group and the Company between 30 April 2001 and 23 June 2001.

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.