QUARTERLY   REPORT
                                                                                                                                                4th October 2001
SELANGOR   PROPERTIES   BERHAD
(5199-X)
(Incorporated in Malaysia)

Quarterly report on consolidated results for the third quarter ended 31st July 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			
	31/07/2001	31/07/2000	31/07/2001	31/07/2000			
	RM’000	RM’000	RM’000	RM’000			
							
1   (a)  Revenue	30,777	26,586	79,840	83,953			
     (b)  Investment income/(loss)	8,760	10,615	(4,953)	55,548			
     (c)  Other income 	5,370	7,928	22,385	14,752			
2   (a)  Profit/(loss) before finance cost, depreciation and amortisation, exceptional items, income tax, minority interests and extraordinary items	16,859
	20,049	41,613	95,123			
     (b)  Finance cost	(2,367)	(3,296)	(7,238)	(12,083)			
     (c)  Depreciation and amortisation	(1,393)	(1,125)	(3,958)	(3,181)			
     (d)  Exceptional items	-	-	-	-			
     (e)  Profit/(loss) before income tax, minority interests and extraordinary items	13,099	15,628	30,417	79,859			
     (f )  Share of profits/(losses) of associated companies	857	(29)	1,644	(612)			
     (g)  Profit/(loss) before income tax, minority interests and extraordinary items   	13,956	15,599	32,061	79,247			
     (h)  Income Tax	(1,248)	(2,261)	(7,873)	(9,577)			
     (i)   (i)   Profit/(loss) after income tax
                 before deducting minority interests	12,708	13,338	24,188	69,670			
           (ii)  Less minority interests	185	223	787	807			
     (j)   Pre-acquisition profit/(loss), if applicable	-	-	-	-			
(k)	Net profit/(loss) from ordinary activities attributable to members of the company
(l)	(i)  Extraordinary items   	12,523	13,115	23,401	68,863			
           (ii)  Less minority interests	-	-	-	-			
           (iii) Extraordinary items attributable to
                members of the company	-	-	-	-			
     (m) Net profit/(loss) attributable to members of the company	12,523	13,115	23,401	68,863			
3   Earnings per share based on 2(m) above after    deducting any provision for preference
     dividends, if any:-							
     (a)  Basic (based on 343,616,761
           ordinary shares) (sen)
     (b)  Fully diluted (based on 343,616,761
           ordinary shares) (sen)	3.64

-	3.82

-	6.81

-
	20.04

-			
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)	2.92		2.85				

CONSOLIDATED BALANCE SHEET
	AS AT	AS AT	
	END OF	PRECEDING	
	CURRENT	FINANCIAL	
	QUARTER	YEAR END	
	31/07/2001	31/10/2000	
	RM’000	RM’000	
			
1.	Property, Plant and Equipment
2.  Investment Property	37,855
434,879	20,369
457,770	
3   Investment in Associated Companies	185,069	183,425	
4   Long Term Investments	14,778	58,651	
5	Goodwill on Consolidation
6	Intangible Assets	1,087
-	1,087
-	
7   Development Properties	354,243	344,221	
8   Long Term Debtors	42,546	39,794	
	1,070,457	1,105,317	
9   Current Assets			
         Inventories	-	115	
         Trade Receivables	5,344	8,296	
         Short Term Investments	55,463	149,840	
         Cash	21,871	36,870	
         Deposits with Financial Institutions	426,458	347,209	
         Other Debtors	93,651	101,992	
         Due from Associated Company
         Development Properties	-
50,843	261
20,044	
	653,630	664,627	
			
10   Current Liabilities			
         Trade Payables	1,120	1,516	
         Other Payables	302,240	287,022	
         Short Term Borrowings	86,120	79,417	
         Provision for Taxation	14,201	16,680	
         Proposed Dividend	-	22,266	
         Fees Received in Advance	        4,931	6,522	
         Due to Holding Company	104,606	130,670	
         Due to Associated Company	15,502	-	
         Due to Director or their Related Company	26	106	
	528,746	544,199	
			
11   Net Current Assets	124,884	120,428	
			
	1,195,341	1,225,745	
			
12   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	
         Statutory Reserve
Retained Profits
         Exchange Fluctuation Deficit	-
377,410
(3,014)	-
354,086
(2,573)	
	659,638	636,755	
			
13    Minority Interests	6,972	4,480	
14	Long Term Borrowings
15	Other Long Term Liabilities	170,691
-	225,842
-	
16    Deferred Taxation	14,423	15,051	
	1,195,341	1,225,745	
17    Net tangible assets per share (RM)	2.92	2.85	

NOTES

1.	Accounting Policies

The financial statements of the Group have been prepared in accordance with the applicable approved accounting standards in Malaysia and the provisions of the Malaysian Companies Act 1965.

2.	Exceptional Item

There were no extraordinary items for the current quarter and financial year-to-date.

3.	Extraordinary Items

		There were no extraordinary items for the current quarter and financial year-to-date.

4.	Taxation

Taxation 						Current		Financial Year
						Quarter		      to date
							RM’000		     RM’000 

Current Year Provision					  1,235		        7,746 
Over/Under provision in Prior Year			         -			  - 
Deferred Taxation 					       13		           127	
							-----------	      ----------  
							  1,248		        7,873  
							======		      ======  

The effective tax rate for the current quarter was lower than the statutory tax rate mainly due to losses incurred by some of the Group’s subsidiaries and profits from certain other Group’s subsidiaries that were not taxable.

5.	Profits/(Losses) for Sale of Unquoted Investments and/or Properties

Profits/(Losses) on Sale of Properties:-			Current		Financial Year
							Quarter		     to date
							RM’000		    RM’000 

	Queen Street Central, Queensland 		10,485		      10,485
								-----------	   -------------   
Total Profit on Sale				10,485		      10,485
								  	======  	   =======
 
6.	Quoted Securities 

Particulars of Purchase or Disposal of Quoted Securities for the current financial period to 31 July 2001:-
(a)      Summary of Dealings In Quoted Securities:        	RM’000	
                Total Purchases	217,401	
                Total Disposals      	202,923	
                Total Loss on Disposal	(14,478)  	
		
(b)     Investments in Quoted Securities:	RM’000	
                Total investments at cost	  55,463	
                Total investments at carrying value/book value 
                (after provision for diminution in value)	  55,463    	
                Total investment at market value at end of reporting period	  56,149	
		
	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 1/11/00 to 31/7/01 in the ordinary course of business. The principal activity of the said subsidiary company is that of investment holding and the transactions are of a revenue nature in its ordinary course of business.

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

7.	Effect of Changes in the Composition of the Group

The hotel business of Wenworth Hotel (KL) Sdn Bhd ceased on 23 June 2001. The cessation of the hotel business did not pose any material effect on the net tangible assets of the Group for the current quarter and the financial year-to-date.

8.	Corporate Proposals

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

9.	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 July 2001.

10.	      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
             -	             RM
115,271,528	              RM
115,271,528	
Unsecured	AUD	             -	  55,419,000	  55,419,000	
Unsecured	RM	    86,120,061	          -	  86,120,061	
Total 		    86,120,061	170,690,528	256,810,589	

11.	      Contingent Liabilities

As at 21 September 2001, there was a corporate guarantee given in support of a AUD29,000,000 (RM54,218,400) credit facility granted to the bare trustee of a wholly owned subsidiary.

12.	      Off Balance Sheet Risk

	Off Balance Sheet Financial Instruments as at 21 September 2001:-

Contract Date	22/8/01	29/8/01	Total	
Currency	AUD	AUD	AUD	
Notional Cover	RM79,458,000	RM54,218,400	RM133,676,400	
Cover Dates	31/8/01-30/8/02	29/8/01-26/6/02		
Cap Rate	5.04%	5.62%		
Floor Rate	5.04%	5.62%		
Settlement Dates	Monthly 	Monthly 		

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.

13.	       Material Litigation

	There was no pending material litigation as at 21 September 2001.

14.	      Segmental Reporting

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

By industries:	
Turnover	Profit/(Loss) before Taxation	Total Assets Employed	
	RM	RM	RM	
Property and other investment holding	49,065,209	     35,892,103	1,662,897,685	
Hotel and catering	3,199,172	    (1,639,653)	19,038,928	
Education	26,688,717	       4,473,820	42,086,857	
Others	886,451	       (8,309,390)	64,711	
	79,839,549	     30,416,880	1,724,088,181	
Group’s share of associated companies results		       1,644,024		
	79,839,549	     32,060,904		
				
15.	Material Change in Profit Before Taxation

For the quarter under review, the Group achieved a profit before taxation, minority interests and extraordinary items of RM13.5 million as compared to RM10.4 million in the preceding quarter. The factors contributing to the increase in the profit before taxation are the contributions from disposal of development properties in Australia and the writing back of the provision for diminution in value of equities that had been disposed of.

16.	Review of Performance

For the current quarter and the financial year-to-date, the Group’s income from property and investment holding continued to be affected by the sluggish property and equity market conditions. For HELP Institute, the depreciation of the Australian dollars had affected its student enrolment number. Due to the weaker Australian dollars, more parents had opted to send their children directly to higher institutions in Australia instead of enrolling with local private colleges. The Wenworth Hotel’s operation ceased on 23 June 2001 following continued losses due to low occupancy rate and higher food costs. 

17.	Subsequent Material Events

The tragic terrorist attack on the World Trade Center and Pentagon in the United States will affect the world economy, including the currency and equity markets. With the uncertainty created from this event, consumers and investors will remain cautious. This event will indirectly affect the Group’s income from property and investment holdings.

18.       Seasonal or Cyclical Factors

	The operations of the Group were not affected by any seasonal or cyclical factors.

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.