QUARTERLY   REPORT
                                                                                                                                                31^st December 2001
SELANGOR   PROPERTIES   BERHAD
(5199-X)
(Incorporated in Malaysia)

Quarterly report on consolidated results for the fourth quarter ended 31^st October 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 | |
| 31/10/2001 | 31/10/2000 | 31/10/2001 | 31/10/2000 | |
| RM’000 | RM’000 | RM’000 | RM’000 | |
1   (a)  Revenue | 127,788 | 25,957 | 207,628 | 109,910 | |
(b)  Investment income/(loss) | 780 | (13,533) | (4,173) | 42,015 | |
(c)  Other income | 14,920 | 38,123 | 37,305 | 52,875 | |
2   (a)  Profit/(loss) before finance cost, depreciation and amortisation, exceptional items, income tax, minority interests and extraordinary items | 31,338 | 17,629 | 72,951 | 112,752 | |
(b)  Finance cost | (5,739) | (10,719) | (12,977) | (22,802) | |
(c)  Depreciation and amortisation | (1,214) | (1,245) | (5,172) | (4,426) | |
(d)  Exceptional items | - | - | - | - | |
(e)  Profit/(loss) before income tax, minority interests and extraordinary items | 24,385 | 5,665 | 54,802 | 85,524 | |
(f )  Share of profits/(losses) of associated companies | 499 | 3 | 2,143 | (609) | |
(g)  Profit/(loss) before income tax, minority interests and extraordinary items | 24,884 | 5,668 | 56,945 | 84,915 | |
(h)  Income Tax | (5,964) | (5,580) | (13,837) | (15,157) | |

(i)   (i)   Profit/(loss) after income tax
                 before deducting minority interests

18,920

88

43,108

69,758

(ii)  Less minority interests | 630 | 258 | 1,417 | 1,065 | |
(j)   Pre-acquisition profit/(loss), if applicable | - | - | - | - | |

(k)	Net profit/(loss) from ordinary activities attributable to members of the company
(l)	(i)  Extraordinary items

18,290

-

(170)

-

41,691

-

68,693

-

(ii)  Less minority interests | - | - | - | - | |

(iii) Extraordinary items attributable to
                members of the company

-

-

-

-

(m) Net profit/(loss) attributable to members of the company | 18,290 | (170) | 41,691 | 68,693 | |

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)

5.32

-

(0.05)

-

12.13

-

19.99

-

4   (a)  Dividend per share (sen)
     (b)  Dividend Description

9.00
Final

9.00
Final

-
-

-
-

| AS AT END OF CURRENT QUARTER | AS AT PRECEDING FINANCIAL YEAR END | | |
5    Net tangible assets per share (RM) | 2.91 | | 2.85 | | |

CONSOLIDATED BALANCE SHEET
| AS AT | AS AT
| END OF | PRECEDING
| CURRENT | FINANCIAL
| QUARTER | YEAR END
| 31/10/2001 | 31/10/2000
| RM’000 | RM’000

1.	Property, Plant and Equipment
2.  Investment Property

36,052
472,730

20,369
457,770

3   Investment in Associated Companies | 170,587 | 183,425
4   Long Term Investments | 7,052 | 58,651

5	Goodwill on Consolidation
6	Intangible Assets

1,087
-

1,087
-

7   Development Properties | 330,687 | 344,221
8   Long Term Debtors | 31,827 | 39,794
| 1,050,022 | 1,105,317
9   Current Assets | |
Inventories | - | 115
Trade Receivables | 10,524 | 8,296
Short Term Investments | 102,167 | 149,840
Cash | 99,163 | 36,870
Deposits with Financial Institutions | 314,469 | 347,209
Other Debtors | 92,987 | 101,992

Due from Associated Company
         Development Properties

-
29,565

261
20,044

| 648,875 | 664,627
10   Current Liabilities | |
Trade Payables | 691 | 1,516
Other Payables | 344,369 | 287,022
Short Term Borrowings | 150,282 | 79,417
Provision for Taxation | 14,627 | 16,680
Proposed Dividend | 22,266 | 22,266
Fees Received in Advance | 8,516 | 6,522
Due to Holding Company | 34,416 | 130,670
Due to Associated Company | 10,527 | -
Due to Director or their Related Company | - | 106
| 585,694 | 544,199
11   Net Current Assets | 63,181 | 120,428
| 1,113,203 | 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

-
373,511
(2,883)

-
354,086
(2,573)

| 655,870 | 636,755
13    Minority Interests | 7,526 | 4,480

14	Long Term Borrowings
15	Other Long Term Liabilities

90,406
-

225,842
-

16    Deferred Taxation | 15,784 | 15,051
| 1,113,203 | 1,225,745
17    Net tangible assets per share (RM) | 2.91 | 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					  5,760		       13,506 
Over/Under provision in Prior Year			     (20)		            (20) 
Deferred Taxation 					     224		            351	
							-----------	      ----------  
							  5,964		       13,837  
							======		      ======  

There was no significant difference between the effective tax rate for the current quarter and the statutory tax rate.

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 		          -		      10,512
								-----------	   -------------   
Total Profit on Sale				          -		      10,512
								  	======  	   =======
 
6.	Quoted Securities 

Particulars of Purchase or Disposal of Quoted Securities for the current financial year to 31 October 2001:-
(a)      Summary of Dealings In Quoted Securities: | RM’000
Total Purchases | 317,875
Total Disposals | 288,632
Total Loss on Disposal | (29,243)
(b)     Investments in Quoted Securities: | RM’000
Total investments at cost | 102,168

Total investments at carrying value/book value 
                (after provision for diminution in value)

102,167

Total investment at market value at end of reporting period | 103,897
	A provision of RM15.5 million for diminution in value had been made in the previous year for these dealings in quoted securities.

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 31/10/01 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

Except for those previously disclosed, there were no change in the composition of the company for the current quarter and financial year to 31 October 2001 including business combinations, acquisition or disposal of subsidiaries, long term investments and discontinuing operations.

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.

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 October 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
    28,516,076

RM
  90,406,136

RM
118,922,212

Unsecured | AUD | 55,680,000 | - | 55,680,000
Unsecured | RM | 66,085,954 | - | 66,085,954
Total | | 150,282,030 | 90,406,136 | 240,688,166

11.	      Contingent Liabilities

As at 24 December 2001, there was a corporate guarantee given in support of a AUD29,000,000 (RM56,100,500) credit facility granted to the bare trustee of a wholly owned subsidiary.

12.	      Off Balance Sheet Risk

	Off Balance Sheet Financial Instruments as at 24 December 2001:-

Contract Date | 22/8/01 | 29/8/01 | Total
Currency | AUD | AUD | AUD
Notional Cover | RM82,216,250 | RM56,100,500 | RM138,316,750
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 24 December 2001.

14.	      Segmental Reporting

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

By industries: | Turnover | Profit/(Loss) before Taxation | Total Assets   Employed
| RM | RM | RM
Property and other investment holding | 167,005,377 | 48,860,440 | 1,631,687,234
Hotel and catering | 3,209,112 | (2,189,269) | 18,469,222
Education | 37,413,141 | 8,136,142 | 48,698,172
Others | - | (5,460) | 43,439
| 207,627,630 | 54,801,853 | 1,698,898,067
Group’s share of associated companies results | - | 2,143,336 |
| 207,627,630 | 56,945,189 |
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 RM24.9 million as compared to RM14.0 million in the preceding quarter. The factor contributing to the increase in the profit before taxation is due to the recognition of contribution arising from the disposal of a property measuring approximately 3.76 acres in Pusat Bandar Damansara by the Group.

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 weak property and equity market conditions. For HELP Institute, its income for the current quarter improved to RM3.67 million from RM0.42 million in the previous quarter as a result of new intake of students in September 2001.

17.	Subsequent Material Events

The Directors are of the opinion that there were no material events affecting the earnings of the Group and the Company between 31 October 2001 and 24 December 2001. However, subsequent to 24 December 2001, the Group recognized the completion of the disposal of a parcel of land measuring approximately 16.85 acres in Pusat Bandar Damansara. This will result in a contribution of approximately RM70.6 million to the Group’s profit.

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

A final dividend has been recommended as follows:-

a)	amount per share: 9.0 sen (less 28% tax);
b)	previous corresponding period: 9.0 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.