QUARTERLY   REPORT
                                                                                                                                                28th June 2002
SELANGOR   PROPERTIES   BERHAD
(5199-X)
(Incorporated in Malaysia)

Quarterly report on consolidated results for the second quarter ended 30th April 2002.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			
	30/04/2002	30/04/2001	30/04/2002	30/04/2001			
	RM’000	RM’000	RM’000	RM’000			
							
1   (a)  Revenue	28,412	25,891	48,695	49,063			
     (b)  Investment income/(loss)	(1,501)	(7,036)	(4,933)	(13,713)			
     (c)  Other income 	4,856	9,683	22,908	17,015			
2   (a)  Profit/(loss) before finance cost, depreciation and amortisation, exceptional items, income tax, minority interests and extraordinary items	15,940

	13,879	116,511	24,754			
     (b)  Finance cost	(3,940)	(2,813)	(6,446)	(4,871)			
     (c)  Depreciation and amortization	(1,322)	(1,299)	(2,628)	(2,565)			
     (d)  Exceptional items	-	-	-	-			
     (e)  Profit/(loss) before income tax, minority interests and extraordinary items	10,678
	9,767	107,437
	17,318			
     (f )  Share of profits/(losses) of associated companies	729	642	890	787			
     (g)  Profit/(loss) before income tax, minority interests and extraordinary items   	11,407	10,409	108,327	18,105			
     (h)  Income Tax	(1,854)	(4,414)	(15,142)	(6,625)			
     (i)   (i)   Profit/(loss) after income tax
                 before deducting minority interests	9,553	5,995	93,185	11,480			
           (ii)  Less minority interests	518	364	725	602			
     (j)   Pre-acquisition profit/(loss), if applicable	-	-	-	-			
(k)	Net profit/(loss) from ordinary activities attributable to members of the company
(l)	(i)  Extraordinary items   	9,035

-	5,631

-	92,460

-	10,878

-			
           (ii)  Less minority interests	-	-	-	-			
           (iii) Extraordinary items attributable to
                members of the company	-	-	-	-			
     (m) Net profit/(loss) attributable to members of the company	9,035	5,631	92,460	10,878			
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)	2.63

-	1.64

-	26.91

-
	3.17

-			
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)	3.19		2.91				

CONSOLIDATED BALANCE SHEET
	AS AT	AS AT	
	END OF	PRECEDING	
	CURRENT	FINANCIAL	
	QUARTER	YEAR END	
	30/04/2002	31/10/2001	
	RM’000	RM’000	
			
1. Property, plant and Equipment
2.  Investment Property	20,876
440,079	19,621
429,839	
3   Investment in Associated Companies	171,421	170,587	
4   Long Term Investments	7,492	7,052	
5. Goodwill on consolidation
6. Intangible Assets	-
1,087	-
1,087	
7   Development Properties	286,884	330,687	
8   Long Term Debtors	31,780	31,827	
	959,619	990,700	
9   Current Assets			
         Inventories	60	-	
         Trade Receivables	16,179	10,524	
         Short Term Investments	368,682	102,167	
         Cash	81,735	99,163	
         Deposits with Financial Institutions	87,311	314,469	
         Other Debtors	78,990	93,085	
         Due from Associated Company
         Development Properties	-
114,852	-
88,887	
	747,809	708,295	
			
10   Current Liabilities			
         Trade Payables	33,290	872	
         Other Payables	57,073	354,848	
         Short Term Borrowings	173,087	150,282	
         Provision for Taxation	14,558	14,423	
         Proposed Dividend	22,266	22,266	
         Fees Received in Advance	        6,528	8,516	
         Due to Holding Company	41,440	34,416	
         Due to Associated Company	140,709	-	
         Due to Director or their Related Company	18	115	
	488,969	585,738	
			
11   Net Current Assets	258,840	122,557	
			
	1,218,459	1,113,257	
			
12   Shareholders’ Funds			
       Share Capital	343,617	343,617	
       Reserves			
         Share Premium	201,754	201,754	
         Revaluation Reserve	23,723	23,723	
         Capital Reserve	59,766	59,766	
         Statutory Reserve
Retained Profits
         Exchange Fluctuation Reserve/ (Deficit)	-
465,964
2,768	-
373,502
(2,883)	
	753,975	655,862	
			
13    Minority Interests	8,247	7,524	
14	Long Term Borrowings
15	Other Long Term Liabilities	96,480
-	90,406
-	
16    Deferred Taxation	16,140	15,848	
	1,218,459	1,113,257	
17    Net tangible assets per share (RM)	3.19	2.91	

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 exceptional 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					 1,854	                    15,142 
Over/Under provision in Prior Year			         -		                - 
Deferred Taxation 					         -	                             -	
							-----------	      ----------  
							  1,854		       15,142  
							======		      ======  

The effective rate of taxation of the Group is lower than the statutory rate of taxation, mainly due to gains arising from the sale of investment properties to associated company which is taxed under real property gains tax.

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

There were no sales of unquoted investments and/or properties for the current quarter and financial year-to-date.

6.	Quoted Securities 

Particulars of Purchase or Disposal of Quoted Securities for the current financial year to 30 April 2002:-
(a)      Summary of Dealings In Quoted Securities:        	RM’000	
                Total Purchases	  206,938	
                Total Disposals      	  206,005	
                Total Loss on Disposal	        (933)  	
		
(b)     Investments in Quoted Securities:	RM’000	
                Total investments at cost	372,683	
                Total investments at carrying value/book value 
                (after provision for diminution in value)	368,682    	
                Total investment at market value at end of reporting period	368,705	

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 31/10/01 to 30/04/02 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

On 31 December 2001, the Group entered into an agreement with Hong Leong Properties Group to split the eight subsidiaries of Oriland Sdn Bhd equally between the shareholders. The splitting will allow the Group to develop its portion of the lands held by these subsidiaries on its own rather than as joint shareholders of Oriland Sdn Bhd.

Except for the above, there were no changes in the composition of the company for the current quarter and financial year-to-date 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 financial year-to-date.

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
    48,343,983       	             RM
  96,480,298	              RM
144,824,281	
Unsecured	AUD	    59,421,000	-	  59,421,000	
Unsecured	RM	    65,322,474	-	  65,322,474	
Total 		  173,087,457	  96,480,298	269,567,755	

11.	      Contingent Liabilities

As at 21 June 2002, there was a corporate guarantee given in support of a AUD29,000,000 (RM63,075,000) 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 June 2002:-

Contract Date	22/8/01	29/8/01	Total	
Currency	AUD	AUD	AUD	
Notional Cover	RM92,437,500	RM63,075,000	RM155,512,500	
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 June 2002.

14.	      Segmental Reporting

Segmental analysis for the current quarter to 30 April 2002 is as follows:-

By industries:	
Turnover	Profit/(Loss) before Taxation	Total Assets   Employed	
	RM	RM	RM	
Property and other investment holding	28,061,226	       103,213,544	1,640,940,375	
Hotel and catering	25,550	    (541,798)	17,946,307	
Education	20,608,366	       4,767,608	48,503,250	
Others	-	             ( 2,435)	38,399	
	48,695,142	     107,436,919	1,707,428,331	
Group’s share of associated companies results	-	            890,217		
	48,695,142	     108,327,136		
				
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 RM11.4 million as compared to RM96.9 million in the preceding quarter.  The higher profit before tax in the previous quarter  is due to the recognition of contribution arising from the disposal of a property measuring approximately 16.85 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 increase to RM3.41 million from RM1.36 million in the previous quarter as the new intake of students was in January 2002.

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 30 April 2002 and 21 June 2002. 

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.