QUARTERLY   REPORT
                                                                                                                                                26th September 2002
SELANGOR   PROPERTIES   BERHAD
(5199-X)
(Incorporated in Malaysia)

Quarterly report on consolidated results for the third quarter ended 31th July 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			
	31/07/2002	31/07/2001	31/07/2002	31/07/2001			
	RM’000	RM’000	RM’000	RM’000			
							
1   (a)  Revenue	33,413	30,777	82,108	79,840			
     (b)  Investment income/(loss)	(12,296)	8,760	(17,229)	(4,953)			
     (c)  Other income 	3,139	5,370	26,047	22,385			
2   (a)  Profit/(loss) before finance cost, depreciation and amortisation, exceptional items, income tax, minority interests and extraordinary items	6,823

	16,859	123,334	41,613			
     (b)  Finance cost	(2,170)	(2,367)	(8,616)	(7,238)			
     (c)  Depreciation and amortization	(1,373)	(1,393)	(4,001)	(3,958)			
     (d)  Exceptional items	-	-	-	-			
     (e)  Profit/(loss) before income tax, minority interests and extraordinary items	3,280
	13,099	110,717
	30,417			
     (f )  Share of profits/(losses) of associated companies	543	857	1433	1644			
     (g)  Profit/(loss) before income tax, minority interests and extraordinary items   	3,823	13,956	112,150	32,061			
     (h)  Income Tax	(2,334)	(1,248)	(17,476)	(7,873)			
     (i)   (i)   Profit/(loss) after income tax
                 before deducting minority interests	1,489	12,708	94,674	              24,188			
           (ii)  Less minority interests	210	185	935	787			
     (j)   Pre-acquisition profit/(loss), if applicable	-	-	-	-			
(k)	Net profit/(loss) from ordinary activities attributable to members of the company
(l)	(i)  Extraordinary items   	1,279

-	12,523

-	93,739

-	23,401

-			
           (ii)  Less minority interests	-	-	-	-			
           (iii) Extraordinary items attributable to
                members of the company	-	-	-	-			
     (m) Net profit/(loss) attributable to members of the company	1,279	12,523	93,739	23,401			
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)	0.37

-	3.64

-	27.28

-
	6.81

-			
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)	3.20		2.91				

CONSOLIDATED BALANCE SHEET
	AS AT	AS AT	
	END OF	PRECEDING	
	CURRENT	FINANCIAL	
	QUARTER	YEAR END	
	31/07/2002	31/10/2001	
	RM’000	RM’000	
			
1.	Property, Plant and Equipment
2.  Investment Property	20,559
441,723	19,621
429,839	
3   Investment in Associated Companies	31,130	170,587	
4   Long Term Investments	23,954	7,052	
5	Goodwill on Consolidation
6	Intangible Assets	-
1,087	-
1,087	
7   Development Properties	286,344	330,687	
8   Long Term Debtors	35,892	31,827	
	840,689	990,700	
9   Current Assets			
         Inventories	82	-	
         Trade Receivables	40,761	10,524	
         Short Term Investments	348,754	102,167	
         Cash	151,247	99,163	
         Deposits with Financial Institutions	57,209	314,469	
         Other Debtors	79,330	93,085	
         Due from Associated Company
         Development Properties	-
96,966	-
88,887	
	774,349	708,295	
			
10   Current Liabilities			
         Trade Payables	50,127	872	
         Other Payables	54,436	354,848	
         Short Term Borrowings	151,741	150,282	
         Provision for Taxation	9,195	14,423	
         Proposed Dividend	-	22,266	
         Fees Received in Advance	        7,170	8,516	
         Due to Holding Company	51,810	34,416	
         Due to Associated Company	718	-	
         Due to Director or their Related Company	24	115	
	325,221	585,738	
			
11   Net Current Assets	449,128	122,557	
			
	1,289,817	1,113,257	
			
12   Shareholders’ Funds			
       Share Capital	343,617	343,617	
       Reserves			
         Share Premium	201,754	201,754	
         Revaluation Reserve	23,093	23,723	
         Capital Reserve	59,766	59,766	
         Statutory Reserve
Retained Profits
         Exchange Fluctuation Reserve/ (Deficit)	-
467,873
3,733	-
373,502
(2,883)	
	756,219	655,862	
			
13    Minority Interests	8,456	7,524	
14	Long Term Borrowings
15	Other Long Term Liabilities	165,779
-	90,406
-	
16    Deferred Taxation	15,746	15,848	
	1,289,817	1,113,257	
17    Net tangible assets per share (RM)	3.20	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					 1,542	                    16,684 
Over/Under provision in Prior Year			         -		                - 
Deferred Taxation (Associated Co) 			    792	                         792       	                             
							-----------	      ----------  
							  2,334		       17,476  
							======		      ======  

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 31 July 2002:-
(a)      Summary of Dealings In Quoted Securities:        	  RM’000	
                Total Purchases	  443,334	
                Total Disposals      	  441,905	
                Total Loss on Disposal	   (1,429)  	
		
(b)     Investments in Quoted Securities:	  RM’000	
                Total investments at cost	  360,554	
                Total investments at carrying value/book value 
                (after provision for diminution in value)	  348,754    	
                Total investment at market value at end of reporting period	  348,754	

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 31/07/02 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
    16,130,152       	         RM
  97,469,115	          RM
113,599,267	
Secured	SGD	                    0	  68,310,000	  68,310,000	
Unsecured	AUD	    60,030,000	-	  60,030,000	
Unsecured	RM	    75,581,128	-	  75,581,128	
Total 		  151,741,280	165 ,779,115	317,520,395	

11.	      Contingent Liabilities

As at 20 Sept 2002, there was a corporate guarantee given in support of a AUD29,000,000 (RM60,523,000) credit facility granted to the bare trustee of a wholly owned subsidiary.

12.	      Off Balance Sheet Risk

	Off Balance Sheet Financial Instruments as at 20 Sept 2002:-

Contract Date	26/06/2002	03/07/2002	Total	
Currency	AUD	AUD	AUD	
Notional Cover	RM60,523,000	RM41,740,000	RM102,263,000	
Cover Dates	26/6/02-26/6/03	30/8/02-30/8/05		
Cap Rate	6.25%	7.00%		
Floor Rate	6.25%	7.00%		
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 20 Sept 2002.

14.	      Segmental Reporting

Segmental analysis for the current quarter to 31 July 2002 is as follows:-

By industries:	
Turnover	Profit/(Loss) before Taxation	Total Assets   Employed	
	RM	RM	RM	
Property and other investment holding	52,354,274	        105,379,365	1,548,778,503	
Hotel and catering	37,700	    (801,862)	17,665,444	
Education	29,715,959	             6,145,664	48,512,123	
Others	-	               ( 6,210)	81,215	
	82,107,933	     110,716,957	1,615,037,285	
Group’s share of associated companies results	-	1,433,341                 		
	82,107,933	     112,150,298		
				
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 RM 3.8 million as compared to RM 11.4 million in the preceding quarter.  The lower profit before tax in the current quarter is due to the provision of RM 11.8 Million for diminution  in value  on  the investment in quoted Securities .

16.	Review of Performance

For the current quarter and the financial year-to-date, the Group achieved an income of RM 5.0 Million and RM 6.2 Million respectively from property development .However the investment income continued to be affected by the weak  equity market condition.

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 July 2002 and 20 Sept 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.