INTERIM REPORT ON CONSOLIDATED RESULTS FOR THE FIRST FINANCIAL QUARTER ENDED 31 MARCH 2004

The figures have not been audited.

CONDENSED CONSOLIDATED INCOME STATEMENTS

   	                                       2004    		          2003
	                                      Current	 	   Comparative
                                                                               quarter ended       quarter ended  	                                             
                                                                                      31 Mar                 31 Mar
	                                        RM’000		      RM’000
	
       Revenue	      81,738	       54,828
                                                                                  ======================
       Profit from Operations	11,745	6,130
	Interest Income	191	164
	Finance costs	(240)	(100)
	Income from other investments	13	720
                                                                                  __________________________
	Profit before tax	11,709	6,914
	Taxation	(3,442)	(1,478)
                                                                                  __________________________
	Profit after tax	8,267	5,436
	Minority Interest	(558)	(279)
                                                                                  ___________________________
	Net Profit for the year	7,709	5,157
                                                                                  ========================

Earnings per share (EPS):
	a) Basic	7.62	5.19

	b) Diluted	7.45	5.18

(The Condensed Consolidated Income Statements should be read in conjunction with the Annual Financial Report for the year ended 31 December 2003)

INTERIM REPORT ON CONSOLIDATED RESULTS FOR THE FIRST FINANCIAL QUARTER ENDED 31 MARCH 2004

CONDENSED CONSOLIDATED BALANCE SHEET
                                                                                                         As at                                  As at
                                                                                                  period ended	                       year ended
                                                                                                  31 Mar 2004	                       31	 Dec 2003 
                                                                                                       RM’000                             RM’000

Property, plant and equipment	45,823		47,732
Other investments	6,031		6,036
Deferred tax asset	224		214
Current assets
 Inventories	157,607		149,752
 Trade receivables	87,077		84,279
 Other receivables and prepaid expenses	30,302		11,262
 Cash & cash equivalents	3,974		3,186
                                                                                                      _____________________________________
	278,960		248,479
Current liabilities
 Trade payables	3,567		8,411
 Other payables and accrued expenses	14,148		12,790
 Short term borrowings	58,105		36,223
 Tax liabilities	3,252		2,282
 Dividend payable                                                                                       4,357                            ____  __  -__
	83,429		59,706
                                                                                                      ================================   
Net current assets	195,531		188,773

Long-term and Deferred Liabilities
 Deferred tax liabilities                                                                             (5,324)	                                     (5,286)
 Others                                                                                                          (352)	                                        (352)
Minority interest                                                                                      (6,958)	                                     (6,400)
                                                                                                        ____________________________________
	234,975	230,717
                                                                                                        ================================
Represented by:
Issued capital	104,375		103,612
Reserves	130,600		127,105
                                                                                                        ____________________________________
Shareholders’ Equity	234,975		230,717
                                                                                                        ================================
Net Tangible Assets Per Share (RM)	2.31	2.29

(The Condensed Consolidated Balance Sheets should be read in conjunction with the Annual Financial Report for the year ended 31 December 2003)

INTERIM REPORT ON CONSOLIDATED RESULTS FOR THE FIRST FINANCIAL QUARTER ENDED 31 MARCH 2004

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2004
                                                                                                              Period ended	           Period ended
                                                                                                               31 Mar 2004            31 Mar 2003
	          RM’000                   RM’000
Net Profit before tax	11,709	6,914

Adjustments for non-cash flow:-
   Non-cash items	2,109	1,867
   Non-operating items                                                                                   (16)                         (740)
   Operating Profit Before Changes in Working Capital	13,802	8,041

Changes In Working Capital:
   Net Change in Current Assets	(29,573)	(29,882)
   Net Change in Current Liabilities	(3,582)	707
   Income Tax Paid	(2,444)	(2,570)
Net Cash From / (Used in) Operating Activities	(21,797)	(23,704)

Investing Activities:
   Equity Investments	9	604
   Other Investments	(308)	15,674
Net Cash From / (Used In) Investing activities	(299)	16,278

Financing Activities:
   Bank Borrowings	23,355	4,821
   Issue of shares	1,002	-
   Others	-	(378)
Net Cash From / (Used In) Financing activities	         24,357	4,443

Net Change in Cash & Cash Equivalents	2,261	(2,983)

Cash & Cash Equivalents at beginning of year	1,400	12,851
Cash & Cash Equivalents at end of period	3,661	9,868

(The Condensed Consolidated Cash Flow Statements should be read in conjunction with the Annual   Financial Report for the year ended 31 December 2003)

INTERIM REPORT ON CONSOLIDATED RESULTS FOR THE FIRST FINANCIAL QUARTER ENDED 31 MARCH 2004

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2004

	                <—-------------- Non-distributable Reserves ----------——---—---------> <—Distributable Reserves—>        Total
                                                          Issued          Share        Revaluation      Reserve on         General	 Treasury      Unappropriated       Capital     Shareholders’
	          Capital	    Premium        Reserve	      Consolidation      Reserve        Shares	   profit	                  Reserve	  Equity
                    
                                                         RM’000       RM’000	       RM’000               RM’000          	 RM’000       RM’000           RM’000	     RM’000         RM’000
	Balance as at 1 January 2004      	103,612	   22,743	               -                  	1,366	    1,186          (4,018)              105,828                    -	                230,717

Movements during the period
(cumulative)
	Issue of shares		        763	              143            	 -		     -	                  -	                  -	                       -                         -                       906
	Shares repurchased	                     -                  -	        	     -                            -	                  -	                  -                          -                        -                          - 
	Net profit for the period                                                                                                                                                                  7,709                   -                     7,709 
	Dividends		-	                  -		 -	                            -	                  -	                  -                      (4,357)                  -                  (4,357)
	Balance as at 3l March 2004	          104,375        22,886               -                          1,366               1,186          (4,018)             109,180                  -		   234,975	

(The Condensed Consolidated Statements of Changes in Equity should be read in conjunction with the Annual Financial Report for the year ended 
  31 December 2003)

INTERIM REPORT ON CONSOLIDATED RESULTS FOR THE FIRST FINANCIAL QUARTER ENDED 31 MARCH 2004

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2003

	    < ---------------------Non-distributable reserves------------------------->< ----Distributable Reserves---->	     Total
	          Issued	        Share        Revaluation       Reserve on        General      Treasury       Unappropriated       Capital      Shareholders’
	         Capital	    Premium      Reserve	      Consolidation      Reserve        Shares	      profit	     Reserve	    Equity
	        RM’000	      RM’000        RM’000	            RM’000	     RM’000	      RM’000	   RM’000	     RM’000          RM’000

Balance as at 1 January 2003
As previously stated   	          102,139           22,461                  84                    1,494              1,186           (3,965)               84,024                       -             207,423        
Prior year adjustments                        -                     -                      (84)                    (128)                 -                    -                          (90)                      -                   (302)
Restated balance                             102,139           22,461                  -                       1,366              1,186           (3,965)               83,934                      -             207,121 

Movements during the period
(cumulative)
Issue of shares                                     -                      -                       -                           -                     -                    -                           -                         -                      -
Shares repurchased                             -                      -                       -                           -                     -                      (7)                     -                          -                       (7)             
Net profit for the period                       -                      -                       -                           -                     -                    -                       5,157                     -                  5,157
Dividends                                              -                      -                      -                           -                      -                    -                     (3,579)                     -                (3,579)
Transfer of capital reserve                   -                      -                      -                           -                      -                    -                           -                         -                     -  
Balance as at 31 March 2003         102,139          22,461                 -                        1,366              1,186           (3,972)                85,512                    -              208,692 

(The Condensed Consolidated Statements of Changes in Equity should be read in conjunction with the Annual Financial Report for the year ended 31 December 2003)

INTERIM REPORT ON CONSOLIDATED RESULTS FOR THE FIRST FINANCIAL QUARTER
ENDED 31 MARCH 2003

EXPLANATORY NOTES : (AS PER MASB 26- PARAGRAPH 16)

Al 	Accounting Policies and methods of computation
The interim financial report has been prepared in accordance with MASB 26, Interim Financial Reporting and Chapter 9 part K of the Listing Requirements of Bursa Malaysia. The interim financial report should be read in conjunction with the audited financial statements for the year ended 31 December 2003. The accounting policies and methods of computation adopted by the Group in this interim financial report are consistent with those adopted in the annual financial statements for the financial year ended 31 December 2003.

A2	Declaration of Audit Qualification
	The preceding annual financial statements of the Group were reported on without any qualification.

A3 	Seasonality or Cyclicality of Operations
Apart from the traditional variation in the level of business activities coinciding with the festivals at the end and beginning of each year, the Group’s activities are not subject to any marked seasonal or cyclical fluctuations.

A4 	Unusual items
	There were no material items of an unusual nature and amount for the current quarter and year todate.

A5 	Material Changes in estimates of amounts reported
There were no material changes in the estimates used in the current quarter compared to the estimates used in prior interim periods of the current financial year or in the previous financial year, which have a material effect in the current quarter or the financial year todate.

A6	Changes in Debt and Equity Securities
	Details of share buy-back for the current financial year todate.

	      Average	 Total	      Treasury shares
	    No. of shares	     Purchase	  consideration	      No. of shares
	                                                                    purchased	    price (RM)	    paid (RM)	      retained
	  Opening balance at 01-01-2004	2,746,000	1.46	4,018,542	2,746,000
	  Total as at 31-03-2004	2,746,000	1 .46	4,018,542	2,746,000
	
None of the Treasury Shares has been resold or redistributed as share dividends during the current financial year.
There were no issues of debt or equity securities except for 698,000 shares and 65,000 shares of RM 1 each issued at RM 1.20 and RM 1.05 respectively under the Employees Share Option Scheme (ESOS) for the current financial year todate.

INTERIM REPORT ON CONSOLIDATED RESULTS FOR THE FIRST FINANCIAL QUARTER
ENDED 31 MARCH 2004

EXPLANATORY NOTES : (AS PER MASB 26- PARAGRAPH 16)

A7	Dividend
	    There was no dividend paid for the current financial year todate.

A8   Segmental Reporting
Segmental analysis for the current financial year todate ended 31 March 2004 are as follows:
	By Business Segments:	                       Trading	             Manufacturing	          Total
		                                                        RM’ 000               RM’ 000	            RM’ 000
	Revenue	50,952	30,786	81,738
	
Results
	Segment results	9,316	2,479	11,795
	Unallocated corporate expenses			(50)
	Profit from operations			11,745

Segmental analysis for the previous financial year todate ended 31 March 2003 are as follows:-
	By Business Segments:     	                                           Trading          Manufacturing	             Total
		                         RM’ 000	               RM’ 000	              RM’ 000
	Revenue	36,775	18,053	54,828

Results
	Segment results	1,265	4,919	6,184
	Unallocated corporate expenses			(54)
	Profit from operations			6,130

A9   Valuation of Property, Plant and Equipment
The Group did not carry out any revaluations on its property, plant and equipment in the financial year todate. The value of property, plant and equipment have been brought forward, without amendment from the previous annual financial statements.

A10 Material Events
There were no material events subsequent to 31 March 2004 that have not been reflected in the financial statements for the said period, up to the date of this report.

A11 Changes in Composition of the Group
There were no changes in composition of the Group for the current financial year todate.

A12 Changes in Contingent Liabilities or Contingent Assets
There were no contingent assets at the date of issue of the quarterly report. The update on the contingent liability is disclosed under Note B11, Changes in Material Litigation.

INTERIM REPORT ON CONSOLIDATED RESULTS FOR THE FIRST FINANCIAL QUARTER ENDED 31 MARCH 2004

EXPLANATORY NOTES: (AS PER LISTING REQUIREMENTS OF BURSA MALAYSIA - PART A OF APPENDIX 9B)

B1	Review of the Performance of the Company and its Principal Subsidiaries
The Group recorded a turnover of RM 81.7 million in the first quarter, an increase of 49.1% when compared to RM 54.8 million for the previous year corresponding quarter. Group pretax profit increased by 69.4% to RM 11.7 million from RM 6.9 million in the previous year corresponding quarter. The substantial improvement in performance was attributed to increased margins from higher selling prices and stronger demand relative to the first quarter of last year.

B2	Material changes in the profit before taxation for the quarter reported on as compared with the immediate preceding quarter
The Group’s turnover of RM 81.7 million for the current quarter was 18.1% higher than the immediate preceding quarter of RM 69.2 million. Group profit before tax increased by 28.4% from 9.1 million in the preceding quarter to RM 11.7 million. Better prices and higher sales volume has contributed to the increase in Group pretax profit.

	B3	Prospects for the current financial year
On the demand side, the pace of economic activity in China, the major growth driver for the steel industry during the past year, has slowed during the first quarter of this year. On the supply side, prices during the period after the Chinese New Year for scrap iron and freight, the main contributory factors to cost increases have also come off the high levels seen at the beginning of the year. However, prices for coils and construction related long products have not declined at the same pace as costs. This indicates that demand, internationally as well as locally, which has been limited only by the shortage of raw materials, will continue to be sustained by economic activity but is expected not to be as strong as experienced during the second half of last year. In this scenario we would expect the performance of the Group for the current financial year to be satisfactory.

B4 (a)  Variance of Actual Profit After Tax and Minority Interest
Not applicable

(b)	Shortfall in Profit Guarantee
	Not applicable

INTERIM REPORT ON CONSOLIDATED RESULTS FOR THE FIRST FINANCIAL QUARTER ENDED 31 MARCH 2004

EXPLANATORY NOTES : (AS PER LISTING REQUIREMENTS OF BURSA MALAYSIA - PART A OF APPENDIX 9B)

B5	Taxation
	                                                                                          Current	            Financial
	                                                                                      year quarter	       year to date
	                                                                                       31-03-2004       31-03-2004
		RM’ 000          RM’ 000
	Estimated tax payable	3,432	3,432
	Deferred taxation	28	28
		3,460	3,460
	Overprovision in prior year	(18)	(18)
	Net provision for taxation	3,442	3,442

The effective tax rate for the current quarter and financial year todate is higher than statutory tax rate due to certain expenses which are not deductible for the tax purposes.

B6       Profit/(Losses) On Sale of Unquoted Investments and/or Properties
There was no sale of unquoted investments and/or properties during the quarter and financial year todate.

B7 	Purchases or Disposal of Quoted Securities
	(a)	                                                                                 	Current               Financial
			                                                                          Quarter            Year to date
		                                                                        RM’ 000            	  RM’ 000
		Total purchase consideration	-  	-
		Total sale proceeds	9	9
		Total gain on disposals	                                             4                        4                           
	
	(b)	Investments as at 31 March 2004	RM’000
		At Cost	1,805
		At Book Value	1,805
		At Market Price	1,982

B8    (a)  Status of Corporate Proposals announced but not completed
 There were no corporate proposals at the date of issue of the quarterly report.

(b)	Status of utilisation of proceeds raised from any corporate proposal
 	Not applicable.

INTERIM REPORT ON CONSOLIDATED RESULTS FOR THE FIRST FINANCIAL QUARTER ENDED 31 MARCH 2004

EXPLANATORY NOTES : (AS PER LISTING REQUIREMENTS OF BURSA MALAYSIA - PART A OF APPENDIX 9B)

B9	Group Borrowings and Debt Securities
	Details of Group’s borrowings as at 31 March 2004 are as follows:-
	Short term borrowings		RM’ 000
	USD Trade loan	(USD 4,859,088)	   18,467      Unsecured
	Bankers acceptance		   39,325      Unsecured
	Bank overdraft		        313      Unsecured
			   58,105
	The Group has no debt securities as at 31 March 2004.

B10	Summary of Off Balance Sheet Financial Instruments by type and maturity profile 
	There were no financial instruments with off balance sheet risk at the date of issue of the quarterly report.

B11 	 Changes in Material Litigation (including status of any pending material litigation)
Kent Engineering Works Sdn Bhd (KEW), a debtor of Taik Bee Hardware Sdn Bhd (“TBH”) which is a subsidiary company of Choo Bee Metal Industries Berhad, filed a suit for defamation on March 7, 2000 against TBH for an amount of RM 10 million claiming that the drawdown of a bank guarantee provided by KEW in favour of TBH was defamatory to KEW. In response, TBH has filed a writ of summons on defence with the High Court of Malaya on April 24, 2000 against the defamation suit and for the recovery of a debt amounting to RM 118,092.

Since the last annual Balance Sheet, the matter has been set for trial and we are still awaiting for the hearing date to be fixed by the Court.

B12	Dividend
The Directors have not yet recommended any dividend for the current financial quarter ended 31 March 2004. The dividend accrued as a liability is the proposed final ordinary dividend of 6 sen per share less 28% tax for the year ended 31 December 2003.

B13      Earnings Per Share (EPS)
	            3 months ended
                                                                                                         31-03-2004	     31-03-2003
 Basic earnings per share
	a)	 Net profit for the period	(RM’000)	7,709	5,157

 Weighted average number of
 ordinary shares in issue			(’000)	                101,147	         99,423

	 Basic earnings per share	 (sen)	7.62	                       5.19    

INTERIM REPORT ON CONSOLIDATED RESULTS FOR THE FIRST FINANCIAL QUARTER ENDED 31 MARCH 2004

EXPLANATORY NOTES : (AS PER LISTING REQUIREMENTS OF BURSA MALAYSIA - PART A OF APPENDIX 9B)
                   
                                                                                                                    3 months ended
                                                                                                         31-03-2004	     31-03-2003
            Diluted earnings per share
	b)	 Net profit for the period	(RM’000)	                        7,709                    5,157

Weighted average number of
		 ordinary shares in issue	(’000)	101,147	99,423

		 Adjustment for share options	(’000)	2,353	42

Weighted average number of 
 ordinary shares for diluted
	 earnings per share	(’000)	103,500	99,465

	 Diluted earnings per share	       (sen)	7.45	5.18