B. I. G. INDUSTRIES BERHAD (195285-D)
(Incorporated in Malaysia)

1.	ACCOUNTING POLICIES

	The quarterly financial statements have been prepared based on accounting policies and methods of computation consistent with those adopted in the 31 December 2000 Annual Report.

2.	EXCEPTIONAL ITEM

	There were no exceptional items during the current quarter.

3.	EXTRAORDINARY ITEM

	There were no extraordinary items during the current quarter.

4.	TAXATION

There is no provision for deferred taxation for the quarter ended 31 March 2001.  The taxation figures do not include any adjustment for under or over-provision in respect of previous years.

5.	PRE-ACQUISITION PROFITS

	There were no pre-acquisition profits during the current quarter.

6.	DISPOSAL OF INVESTMENTS OR PROPERTIES

	There was no disposal of investments or properties during the current quarter.

7.	QUOTED INVESTMENTS
					
(a)	There was no purchases or disposals of quoted securities for the current financial period to date.

(b)	Investments in quoted shares as at end of reporting period are set out below:
														 						RM’000
(i)	Total investment at cost		    	     464
								=======
(ii)	Total investment at carrying
	value/book value (after 
	provision for diminution in 
	Value					 	    464
								=======
(iii)	Total investment at market value
	@ 31/03/2001					    160
								=======

(iv)	Shortfall in value (ii) – (iii)			    304
								=======
	The shortfall in value is deemed to be temporary in nature and the Directors are at the view that provision for diminution is not necessary.

8.	CHANGES IN THE COMPOSITION OF THE COMPANY

There is no change in the composition of the Company during the current quarter

9.	CORPORATE PROPOSALS

Not applicable.

10.	SEASONAL OR CYCLICAL FACTORS

The business operations of the Group are not materially affected by any seasonal or cyclical factors.

11.	CHANGES IN SHARE CAPITAL

There is no movement in share capital for the current financial year to date.

12.	GROUP BORROWINGS AND DEBT SECURITIES

(a)	SHORT TERM BORROWINGS

	RM’000	
Secured	17,940	
Unsecured	4,879	
	22,819	

(b)	LONG TERM BORROWINGS

	RM’000	
Term Loan	8,436	

None of the Group’s borrowings as at the financial year to date are denominated in foreign currency.

13.	CONTINGENT LIABILITIES

	RM’000	
Corporate guarantees given to financial institutions for credit facilities provided to subsidiary and associated companies	
26,376	

14.	OFF BALANCE SHEET FINANCIAL INSTRUMENTS

No off balance sheet instruments are utilized for the current financial period under review.

15.	MATERIAL LITIGATION

There is no material litigation at the latest practicable date.

16.	SEGMENT INFORMATION

By activity

Turnover
(RM’000)		Profit/(loss) before taxation (RM’000)		Total assets employed (RM’000)	
Industrial gases, welding equipment and general trading	5,205		587		44,232	
Ready mixed concrete, cement products and stones	4,449		(49)		30,423	
Transportation	566		(22)		947	
	10,220		516		75,602	

17.	MATERIAL CHANGE IN PROFIT

Group Results	Current quarter ended 31/03/2001
RM’000		Preceding quarter ended 31/12/2000
RM’000	
Turnover	10,220		8,498	
Net Profit Before Taxation	516		30	

For the period under review, the Group’s turnover and profit before tax registered an increased of RM1,722,000 and RM486,000 or 20%  and 1620% respectively as compared to the last quarter.  The increase in turnover are mainly due to the securing of various bulk gases and ready mixed concrete contracts by the industrial gas and ready mixed concrete divisions respectively.  

Higher profit was achieved during the first quarter due to the Company attaining considerable economy of scale in our plant utilization which reduced the cost of production to almost half.

18.	REVIEW OF PERFORMANCE FOR THE CURRENT QUARTER

For the first quarter of 2001, the Group recorded a pre-tax profit of RM0.52 million as compared to RM0.32 million achieved for the same period last year.  This improvement in profitability is mainly attributed to the increase in turnover as well as reduction in the production cost as a result of higher utilization of the plant capacity.

19.	CURRENT YEAR PROSPECTS

Barring any unforeseen circumstances, the Group is expected to achieve better results for the financial year ended 31 December 2001 as compared to the financial year ended 31 December 2000.

20.	VARIANCES

	Not applicable as the Group is not subjected to profit guarantee

21.	DIVIDEND

No dividend has been declared for the period under review.