Author: OKA CONCRETE IND SDN. BHD.
Last saved by: OKA CONCRETE IND. S/B

OKA CORPORATION BHD

Notes to the interim financial report

1.	Basis of preparation

The interim financial report is unaudited and has been prepared in compliance with MASB 26, Interim Financial Reporting and Chapter 9 Part K of the Listing Requirements of the Kuala Lumpur Stock Exchange.

The interim financial report should be read in conjunction with the audited financial statements of the Group for the year ended 31 March 2002.

The accounting policies and methods of computation adopted by the Group in this interim financial report are consistent with those adopted in the financial statements for the year ended 31 March 2002. 

The following notes explain the events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group since the financial year ended 31 March 2002.

2.	Audit Report

The preceding financial year audit report in respect of the financial year ended 31 March 2002 was not qualified by external auditors.

3.	Property, plant and equipment

The Group did not carry out any revaluation on its property, plant and equipment in the financial year to date. The valuations of land and buildings have been brought forward, without amendment from the previous annual report.

In October 2002, the Group had acquired a parcel of landed property in Senai, Johor for RM2,712,000 and in December 2002, the Group had acquired another parcel of landed property in Nilai, Negri Sembilan for RM396,270.

4.	Trade and other receivables

Included in trade and other receivable is an amount of RM568,648 being tax instalments overpaid by the Group to Inland Revenue Department.

5.	Borrowings

These are hire purchase financing obtained from financial institutions.

6.	Dividends

An interim tax exempt dividend of 314% amounting to RM3,300,000 declared for the year ended 31 March 2002 was paid on 22 April 2002.

7.	Seasonal or cyclical factors

Apart from the traditional variations in the level of business activities, the Group’s activities are not affected by any  seasonal or cyclical factors in the third quarter.

8.	Segment Reporting

| Revenue | Profit before tax
| 9 months ended
| 2002 | 2002
| RM’000 | RM’000
Manufacturing | 28,989 | 6,738
Trading (Readymixed) | 2,918 | 43
Non-segment | - | 207
| 31,907 | 6,988

9.	Capital commitments

| 31 December 2002
| RM’000
Approved and contracted for |
- Landed properties | 500
- Plant and machinery | 360
| 860

10.	Material changes in estimates 

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 to date.

11.	Effect of changes in composition of the Company

      There were no changes in composition of the Company for the current financial year to date.

12.	Changes in contingent liabilities or assets

There are no contingent assets at the date of quarterly report.
The note on contingent liabilities is disclosed in Note 11 under additional information required by the KLSE’s Listing Requirements.

13.	Events subsequent to the balance sheet date 

There were no material events subsequent to the end of the quarter that have not been reflected in the financial statements.