OKA CORPORATION BHD

Additional information required by the BMSB’s Listing Requirements

1.	Review of performance

The Group recorded a higher turnover of RM10.620 million in this quarter as compared to RM9.315 million in the previous year corresponding quarter. Profit before tax for the same period declined from RM3.146 million last year to RM1.952 million this year due to lower Gross Profit margins.

2.	Variation of results against preceding quarter

The profit after tax for the quarter under review is RM1.643 million as compared to the preceding quarter profit of RM1.126 million representing an increase of 46%. This is mainly due to the higher gross profit margin and increase in revenue for the fourth quarter.
 
3.	Forthcoming year prospects

The Group is optimistic that the forthcoming year prospects remain favourable as the Government is expected to implement more infrastructure projects i.e. National Sewerage upgrading works, West Coast Highway, Putrajaya Precinct 17, etc. Overall, sales and deliveries of the Group’s products are expected to improve especially for the eastern region as the Kuantan, Pahang plant has  commenced production in April 2004. The Directors expect that the Group’s performance for the forthcoming financial year will be satisfactory.

4.	Profit Forecast

Not applicable as no profit forecast was published. 

OKA CORPORATION BHD

Additional information required by the BMSB’s Listing Requirements

5.	Tax expense

	12 months	12months 	
	  31-Mac	  31-Mac	
	      2004	      2003	
	 RM’000	 RM’000	
Current tax expense			
   Malaysian - Current	        1101	      1819	
                   - Prior period	          (47)	          15	
                   - Deferred	          312	          65	
	        1366	      1899	

                 The Group’s effective tax rate is lower than the prima facie tax rate due to the                                                                                                                                                                       .                 availability of the reinvestment allowance claimed by one of its subsidiaries

           

       
OKA CORPORATION BHD

Additional information required by the BMSB’s Listing Requirements

6.         Quoted investments

	   3 months	      12 months	
	     31-Mac	        31-Mac	
	         2004	            2003	
	    RM’000	       RM’000	
Purchase of quoted securities	               -	                  -	

	
	  As at 31 Mac 2004	 As at 31 Mac 2003	
	Book value	Market Value	Book value	Market Value	
	    RM’000	        RM’000	    RM’000	        RM’000	
 
Total quoted investments	                     12	               
24	             12	              
  8

7.         Status of corporate proposals

            There are no corporate proposals announced but not completed as at the date of this report.

OKA CORPORATION BHD

Additional information required by the BMSB’s Listing Requirements

8.	      Utilization of Listing Proceeds
                                                                                                        RM’000
Placement under fixed deposits for the purchase
of land, plant & machineries and factory
upgrading which have yet to be effected                              10,206

Acquisition of land                                                                 6,856

Purchase of plant & machineries                                            3,763

Payment of listing expenses                                                    1,411

Working capital for the group                                                 3,669

Automation & Upgrading of existing factory                            864
                                                                                     
                                                                                              26,769

       9.      Borrowings 

                  There are no borrowings as at 31 March 2004.

     10.      Off balance sheet financial instruments

There were no financial instruments with off balance sheet risks as at the date of this report.

     11.      Changes in material litigation

Saved as disclosed below neither OKA Corporation nor any of its subsidiaries is engaged in any material litigation either as plaintiff or defendant and the Directors do not have any knowledge of any proceedings pending or threatened or of any fact likely to give rise to any proceedings which might materially and adversely affect the financial position or the business of the company or any of its subsidiaries : -

OKA CORPORATION BHD

Additional information required by the BMSB’s Listing Requirements
________________________________________________________________________

Maker Concrete Industry (Plaintiff) vs. OKA Engineering & Trading Sdn Bhd (Defendant)

Claim by Maker Concrete Industry of RM1,603,000 brought against OKA Engineering & Trading Sdn Bhd vide Ipoh High Court civil suit no. 22-250-01 dated 22 December 2001 claiming damages for inter alia loss of reputation due to wrongful attachment. A previous suit on the same matter was withdrawn on 12 December 2001 (Ipoh High Court civil suit no. 22-165-2001). The Defendant has filed a defence and counter-claim for malicious prosecution against the current suit (suit no. 22-250-01) on 26 January 2002. The Plaintiff recently withdrew its application for summary judgment against the Defendant for the second suit and a notice of pre-trial case management may be filed by the Plaintiff in due course. The solicitors handling this matter are of the opinion that the Plaintiff has filed a frivolous case against the Defendant and that there should be no liability attached to the Company whatsoever.  

12.           Dividend

The Board of Directors propose a first and final dividend of 4 sen less tax (2003 : 8 sen less tax) per share amounting to RM1,728,605 for the current financial year subject to shareholders’ approval at the forthcoming general meeting.

OKA CORPORATION BHD

Additional information required by the BMSB’s Listing Requirements
________________________________________________________________________

13.       Earnings per share

Basic Earnings Per Share
	
Current Year Quarter
31/03/2004
RM’000	Cumulative Current Year
To Date
31/03/2004
RM’000	
Net profit attributable to ordinary shareholders
	
                 1,643	
                 6,323	
Number of ordinary shares issued
	
60,000	
60,000	
Effect of the exercise of options under ESOS
	
                        2
             _______	 
                       2
               ______	
Weighted average number of ordinary shares issued

               60,002	

               60,002	
Basic Earnings Per Share (sen)	
                    2.74	
                 10.54

OKA CORPORATION BHD

Additional information required by the BMSB’s Listing Requirements
________________________________________________________________________

Fully Diluted
Earnings Per Share
	
Current Year Quarter
31/03/2004
RM’000	Cumulative Current Year
To Date
31/03/2004
RM’000	
Net profit attributable to ordinary shareholders
	
                 1,643	
                 6,323	
Weighted average number of ordinary shares issued
	
60,002	
60,002	
Adjustment for share options 
	
                      35
             _______	 
                       35
               ______	
Adjusted number of ordinary shares issued
	
               60,037	
               60,037	
Fully Diluted Earnings Per Share (sen)	
                    2.74	
                 10.53