|
 |
NOTES TO THE FINANCIAL STATEMENTS |
 |
6. PROFIT FROM OPERATIONS
Include in profit from operations are the following:
| |
The Group
|
The Company
|
| |
2003
RM'000
|
2002
RM'000
|
2003
RM'000
|
2002
RM'000
|
After charging:
|
|
|
|
|
| |
Inventories written off |
7,256
|
4,271
|
2,198
|
1,127
|
|
Royalty, technical and management fees payable to:
|
|
|
|
|
| |
|
Ultimate holding company (Note
18) |
4,289
|
3,736
|
4,289
|
3,736
|
| |
|
Third party |
-
|
300
|
-
|
300
|
| |
|
Rental of machinery, equipment and motor vehicles
payable to: |
|
|
|
|
| |
|
Third party |
2,516
|
2,636
|
1,941
|
1,556
|
| |
|
Subsidiary company (Note
18) |
-
|
-
|
2,646
|
2,625
|
| |
|
Allowance for doubtful receivables:
|
|
|
|
|
| |
|
Trade |
2,063
|
5,159
|
-
|
-
|
| |
|
Others |
953
|
464
|
498
|
464
|
| |
|
Rental of premises
|
465
|
2,088
|
398
|
1,756
|
| |
|
Allowance for inventories obsolescence |
230
|
1,224
|
-
|
1,153
|
| |
|
Audit fee:
|
|
|
|
|
| |
|
Auditors of the Company |
202
|
202
|
90
|
90
|
| |
|
Other auditors |
|
|
|
|
| |
|
-Current year |
11
|
16
|
-
|
-
|
| |
|
-Over provision in prior year |
(7)
|
-
|
-
|
-
|
| |
|
Property, plant and equipment written off |
140
|
1,607
|
-
|
1,171
|
| |
|
Bad receivables written off |
36
|
73
|
36
|
29
|
| |
|
Provision for retirement benefits (Note
21) |
-
|
2,146
|
-
|
2,444
|
| |
|
Loss on disposal of property, plant and equipment - net |
-
|
-
|
372
|
474
|
| |
|
Loss on disposal of investment in an associated company |
-
|
-
|
-
|
6,174
|
| |
|
|
|
|
| And crediting: |
|
|
|
|
| |
Provision for retirement benefit no longer required (Note
21) |
2,308
|
-
|
1,754
|
-
|
| |
Rental income of machinery and equipment receivable from: |
|
|
|
|
| |
|
Immediate holding company (Note
18) |
622
|
607
|
-
|
-
|
| |
|
Third party |
27
|
47
|
-
|
-
|
| |
Foreign exchange gain: |
|
|
|
|
| |
|
Realised - net |
596
|
187
|
485
|
56
|
| |
|
Unrealised - net |
259
|
340
|
244
|
340
|
| |
Rental of premises |
496
|
307
|
410
|
270
|
| |
Gain on disposal of property, plant and equipment - net |
446
|
1,796
|
-
|
-
|
| |
Bad receivables recovered |
3
|
7
|
1
|
-
|
| |
Provision for relocation expenses no longer required: |
|
|
|
|
| |
|
Total provision |
-
|
13,000
|
-
|
13,000
|
| |
|
Less: Termination benefits due to restructuring exercise |
-
|
(4,956)
|
-
|
-
|
| |
|
|
|
|
|
| |
|
Net |
-
|
8,044
|
-
|
13,000
|
| |
Gain on disposal of investment in an associated company |
-
|
686
|
-
|
-
|
| |
Allowance for inventories obsolescence no longer required
|
-
|
-
|
117
|
-
|
| |
|
|
|
|
|
Staff costs include salaries, bonuses, contributions to employees' provident
fund, retirement benefit and all other payroll costs.
7. FINANCE COSTS
| |
The Group
|
The Company
|
| |
2003
RM'000
|
2002
RM'000
|
2003
RM'000
|
2002
RM'000
|
| Interests on: |
|
|
|
|
| |
Hire-purchase |
7
|
151
|
4
|
124
|
| |
Short-term borrowings and others |
-
|
12
|
-
|
4
|
| |
|
|
|
|
| |
7
|
163
|
4
|
128
|
| |
|
|
|
|
8. INCOME FROM OTHER INVESTMENTS
| |
The Group
|
The Company
|
| |
2003
RM'000
|
2002
RM'000
|
2003
RM'000
|
2002
RM'000
|
| Interest income: |
|
|
|
|
| |
Short-term deposits |
1,559
|
284
|
1,558
|
283
|
|
Others |
5
|
5
|
4
|
2
|
| |
Associated companies (Note
13) |
-
|
136
|
-
|
136
|
| Early settlement credits |
599
|
676
|
599
|
676
|
| Income received from subsidiary companies (Note
18) |
-
|
-
|
3,940
|
4,205
|
| Gross dividend from associated company |
-
|
-
|
279
|
558
|
| |
|
|
|
|
| |
2,163
|
1,101
|
6,380
|
5,860
|
| |
|
|
|
|
9. INCOME TAX EXPENSE
Income tax expense of the Group and of the Company are as follows:
| |
The Group
|
The Company
|
| |
2003
RM'000
|
2002
RM'000
|
2003
RM'000
|
2002
RM'000
|
| Current estimated tax payable |
4,971
|
2,810
|
1,400
|
1,100
|
| Deferred tax (Note 23) |
243
|
121
|
593
|
-
|
| Share of associated company's income tax expense |
(81)
|
-
|
-
|
-
|
| |
|
|
|
|
| |
5,133
|
2,931
|
1,993
|
1,100
|
| Under/(over)provision in prior years |
852
|
(582)
|
871
|
-
|
| |
|
|
|
|
| Tax charge |
5,985
|
2,349
|
2,864
|
1,100
|
| |
|
|
|
|
The income tax expense for the year can be reconciled to the profit before
tax per income statements as follows:
| |
The Group
|
The Company
|
| |
2003
RM'000
|
2002
RM'000
|
2003
RM'000
|
2002
RM'000
|
| Profit before tax |
24,091
|
16,485
|
3,595
|
6,747
|
| |
|
|
|
|
| Tax at the applicable tax rate of 28% (28% in
2002) |
6,745
|
4,616
|
1,007
|
1,889
|
| Tax effects of: |
|
|
|
|
| Expenses that are not deductible in determining
taxable profit |
1,160
|
2,697
|
1,159
|
2,058
|
| Deferred tax assets not recognised |
258
|
2,762
|
-
|
921
|
| Utilisation of deferred tax assets not previously
recognised |
(1,196)
|
(2,098)
|
(159)
|
-
|
| Utilisation of carryforward tax losses |
(1,188)
|
(74)
|
-
|
-
|
| Utilisation of unabsorbed capital allowances |
(366)
|
(246)
|
-
|
-
|
| Tax saving resulting from reduction in tax rate |
(8)
|
-
|
-
|
-
|
| Income not subject to tax |
-
|
(4,147)
|
-
|
(3,766)
|
| Others |
(272)
|
(579)
|
(14)
|
(2)
|
| |
|
|
|
|
| Tax expenses |
5,133
|
2,931
|
1,993
|
1,100
|
| |
|
|
|
|
10. EARNINGS PER SHARE
| |
The Group
|
| |
2003
RM'000
|
2002
RM'000
|
| Basic |
|
|
| Net profit attributable to ordinary shareholders |
18,099
|
14,108
|
| |
|
|
| Weighted average number of ordinary shares in issue (units) |
128,095,541
|
128,095,541
|
| |
|
|
| Basic earnings per share (sen) |
14.1
|
11.0
|
| |
|
|
|
|
