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Quarterly Report For The Financial Period Ended 30 November 2014

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Unaudited Condensed Consolidated Statement Of Comprehensive Income
For Financial Year Ended 30 November 2014

Unaudited Condensed Statement Of Financial Position
As At 30 November 2014

Review of Group's performance

Overall review for the period financial quarter ended 30 November 2014

For the six months ended 30 November 2014, the Group posted lower revenue of RM0.8 billion compared with RM1.02 billion in the corresponding period last year. Consequently, the Group posted lower profit before taxation (“PBT”) of RM10.8 million compared with RM19.3 million in the corresponding period last year.

For the financial quarter ended 30 November 2014, the Group posted lower revenue of RM389.9 million compared with RM528.1 million in the corresponding quarter last year. Consequently, PBT of the Group decreased to RM5.8 million compared with RM11.8 million in the corresponding quarter last year.

The effective rate of taxation for the Group is higher than the statutory tax rate mainly due to losses in certain subsidiaries that are not available for set-off against taxable profits in other companies within the Group.

Review of business segments for the financial quarter ended 30 November 2014

Investment Holding

The investment holding segment reported a segmental loss of RM3.0 million for the current financial quarter compared with RM3.4 million in corresponding quarter last year. The segmental loss is mainly due to corporate expenses incurred by the investment holding companies.

Agricultural and Industrial Chemicals

The division posted revenue of RM366.3 million for the current financial quarter compared with RM446.3 million recorded in the corresponding quarter last year. The lower revenue was mainly attributed to the lower sales in industrial chemicals business due to weak market sentiment. The agricultural chemical business also faced a slowdown in export sales in the current financial quarter on weaker demand from its overseas markets. As a result, the division posted a lower segmental profit of RM7.8 million in the current financial quarter compared with RM15.0 million a year ago.

Polymer

The Polymer Division achieved higher revenue of RM34.7 million for the current financial quarter, which represents a marginal increase of 0.6% from RM34.5 million in the corresponding quarter last year due to higher contribution by its manufacturing plant in Surabaya, Indonesia. Consequently, the Division registered higher PBT of RM3.8 million compared with RM3.2 million achieved in the same period last year.

Logistics

The Logistics Division posted lower revenue of RM6.9 million compared to RM15.9 million in the corresponding quarter last year. The lower revenue was primarily due to the disposal of SSM in December 2013 which its results are no longer accounted for in the current financial quarter. Segmental profit decreased to RM0.8 million from RM1.2 million in the corresponding quarter last year. The results were affected by higher costs of repairs and maintenance in the transportation operations.

Information Technology

The IT Division achieved higher revenue of RM8.3 million compared with RM1.3 million in the corresponding quarter last year. The IT division reported a segment profit of RM0.5 million compared with segmental loss of RM0.7 million in the same period last year. The improvement result was due to better costs management and able to secure more profitable contracts.

Media

The Media division posted lower revenue of RM25.3 million compared with RM31.4 million in the corresponding financial quarter last year. However, the division posted a lower segmental loss of RM1.4 million in the current financial quarter compared with segment profit of RM0.1 million a year ago.

Prospects

Among the key business segments, Agricultural and Industrial Chemical Division and Polymer Division are expecting challenging business environment with continued pressure on profit margins as product suppliers and logistic providers seek higher prices. Competitions in the agricultural chemical business are expected to intensify due to aggressive price competitions. Growth in the Media Division is anticipated to be affected by the challenging economic conditions in Malaysia and regionally.

There remained uncertainties in the global economic conditions, which may have an impact to the Group's business, the Board will continue to exercise caution in managing the Group's business in the coming financial year. The Board will continue to explore ways to improve revenue growth while strengthening its operational and productivity efficiencies.

The Board is of the view that, barring unforeseen circumstances, the financial performance and prospects of the Group will be satisfactory in the next financial year.