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Strategies & Market Trends : Asia Forum - Investment Ideas
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To: Tony van Werkhooven who wrote (7)3/9/1998 1:21:00 AM
From: Stitch   of 23
 
Tony, Peter;

When I was typing out my last post I guess I should have been reading instead. (Like talking instead of listening.) My practice is to read the newspaper at lunchtime. I office in my home and the housekeeper who prepares my lunch when I'm home usually puts the paper next to my place when she calls me to eat. Today, minutes after finishing my post to you, I found that the headlines in the business section are all about SIDBY. The following is a summary.

Note: All figures in Ringiit @ approx 3.94 to the dollar today.

Sime Darby Bhd., even without accounting for losses in their bank operation, reported a group pretax loss for the first time in recent history. Overall loss for the six month period ending Dec 31, 97 was 1.11 billion as compared to a profit of 850 milion during the same period last year. Gross revenue rose 24% however to 7.89 billion from 6.38 billion previously. The company said the loss was mainly attributable to the pre tax loss of 1.81 billion suffered by Sime Bank Bhd. and its Sime Securities Bhd., which the holding company owns 60.35 % of. Other losses were sustained by insurance and leasing business held by the company. The group recorded a net loss of 676.2 million compared to a net profit of 463.2 million in the same period last year. This amounts to a loss of 29.1 sens per share versus earnings of 19.9 sens per share in the corresponding period last year. If the bank operation is excluded then Sime earnings would have increased 6% to 17.8 sen from 16.8 sen previously. The company further announced that profits in the second half would likely be lower then the first half owing to the economic slump in Asia.

Various reported subsidiary earnings were reported as follows:
Plantations - 107.3 million vs. 74.3 million (previosly)
Sime Darby Hong Kong - 137.9 " vs. 74.4 " "
Tire Mfg. - 23.0 " vs. 19.3 " "
Sime Darby Singapore - 43.0 " vs. 49.5 " "
Sime DarbyAustralia - 64.5 " (no figures but was a decline)
DMIB Bhd. - 19.3 " vs. 17.6 " "
Sime UEP (properties) - 97.2 " vs. 98.9 " "
Tractors Malaysia Hldng*- 56.7 " vs. 54.3 " "

In additional news Sime Darby has requested an extension to the trading suspension pending the outcome of the discussions with Rashid Hussain Bhd. regarding the sale of the bank. Negotiations are expected to be completed by the end of this week. The company has announced that it would likely remain in the red over the next six months as the losses associated with the bank were to great to be covered by profits from other businesses of the holding company.

Hope all this helps. It has helped me for sure. My strategy remains intact.

best,
Stitch
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