Interim Financial Report

PLENITUDE BHD
(Company No : 531086-T)
(Incorporated in Malaysia)

A. NOTES TO THE UNAUDITED INTERIM REPORT FOR THE FINANCIAL
PERIOD ENDED 30TH JUNE 2007

Basis of preparation

The interim financial report is unaudited and has been prepared in compliance with FRS 134, "Interim Financial Reporting" and paragraph 9.22 of the Listing Requirements of Bursa Malaysia Securities Bhd ("Bursa Malaysia").

The interim financial report should be read in conjunction with the audited financial statements of the Group for the financial year ended 30 June 2006.

Changes in Accounting Policies

The accounting policies and methods of computation adopted by the Group in this interim financial report are consistent with those adopted in the audited financial statements for the financial year ended 30 June 2006. With effect from 1 July 2006, the Group has also adopted the following new/revised Financial Reporting Standards (“FRS”):

FRS1 - First-time Adoption of Financial Reporting Standards

FRS2 - Share-based Payments

FRS3 - Business Combinations

FRS5 - Non-current Assets Held for Sale and Discoutinued Operations

FRS101 - Presentation of Financial Statements

FRS102 - Inventories

FRS108 - Accounting Policies, Changes in Estimates and Errors

FRS110 - Events after the Balance Sheet Date

FRS116 - Property, Plant & Equipment

FRS121 - The Effects of Changes in Foreign Exchange Rates

FRS127 - Consolidated Financial Statements and Investments in Subsidiaries

FRS128 - Investment in Associates

FRS131 - Financial Reporting of Interests in Joint Ventures

FRS132 - Financial Instruments : Disclosure and Presentation

FRS133 - Earnings Per Share

FRS136 - Impairment of Assets

FRS138 - Intangible Assets

FRS140 - Investment Property

Adoption of the above FRSs does not have significant financial impact on the Group except for the followings:

(a) FRS 3 - Business Combinations

Under FRS 3, any excess of the Group’s interest in the net fair value of an acquirees’ identifiable assets, liabilities and contingent liabilities over its cost of acquisitions (previously referred to as “reserve on consolidation”) is now recognised immediately in the consolidated income statements. Prior to 1 July 2006, it was capitalised as Reserve on Consolidation.

In accordance with the transitional provisions of FRS 3, the remaining balance of reserve on consolidation brought forward of RM156.05 million was derecognised with a corresponding increase in the opening unappropriated profit.

(b) FRS 116 - Property, Plant and Equipment

In accordance with FRS 116, the underlying building of a hotel property is now stated at cost less accumulated depreciation. The underlying freehold land on which hotel property is situated is stated at cost. Hotel property is now classified as property, plant and equipment. In addition, the Group’s freehold plantation land is also classified as property, plant and equipment and stated at cost.

Prior to 1 July 2006, the underlying building of hotel property was stated at cost and no depreciation is provided. The underlying freehold land of hotel property was stated at cost. The adoption of FRS 116 resulted in a decrease in the Group’s unappropriated profit as at 30 June 2006 by RM0.67 million and the comparatives amounts have been restated as shown in Note 2.1 below.

Investment Properties are properties held either to earn rental income or for capital appreciation or both. The Group chooses the cost method and the comparatives amounts have been restated due to the adoption of FRS 140, as shown in Note 2.1 below.

2.1 Comparatives

The following comparatives amounts have been restated due to the adoption of new/ revised FRSs:

	Previously stated RM'000	Reclassification RM'000	Restated RM'000
As at 30 June 2006
Property, plant & equipment	2,518	53,335	55,853
Investment properties	54,001	(31,615)	22,386
Land held for future development	98,661	(2,041)	96,620
Property development projects - non current portion	166,239	(20,345)	145,894

	Previously stated RM'000	Reclassification RM'000	Restated RM'000
As at 1 July 2006
Reserve on consolidation	156,052	(156,052)	-
Unappropriated profit	165,215	155,386	320,601

Qualified audit report

There were no audit qualifications on the auditors' report on the financial statements for the financial year ended 30 June 2006.

Seasonal or cyclical factors

The business operations of the Group during the financial period under review have not been materially affected by any seasonal or cyclical factors.

Unusual items affecting assets, liabilities, equity, net income or cash flows

There were no unusual items for the financial period ended 30 June 2007 other than as disclosed under Note A2.

Changes in estimates

There were no material changes in estimates for the financial period ended 30 June 2007.

Debts and equity securities

There were no issuances, cancellations, repurchases, resale and repayments of debt and equity securities during the financial quarter ended 30 June 2007.

Dividends paid

A final dividend of 4.5 sen per share less 28% income tax and a tax exempt dividedn of 3.0 per share in respect of the financial year ended 30 June 2006 were paid on 11 December 2006

Segmental Reporting

The segmental analysis for the year ended 30 June 2007 is as follow :

Analysis by Activity
	Property Development RM'000	Hotel Operation RM'000	Others RM'000	Elimination RM'000	Consolidated RM'000
Revenue
External sales	206,260	6,980	24,938	-	238,179
Inter-segment sales	-	-	1,914	(1,914)	-

Total Revenue	206,261	6,980	26,852	(1,914)	238,179


Results
Profit from operation	80,809	1,292	1,479	(1,914)	81,666
Financial costs					(203)
Income from other investments					1,204

Profit before taxation					82,667
Income tax expense					(26,204)

Profit after taxation					56,463



The financial information by geographical location is not presented as the Group’s activities are conducted in Malaysia.

10.

Valuation of property, plant and equipment

Valuation of property, plant and equipment have been brought forward, without amendment from the previous annual financial statements.

11.

Material Events subsequent to the End of Year

Subsequent to the closing of financial year ended 30 June 2007, Plenitude Tebrau Sdn Bhd, a wholly-owned subsidiary of Plenitude Berhad, had on 20 July 2007 entered into a conditional Sale and Purchase Agreement with Permodalan Eramaju Sdn Bhd for the disposal of a freehold land measuring approximately 36.94 acres (1,609,150 square feet), located in Mukim Tebrau, Daerah Johor Bahru Darul Takzim for a total cash consideration of RM64.366 million. The said disposal was announced to Bursa Malaysia and shareholders on 20 July 2007.

12.

Changes in the Composition of the Group

There were no changes to the composition of the Group during the financial period ended 30 June 2007.

13.

Contingent Liabilities

There were no contingent liabilities in respect of the Group since the last annual balance sheet date.

A.

NOTES TO THE UNAUDITED INTERIM REPORT FOR THE FINANCIAL PERIOD ENDED 30TH JUNE 2007

NOTES TO THE UNAUDITED INTERIM REPORT FOR THE FINANCIAL
PERIOD ENDED 30TH JUNE 2007