August 13, 1998; Resorts World Bhd

August 13,1998

RESORTS WORLD BHD
INTERIM ANNOUNCEMENT

THE DIRECTORS OF RESORTS WORLD BERHAD ARE PLEASED TO ANNOUNCE THE UNAUDITED RESULTS
OF THE GROUP AND OF THE COMPANY FOR THE HALF-YEAR ENDED 30TH JUNE 1998, TOGETHER WITH THE COMPARATIVE RESULTS FOR THE HALF-YEAR ENDED 30TH JUNE 1997, AS FOLLOWS:

		GROUP SIX MONTHS ENDED 30TH JUNE		COMPANY SIX MONTHS ENDED 30TH JUNE		GROUP	COMPANY
		1998 RM mil	1997 RM mil	1998 RM mil	1997 RM mil	+ or - %	+ or - %
1.(A)	TURNOVER	1,410.6	1,137.7	1,244.2	1,076.9	+24	+16
(B)	INVESTMENT AND INTEREST INCOME	54.8	34.4	15.1	11.2	+59	+35
2.(A)	PROFIT BEFORE TAXATION AND AFTER DEPRECIATION [SEE NOTE (i) BELOW]	319.9	396.3	383.1	366.5	-19	+5
(B)	TAXATION	(136.4)	(114.1)	(136.3)	(112.9)	+20	+21
(C)	PROFIT ATTRIBUTABLE TO MEMBERS OF THE COMPANY	183.5	282.2	246.8	253.6	-35	-3
Note: (i)	DEPRECIATION INCLUDING AMORTISATION	82.4	61.1	75.6	57.4	+35	+32

3.(A)

THE RESULTS OF THE GROUP AND OF THE COMPANY FOR THE HALF-YEAR ENDED 30TH JUNE 1998
HAVE NOT BEEN AFFECTED BY ANY MATERIAL FACTORS OR ITEMS OF AN EXTRAORDINARY
NATURE OTHER THAN THE EXCEPTIONAL ITEMS SET OUT BELOW:-

	GROUP SIX MONTHS ENDED 30TH JUNE
	1998 RM mil	1997 RM mil
GAIN ON SALE OF INVESTMENTS	78.5	6.4
WRITE-OFF OF GOODWILL ON ACQUISITION OF INVESTMENT IN AN ASSOCIATED COMPANY	(161.7)	0.0
	(83.2)	6.4

THE ABOVE WRITE-OFF OF GOODWILL ON ACQUISITION OF INVESTMENT IN AN ASSOCIATED
COMPANY, WHICH IS CONSISTENT WITH THE GROUP'S POLICY OF WRITING OFF GOODWILL IN
THE YEAR OF ACQUISITION, REPRESENTS 50% OF THE EXCESS OF THE PURCHASE CONSIDERATION
CONSIDERATION PAID OVER THE NET TANGIBLE ASSETS OF THE ASSOCIATED COMPANY ON THE
THE DATE OF ACQUISITION. THE BALANCE 50% OF THE GOODWILL WILL BE WRITTEN OFF IN THE
THE SECOND HALF OF THIS YEAR.

(B)	IN THE OPINION OF THE DIRECTORS, NO SIGNIFICANT TREND OR EVENT HAS OCCURRED BETWEEN 30TH JUNE 1998 AND THE DATE OF THIS REPORT WHICH WOULD AFFECT SUBSTANTIALLY THE RESULTS OF THE GROUP AND OF THE COMPANY.

4.		SIX MONTHS ENDED 30TH JUNE
		1998	1997
	EARNINGS IN SEN PER ORDINARY SHARE FOR THE HALF-YEAR BASED ON 2(C)	16.8 sen	25.8sen

5.	TAXATION CHARGES FOR THE PERIOD INCLUDE DEFERRED TAX CHARGE OF RM13.3 MILLION (1997: DEFERRED TAX CREDIT OF RM1.6 MILLION) FOR THE GROUP AND RM13.3 MILLION (1997: DEFERRED TAX CREDIT OF RM1.9 MILLION) FOR THE COMPANY. THERE IS NO MATERIAL ADJUSTMENT FOR UNDER OR OVER PROVISION IN RESPECT OF PRIOR YEARS.
6.	THE RESULTS DO NOT INCLUDE ANY PRE-ACQUISITION PROFITS.
7.	THE RESULTS DO NOT INCLUDE ANY PROFIT OR LOSS ON SALE OF INVESTMENTS AND PROPERTIES, OTHER THAN THOSE ARISING IN THE NORMAL COURSE OF BUSINESS.
8.	SINCE THE PAYMENT OF THE FINAL DIVIDEND FOR THE YEAR ENDED 31ST DECEMBER 1997 TO THE DATE OF THIS REPORT, THE COMPANY DID NOT MAKE ANY RIGHTS, BONUS AND/OR OTHER ISSUES OF EQUITY SHARES.
9.	THE DIRECTORS ARE OF THE OPINION THAT THE RESULTS FOR THE SECOND HALF-YEAR ARE LIKELY TO BE AFFECTED BY THE CONTINUED POOR ECONOMIC CONDITIONS IN THE REGION.
10.	THE GROUP HAS SET UP A TASK-FORCE COMMITTEE TO ADDRESS THE Y2K ISSUES, BOTH FROM THE INFORMATION TECHNOLOGY AS WELL AS BUSINESS PERSPECTIVES. SEVERAL MAJOR PHASES OF THE PROJECT HAVE BEEN COMPLETED TO-DATE, INCLUDING THE AWARENESS PROGRAM, PRODUCTION OF COMPLETE INVENTORY, IMPACT ANALYSIS, BUDGETING AND THE SETTING UP OF TESTING FACILITIES. THE GROUP IS NOW AT THE LATER STAGE OF IMPLEMENTING PROGRAM MODIFICATIONS, SOFTWARE AND HARDWARE UPGRADES, REPLACEMENTS AND TESTING REQUIRED TO BE Y2K READY. THE CURRENT TOTAL COST OF THE Y2K PROJECT IS ESTIMATED TO BE RM3.0 MILLION FOR THE GROUP. THIS AMOUNT IS NOT SIGNIFICANT AND THUS WILL NOT HAVE ANY MATERIAL IMPACT ON THE GROUP'S FINANCIAL RESULTS.
11. (A)	AN INTERIM DIVIDEND OF 8.0 SEN LESS 28% TAX PER ORDINARY SHARE OF 50 SEN EACH IN RESPECT OF THE SIX MONTHS ENDED 30TH JUNE 1998 HAS BEEN DECLARED BY THE DIRECTORS AND WILL BE PAYABLE ON THE 26TH OCTOBER 1998 TO SHAREHOLDERS REGISTERED IN THE REGISTER OF MEMBERS AT THE CLOSE OF BUSINESS ON 2ND OCTOBER 1998.
(B)	INTERIM DIVIDEND PER ORDINARY SHARE:
	1998 8.0 SEN LESS 28% TAX	1997 8.5 SEN LESS 30% TAX (NOW DEEMED AS 28%)

(C)	NET INTERIM DIVIDEND:
	1998 RM mil 62.9	1997 RM mil 65.0

(D)	CLOSURE OF BOOKS NOTICE IS HEREBY GIVEN THAT THE SHARE TRANSFER BOOKS AND REGISTER OF MEMBERS WILL BE CLOSED FROM 3RD OCTOBER 1998 TO 8TH OCTOBER 1998 BOTH DAYS INCLUSIVE, FOR THE PURPOSE OF DETERMINING SHAREHOLDERS' ENTITLEMENT TO THE INTERIM DIVIDEND. DULY COMPLETED REGISTRABLE TRANSFERS RECEIVED BY THE COMPANY'S SHARE REGISTRARS, GENTING MANAGEMENT AND CONSULTANCY SERVICES SDN. BHD, 23RD FLOOR, WISMA GENTING, JALAN SULTAN ISMAIL, 50250 KUALA LUMPUR, UP TO 5.00 PM ON 2ND OCTOBER 1998, WILL BE REGISTERED BEFORE ENTITLEMENTS TO THE DIVIDEND ARE DETERMINED. FURTHER NOTICE IS HEREBY GIVEN THAT THE MALAYSIAN CENTRAL DEPOSITORY SDN BHD SHALL NOT BE ACCEPTING ANY REQUEST FOR DEPOSIT AND/OR WITHDRAWAL OF SHARES COMMENCING 12.30 PM ON 30TH SEPTEMBER 1998 UNTIL 12.29 PM ON 2ND OCTOBER 1998. A DEPOSITOR SHALL QUALIFY FOR ENTITLEMENT TO THE INTERIM DIVIDEND ONLY IN RESPECT OF:
	i)	SHARES DEPOSITED INTO THE DEPOSITOR'S SECURITIES ACCOUNT BEFORE 12.30 PM ON 30TH SEPTEMBER 1998;
	ii)	SHARES NOT WITHDRAWN FROM THE DEPOSITOR'S SECURITIES ACCOUNT AS AT 12.29 PM ON 30TH SEPTEMBER 1998;
	iii)	SHARES TRANSFERRED INTO THE DEPOSITOR'S SECURITIES ACCOUNT BEFORE 12.30 PM ON 2ND OCTOBER 1998 IN RESPECT OF ORDINARY TRANSFERS;
	iv)	SHARES TRANSFERRED INTO THE DEPOSITOR'S SECURITIES ACCOUNT AT OR BEFORE 3.00 PM ON 2ND OCTOBER 1998 IN RESPECT OF EXPRESS TRANSFERS; AND
	v)	SHARES BOUGHT ON THE KUALA LUMPUR STOCK EXCHANGE ON A CUM ENTITLEMENT BASIS ACCORDING TO THE RULES OF THE KUALA LUMPUR STOCK EXCHANGE.