Interim Results

Hidong Estate PLC
25 November 2002

INTERIM REPORT TO SHAREHOLDERS 
HALF YEAR ENDED 30th SEPTEMBER, 2002

The estimated results for the half year ended 30th September, 2002 are given 
below with appropriate comparative figures:-   

                                                  Half year ended   Half year ended   Year ended
                                                   30 Sept, 2002     30 Sept, 2001    31 Mar, 2002 

                                                        RM                RM             RM      

Turnover                                              678,239          661,625        1,019,111
Cost of sales - including replanting expenditure      
of RM62,809  (2001: RM61,638)                        (517,031)        (624,693)      (1,087,550)             
Profit/(Loss)                                         161,208          (73,068)         (68,439)                        
                        

Distribution costs                                    (40,244)         (41,300)         (72,724)                        
Administrative expenses                               (79,631)         (52,675)         (96,604)
                                                       41,333         (167,043)        (237,767)                        
        
Other income                                                -              998            1,188                         
Operating Profit/(Loss)                                41,333         (166,045)        (236,579)                        
Gain on disposal of tangible fixed assets                   -            3,168            3,598               
Interest receivable on short term deposits              2,646            3,608            6,139               
Profit/(Loss) on ordinary activities before taxation            
and extraordinary items                                43,979         (159,269)        (226,842)
Tax on profit/(loss) on ordinary activities                 -                -                -
RETAINED PROFIT/(LOSS)AFTER TAXATION
BUT BEFORE EXTRAORDINARY ITEMS                         43,979         (159,269)        (226,842)                  
Extraordinary items                                         -                -                -
PROFIT/(LOSS) ATTRIBUTABLE
TO SHAREHOLDERS                                        43,979         (159,269)        (226,842)

Earnings per 10p share                                  0.42            (1.64p)         (2.42p)

                            
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
The Company has no recognised gains and losses other than the gain of RM43,979 
for the six months period ended 30th September, 2002 (2001 : Loss RM159,269).

Notes :

1.    The Company reported an operating profit of RM41,333 for the half year 
      ended 30th September, 2002. This profit, as compared to a loss of 
      RM166.045 for the corresponding period, was mainly attributed to increase 
      FFB and rubber prices.

2.    The directors do not propose to pay any interim dividend (last year-nil).

3.    A gradual increase in output of FFB is expected. Baring unforeseen 
      circumstances, such as price depression or abnormal weather conditions, it
      is hoped that the company could see an improvement in its performance for
      the second half of the financial year.

4.    The Company revalued its main property Kuala Hidong Estate, an oil palm 
      and rubber plantation situated in the state of Kelantan, Malaysia, on 11th 
      October, 2002. The valuation was carried out by an independent registered 
      professional valuer. There is a surplus of RM1.19 million (£198,532) over 
      book value, which is equivalent to an increase of about 18% in the net 
      asset backing of the Company. The surplus of RM1.19 million will be 
      credited to a revaluation reserve account in the second half of the 
      financial year ending 31st March 2003

5.    A copy of this report will be sent to shareholders and will be available 
      for inspection at the Company's registered office, Capita Irg Plc,
      Balfour House, 390/398 High Road, Ilford, Essex IG1 1NQ.

                                                             CHEW SING GUAN 
                                                                Chairman
Penang,25th November 2002

                                 Hidong Estate PLC
                              (Incorporated in England)
 
                          Balance Sheet as at 30th September, 2002
 

                                                  Half year ended   Half year ended   Year ended
                                                   30 Sept, 2002     30 Sept, 2001    31 Mar, 2002 
                                                       RM                 RM             RM

FIXED ASSETS
Tangible assets                                     6,479,727          6,499,344      6,490,959

CURRENT ASSETS
Stocks                                                135,403             60,879        106,095
Debtors                                               149,385            297,171         54,504
Cash at bank and in hand                              256,615            251,570        298,728
Tax refundable                                         61,176             63,085         58,177
                  
                                                      602,579            672,705        517,504

CURRENT LIABILITIES 
Creditors : Amounts falling due within one year      (219,819)          (277,701)      (189,955)

NET CURRENT ASSETS                                    382,760            395,004        327,549

TOTAL ASSETS LESS CURRENT LIABILITIES               6,862,487          6,894,348      6,818,508

PROVISION FOR LIABILITIES AND CHARGES                (217,149)          (217,510)      (217,149)

NET ASSETS                                          6,645,338          6,676,838      6,601,359

CAPITAL AND RESERVES
Called up share capital                             1,067,846          1,067,846      1,067,846
Revaluation reserve                                 4,948,548          4,948,548      4,948,548
Profit and loss account                               628,944            660,444        584,965


TOTAL EQUITY SHAREHOLDERS' FUNDS                    6,645,338          6,676,838      6,601,359
 

These financial statements were approved by the Board of Directors on 
25th November, 2002

                           )
CHEW SING GUAN             )
                           ) Directors
ZAMBRI BIN HAJI MAHMUD     )
                           )
                  
                                     Hidong Estate PLC
                                   (Incorporated in England)

                           Reconciliation of Operating (Loss)/Profit to 
                           Net Cash outflow from Operating Activities

                                                  Half year ended   Half year ended   Year ended
                                                   30 Sept, 2002     30 Sept, 2001    31 Mar, 2002 
                                                       RM                 RM             RM


Operating( loss)/profit                                41,333           (166,045)      (236,579)
Depreciation charge                                    12,921             21,423         29,806
Provision for service gratuity benefits                   -                 -              (361)
(Increase)/Decrease in stocks                         (29,308)             5,177        (40,039)
(Increase)/Decrease in debtors                        (94,881)           (18,613)       224,054
Increase/(Decrease) in creditors                       29,864             28,005        (59,741)

Net cash outflow from operating activities            (40,071)          (130,053)       (82,860)


 
                            Cash flow statement for the Half year 
                                   ended 30th September, 2002
 
                                                  Half year ended   Half year ended   Year ended
                                                   30 Sept, 2002     30 Sept, 2001    31 Mar, 2002 
                                                       RM                 RM             RM


NET CASH OUTFLOW FROM 
OPERATING ACTIVITIES                                  (40,071)          (130,053)       (82,860)

RETURNS ON INVESTMENTS AND 
SERVICING OF FINANCE
Interest received                                       2,646              3,174          6,139

TAXATION
Overseas tax paid                                      (3,000)            (2,500)        (5,500)

CAPITAL EXPENDITURE
Sale of fixed assets                                        -              3,600          3,600
Purchase of tangible fixed assets                      (1,688)            (1,620)        (1,620)

                                                       (1,688)             1,980          1,980

NET CASH OUTFLOW BEFORE 
    MANAGEMENT OF LIQUID RESOURCES                    (42,113)          (127,399)       (80,241)

MANAGEMENT OF LIQUID RESOURCES
Decrease in short term deposits                        60,000            150,000        120,000

INCREASE IN CASH                                       17,887             22,601         39,759



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