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Quaterly Report On Consolidated Results For The Fourth Quarter Ended 31 October 2011

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Condensed Consolidated Statement Of Comprehensive Income
For The Financial Period Ended 31 October 2011

Condensed Consolidated Statement Of Financial Position
As At 31 October 2011

Review of performance

During the current quarter under review, the Group's turnover increased by 27.66% to RM12.244 million as compared to RM9.591 million recorded in the fourth quarter of the last financial year. The Group's turnover for the period under review and corresponding quarter were solely contributed by Coatings division. The increase in turnover of Coatings division in current quarter under review was mainly due to increase in demand by existing customers.

The Group recorded an operating loss of RM2.036 million for the fourth quarter of 2011 as compared to an operating loss of RM14.067 million registered in the corresponding quarter in 2010. The Coatings division recorded an operating profit of RM1.598 million in the quarter under review as compared to RM0.015 million registered in the corresponding quarter. Higher operating profit of Coatings division was due to the higher turnover. On the other hand, the CleanTech division recorded operating loss of RM2.661 million for the quarter under review as compared to a loss of RM13.893 million recorded in the corresponding period. Higher operating loss of the Group for the fourth quarter of the last financial year was mainly due to provision of doubtful debts of RM10.911 million, arising mainly from the provision made for ascertained liquidated damages on the delay in the delivery of the waste tyre pyrolysis plant against the turnkey contractor. The operating loss of the Group in the current quarter under review was mainly due to project related cost.

Due to the reasons stated above, the Group incurred loss before taxation of RM4.627 million in the current quarter under review as compared to loss before taxation of RM16.375 million in the corresponding period in prior year while the Group's loss after taxation attributable to equity holders of the Company is RM4.608 million as compared to loss after taxation attributable to equity holders of the Company of RM17.069 million for the corresponding period. As a result, the Group has recorded a loss per share of 2.76 sen for the quarter under review.

Prospects

Moving forward, the Group aims to achieve its financial close for its project in Sri Lanka and commence construction of its plant in Colombo by second half of 2012. The Group also is progressively commissioning its waste tyre plant in Port Klang by early next year. This is expected to contribute positively to the CleanTech division and the Group.

Meanwhile, efforts are also being carried out by the Group to remedy the effect of declining business and profit margin for the Coatings division through geographical diversification and less dependent on the consumer electronic sectors, which is the main core business of the Coatings division. The consumer electronics sector is very much dependent on the economic and financial recovery in Japan, Europe and the United States.

The Board will continue to monitor the progress of both divisions vigilantly and implement various measures to address the undercapitalization of the Group and strategies for the turnaround of the Group's profitability.