Indo Malay : Interim Financials for Quater ended 31st Dec 2022.

Indo-Malay PLC

Summarised Financial Report

for the Nine months ended

31st December 2022

INDO-MALAY PLC

Review of operations for the period ended 31st December 2022

The minority equity investments the Company holds in Shalimar Developments Sdn. Bhd. (SDSB) and in Shalimar (Malay) PLC (SMPLC) is the main business of the Company. SDSB's investee company carries out palm oil plantation operations in Indonesia.

With the investee company's plantations having now exceeded its prime age, it faces new challenges in maintaining the property along with input cost escalations including that of fertilizer and fuel prices. The adverse weather conditions that prevailed also continues to impact operations. The company monitors the crude palm oil market price movements to ensure these operating and cost challenges are mitigated. The Crude Palm Oil (CPO) prices in the quarter under review compared to that of the previous year has seen a downward trend. The investee Company accordingly is focused in managing the plantation such that the long term value of the investment to its stakeholders is preserved.

The only source of income for the period is the interest income earned from the Company's short-term deposits in Sri Lanka. Accordingly, the Company recorded an after tax profit of Rs. 2.4 Mn from its operations during the period under review; compared to a profit of Rs. 21.9 Mn recorded in the corresponding period of the previous financial year.

Minimum Public Holding

As previously informed, the Company is not in compliance with Rule 7.14.1 (a) of the Listing Rules of the Colombo Stock Exchange (CSE) relating to the minimum public holding requirements applicable to a company listed on the Main Board of the CSE. The Company was transferred to the 'Watch List' of the CSE on 2nd July 2018 in terms of Rule 7.14.2 (b) of the previous Listing Rules.

However, the CSE via Circular No. 03/2019 dated 3rd October 2019 amended the Listing Rules on enforcement actions applicable for non-compliance with minimum public holding requirements, which were effective from 12th September 2019. Accordingly, in terms of Rule 7.14.2 of the amended Listing Rules of the CSE, the Company was transferred to the Second Board with effect from 15th November 2019.

We wish to highlight that the objective of the voluntary offer made to all shareholders on 17th March 2011 was to acquire the entire minority shareholding as a step towards the consolidation of the oil palm plantation business. The offer documents also mentioned that upon completion of the voluntary offer, the rationale for remaining listed will be evaluated. Since the voluntary offer did not result in the acquisition of the entire minority shareholding, the Company continued to remain listed.

Taking into consideration that a voluntary offer had been made and also considering that there is no requirement for additional capital infusion to the Company and resultantly, there being no plans for issuing of new shares nor a dilution by the majority shareholder and as previously communicated to shareholders through market disclosures and Annual Reports and in terms of the revised Listing Rules, we will report the proposed course of action.

Agro Harapan Lestari (Pvt) Ltd

Managers

07th February 2023

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INDO-MALAY PLC

Statement of Profit or Loss

(All figures in Sri Lankan Rupees '000)	Quarter ended		Nine Months ended
	31st December		Change	31st December	Change
	2022	2021		2022	2021
				%			%
Dividend Income	-	-		-	-	22,419	-100%
Interest income	1,655	379		337%	3,875	927	318%
Administrative expenses	(430)	(339)		27%	(1,442)	(1,419)	2%
Profit before tax for the period	1,225	40		2963%	2,433	21,927	-89%
Income tax expense	-	-		-	-	-	-
Profit for the period	1,225	40		2963%	2,433	21,927	-89%
Earnings per ordinary share (expressed in Rs.)	0.25	0.01			0.51	4.56
	Quarter ended		Nine Months ended
	31st December		Change	31st December	Change
Statement of comprehensive income	2022	2021		2022	2021
				%			%
Profit for the period	1,225	40		2963%	2,433	21,927	-89%
Other Comprehensive Income / (Expense)
Other Comprehensive Income / (Expense) not to be reclassified to Profit or Loss
in subsequent periods
Gain/ (Loss) on Change in Fair Value of Financial Assets classified under Fair Value	-	9,228		-100%	12,931	(10,685)	-221%
Through Other Comprehensive Income (FVOCI)
Net Other Comprehensive Income/ (Expense) not to be reclassified to Profit or	-	9,228		-100%	12,931	(10,685)	-221%
Loss in subsequent periods
Other Comprehensive Income/ (Expense) for the period, net of tax	-	9,228		-100%	12,931	(10,685)	-221%
Total Comprehensive Income for the period, Net of Tax	1,225	9,268		-87%	15,364	11,242	37%

Changes represent the percentage change in current period's results compared to corresponding period of last year.

Figures in brackets indicate deductions/negative changes.

The above figures are subject to audit.

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INDO-MALAY PLC

Statement of financial position

(All figures in Sri Lankan Rupees '000)

Notes

ASSETS Non-Current Assets Property, Plant and Equipment

Non-current financial assets(Note 3)

Total Non- Current Assets

Current Assets

Advances and Prepayments

Income tax receivable

Short term investments

Cash and cash equivalents

Total Current Assets

Total Assets

EQUITY AND LIABILITIES

Equity

Stated capital(Note 6) Retained earnings

Other reserves

Total Shareholders' Funds

Current Liabilities

Provisions and Accrued Expenses

Unclaimed dividend

Total Current Liabilities

Total Liabilities

Total Equity and Liabilities

Net Asset per share (Rs.)

As at	As at
31.12.2022	31.03.2022
174	311
10,643,837	10,630,907
10,644,011	10,631,218
734	394
820	820
4,266	30,964
32,335	3,433
38,155	35,611
10,682,166	10,666,829
70,033	70,033
48,435	46,002
10,505,693	10,492,762
10,624,161	10,608,797
292	319
57,713	57,713
58,005	58,032
58,005	58,032
10,682,166	10,666,829
2,208.12	2,204.93

I certify that these financial statements are in compliance with the requirements of the Companies Act No. 7 of 2007.

(Sgd.)

Aneesh Dudeja

President / Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Approved & signed for and on behalf of the Managers,	Approved & signed for and on behalf of the Board,
(Sgd.)	(Sgd.)	(Sgd.)
Rushdi Azeez	H. Selvanathan	D. C. R. Gunawardena
Director	Chairman	Director
Agro Harapan Lestari (Pvt) Ltd

07th February 2023

The above figures are subject to audit.

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INDO-MALAY PLC

Statement of Changes in Equity

(All figures in Sri Lankan Rupees '000)

Balance as at 1st April 2021

Profit for the year

Other comprehensive income for the year

Total comprehensive income for the year

Interim dividend Paid

Balance as at 31st March 2022

Balance as at 1st April 2021 Profit for the period

Other comprehensive expense for the period Total comprehensive loss for the period Interim dividend Paid

Balance as at 31st December 2021

Balance as at 1st April 2022 Profit for the period

Other comprehensive income for the period Total comprehensive income for the period

Balance as at 31st December 2022

The above figures are subject to audit.

Figures in brackets indicate deductions/negative changes.

	Fair Value	Retained	Total
Stated Capital	Shareholders'
Reserve	Earnings
	Funds
70,033	6,901,710	60,119	7,031,862
-	-	22,353	22,353
-	3,591,052	-	3,591,052
-	3,591,052	22,353	3,613,405
-	-	(36,470)	(36,470)
70,033	10,492,762	46,002	10,608,797
	Fair Value	Retained	Total
Stated Capital	Shareholders'
Reserve	Earnings
	Funds
70,033	6,901,710	60,119	7,031,862
-	-	21,927	21,927
-	(10,685)	-	(10,685)
-	(10,685)	21,927	11,242
-	-	(36,470)	(36,470)
70,033	6,891,025	45,576	7,006,634
	Fair Value	Retained	Total
Stated Capital	Shareholders'
Reserve	Earnings
	Funds
70,033	10,492,762	46,002	10,608,797
-	-	2,433	2,433
-	12,931	-	12,931
-	12,931	2,433	15,364
70,033	10,505,693	48,435	10,624,161

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