Utusan Melayu (Malaysia) Bhd - Announcements
Utusan Melayu (Malaysia) Bhd - Announcements
Utusan Melayu (Malaysia) Bhd - Announcements
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Chairman’s S TATEMENT<br />
Dear Shareholders,<br />
The <strong>Utusan</strong> <strong>Melayu</strong> Group of Companies can look back on 1999 with satisfaction and a sense of achievement.<br />
A two-prong strategy adopted earlier to reduce costs and a steady shift towards the increasing use of technology<br />
in our operations have paid off during the year. Against the backdrop of a reviving economy, this has helped in<br />
no small measure in bringing our financial performance back into positive territory.<br />
The Group is also fortunate to have emerged from the economic recession relatively unscathed. Even at the worst<br />
of times, we did not encounter any cash-flow problems affecting our operations, which continued at optimum<br />
levels. If anything, the economic downturn has demonstrated our resilience and indeed, we have come out of it<br />
a leaner, more efficient and intensely focused Group. Nor has it derailed our growth process. Some years ago we<br />
set our sights to be a leading multiple media communications company in the country. Today we are well on our<br />
way towards achieving this vision. The world-wide Internet revolution bears out the conviction that we are<br />
moving in the right direction.<br />
On behalf of the Board of Directors, I am pleased to present this Annual Report and Audited Accounts of the<br />
<strong>Utusan</strong> <strong>Melayu</strong> Group of Companies for the financial year ended 31 December 1999.<br />
FINANCIAL PERFORMANCE<br />
For 1999, Gross Domestic Product growth has been conservatively projected at 1% against a contraction of 6.7%<br />
in 1998. This has had a positive impact on the Group’s respective businesses, with almost all our subsidiaries<br />
returning to the black. At the same time, the turnaround in the Group’s financial performance was also achieved<br />
on the back of earlier investments in new machinery and technology which began to bear fruit only recently.<br />
During the year under review, the Group turnover was recorded at RM297.3 million, up 13.3% from RM262.3<br />
million recorded for the previous corresponding period. From a loss of RM18.5 million incurred in 1998,<br />
the Group is back on to more familiar grounds, achieving a profit before tax of RM13.0 million.<br />
18 <strong>Utusan</strong> <strong>Melayu</strong> (<strong>Malaysia</strong>) Berhad<br />
Left: Sri <strong>Utusan</strong>, the printing plant, is the heart and<br />
soul of perpetual activity, day and night.<br />
Right: Our warehouse has the capacity for storing<br />
massive supplies of newsprint, delivered for our<br />
printing operations.