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Directors’ Report<br />
The directors have pleasure in presenting their report together with the audited financial statements of the Group and of the<br />
Company for the financial year ended 31 December 2011.<br />
Principal activities<br />
The principal activities of the Company are investment holding and the smelting of tin concentrates and tin bearing materials, the<br />
production of various grades of refined tin metal under the MSC brand name and the sales and delivery of refined tin metal and<br />
by-products. The principal activities of the subsidiaries, associates and jointly controlled entity are set out in Notes 18 and 19 to<br />
the financial statements respectively.<br />
There have been no significant changes in the nature of the principal activities during the financial year.<br />
Results<br />
68<br />
Building on Success: Developing Resources for the Future<br />
Group Company<br />
RM’000 RM’000<br />
Profit net of tax 56,656 38,602<br />
Profit attributable to:<br />
Owners of the Company 60,523 38,602<br />
Non-controlling interests (3,867) –<br />
56,656 38,602<br />
There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the statements<br />
of changes in equity.<br />
In the opinion of the directors, the results of the operations of the Group and of the Company during the financial year were<br />
not substantially affected by any item, transaction or event of a material and unusual nature other than the exceptional losses,<br />
stated in the income statement as disclosed in Note 11 to the financial statements.<br />
Dividends<br />
The amounts of dividends paid by the Company since 31 December 2010 were as follows:<br />
In respect of the financial year ended 31 December 2010 as reported in the directors’ report of that year:<br />
RM’000<br />
Final dividend of 3 sen less 25% tax per share on 100,000,000 ordinary shares, paid on 12 May 2011 2,250<br />
In respect of the financial year ended 31 December 2011:<br />
Interim dividend of 12 sen less 25% tax per share on 100,000,000 ordinary shares,<br />
paid on 28 September 2011 9,000<br />
11,250<br />
Subject to the approval of the members at the forthcoming Annual General Meeting of the Company, the directors recommend<br />
the payment of a final dividend of 18 sen per ordinary share less 25% tax, totalling RM13.5 million net for the financial year ended<br />
31 December 2011.<br />
The financial statements for the current financial year do not reflect this proposed dividend. Such dividend, if approved by the<br />
shareholders, will be accounted for in shareholders’ equity as an appropriation of retained earnings in the financial year ending<br />
31 December 2012.