Annual Report (Complete) - MYCRON Steel Berhad

Notes to the Financial Statements 30 June 2010
(continued)
7. OPERATING COSTS (continued)
Group
Company
2010
2009
2010
2009
RM
RM
RM
RM
Expenses by nature
Changes in inventories of finished goods and work
in progress
Raw materials
17,583,467
363,772,656
(7,713,738)
336,905,034
-
-
-
-
Depreciation of property, plant and equipment
11,018,514
10,852,558
195,363
195,364
Staff costs
7,227,749
8,292,724
544,926
1,151,130
Upkeep, repair and maintenance of assets
4,719,695
5,548,468
130,276
100,656
Impairment loss on an associate
3,940,993
3,955,000
3,940,993
3,955,000
Fair value loss on available-for-sale financial assets
616,926
-
616,926
-
Impairment loss on staff loans
-
199,583
-
-
Impairment loss on inventories
-
40,253,820
-
-
Inventories written off
-
1,601,266
-
-
(Recovery of)/provision for onerous contracts
(403,406)
403,406
-
-
Professional expenses
1,066,051
815,311
183,710
141,535
Directors’ remuneration (Non-Executive Directors)
486,000
477,500
486,000
477,500
Advertisement expenses
65,898
141,722
31,984
81,287
Printing and stationery expenses
186,617
221,987
111,613
142,172
Entertainment expenses
276,890
312,020
29,503
22,337
Travelling expenses
201,450
306,545
22,959
170,186
Other operating costs
26,137,849
19,176,481
124,388
147,345
436,897,349
421,749,687
6,418,641
6,584,512
8. PROFIT/(LOSS) FROM OPERATIONS
Group
Company
2010
2009
2010
2009
RM
RM
RM
RM
Profit/(loss) from operations is stated after
charging/(crediting):
Auditors’ remuneration:
- audit fees:
- current financial year
83,150
74,350
36,400
26,900
- under accrual in prior financial year
13,498
17,880
6,740
8,900
- non-audit fees:
- current financial year
-
8,000
-
8,000
- under accrual in prior financial year
520
8,000
520
8,000
Unrealised (gain)/loss on foreign exchange
Realised (gain)/loss on foreign exchange
(10,101,961)
(872,627)
3,454,957
138,931
-
-
-
-
Depreciation on property, plant and equipment
11,018,514
10,852,558
195,363
195,364
Rental of buildings
8,400
8,400
-
-
Gain on disposal of property, plant and equipment
Staff costs (including remuneration of Executive
(104,313)
-
-
-
Directors):
- salaries, bonus and allowances
5,747,402
6,620,460
427,578
990,914
- defined contribution plan
748,306
875,241
62,178
99,126
- others
732,040
7,971,023
55,170
61,090
Impairment loss:
- staff loan
-
199,583
-
-
- inventories
-
40,253,820
-
-
- associate
3,940,993
3,955,000
3,940,993
3,955,000
- fair value loss on available-for-sale financial
assets
616,926
-
616,926
-
pg 65 | Mycron Steel Berhad