Extracted from Annual Report 2011
On behalf of the Board of Directors, I am pleased to present Golsta Synergy Berhad's Annual Report and Audited Financial Statements of the Group and of the Company for the financial year ended 31 December 2011.
For the financial year ended 31 December 2011, the Group recorded an after tax profi t of RM1.63 million compared to a net loss of RM0.87 million recorded in 2010. Operational revenue for the year improved remarkably by 27% to RM36.55 million compared to RM28.86 million recorded in previous year.
Despite some occasional hiccups, the Group was able to stand firm upon which the Group has been accelerating its pace to achieve a favourable set of results. The Group's robust growth in revenue was mainly due to its capability to complete more sizeable rubber processing machinery projects on time thereby boosting up the Group's sales in industrial machinery and engineering sector and coupled with a significant gain in foreign exchange.
In appreciation of the continuing support by shareholders, subject to the approval of shareholders being obtained, the Board of Directors has recommended a first and final dividend of 1.5 sen per ordinary share of RM1.00 each less Malaysian income tax of 25% in respect of the fi nancial year ended 31 December 2011.
The demand for the industrial processing plant and machinery and related engineering projects undertaken by the Group increased significantly during the year under review despite the economic crisis in Europe and political instability experienced in the Middle East. The market for the industrial processing plant and machinery industry is expanding both locally and overseas especially for certain African and ASEAN countries at the back of the rising price in oil and gas sector.
Toward this end, the Group is positively looking forward to focus more on the agriculture sector especially in the oil palm seedlings and food stuff sectors. We envisage that the global demand for bio-fuel products will remain strong in the near future taking into account the immense growing market interests in bio-fuel diesel as the prevailing concerns of rising hydrocarbon prices and environmental issues worldwide. Globally, prices for the fuel and traditional food stuff are expected to remain high as production in key supply regions fails to keep pace with the increasing demand and this would augment well and further boost up the Group's future revenue and earnings in these related sectors.
Our Group has been successfully sailing through tough times. Without our supportive customers, suppliers, bankers, business partners, advisors, regulatory authorities and other stakeholders, our Group defi nitely would not be able to achieve such missions and visions. We sincerely thank them and look forward to their ongoing support in the coming years.
And without the unwavering dedication and contributions by the Board of Directors, the Management and staff, it is impossible for the Group to move forward, to grow and to expand. I am most grateful and wish to thank all of them for their efforts.
Last but not the least, we thank all our valued shareholders for their ongoing support and trust towards our Group.
PUAN SRI DATIN MINUIRA SABKI
6 June 2012