Notice of Annual General Meeting - Company Announcements ...

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HWANG-DBS (MALAYSIA) BERHAD (238969-K) 12 Annual Report 2009 Chairman’s Statement (cont’d) During the financial year under review, HDBSIM continued to bring new funds to complement the existing line-up of funds, bringing it to a total of 38 funds. This represents an increase of 11 funds over the course of 12 months. FINANCIAL PERFORMANCE In view of the financial markets volatility and unfavorable capital market conditions during the financial year under review, the operating revenue of the Group for FY2009 decreased by 15% to RM295.80 million against RM348.59 million recorded in the previous financial year. HDBSIB continues to be the key revenue contributor to the Group, accounting for 69% (2008: 75%) of the Group’s revenue. The pretax profit of the Group for FY2009 is 18% lower at RM45.52 million compared to RM55.56 million achieved in the preceding financial year. The lower profitability is mainly attributed to lower brokerage generated by the stockbroking division in line with lower Bursa Securities value traded during the financial year under review. The Group’s pre-tax profit is further diluted by lower unit trust management and initial service fees, net losses on derivatives trading and net unrealised losses arising from marked-to-market valuation of derivatives. These were, however, cushioned by higher net interest income from treasury and consumer financing activities, unrealised gain on marked-to-market valuation of private debt securities and lower other operating expenses. The Group recorded a lower profit after tax of RM34.36 million (2008: RM40.84 million) and lower earnings per share of 12.26 sen per share (2008: 14.23 sen per share) in line with reduction in profitability in the financial year under review. The Group’s balance sheet remains healthy with shareholders’ funds increasing to RM770.76 million (2008: RM746.33 million) as at 31 July 2009. DIVIDEND The Board is pleased to recommend a first and final dividend of 5 sen less tax at 25% for approval by the shareholders at the forthcoming Annual General Meeting of the Company (2008 : 10 sen). Teng Chee Wai (Chief Executive Officer and Executive Director of HwangDBS Investment Management) and Esther Thye (Chief Sales Officer of HwangDBS Investment Management) during the launch of the HwangDBS US Access 80 Fund.
PROSPECTS AND OUTLOOK Although there are increasing signs of gradual global economic recovery, the Group remains vigilant and cautious in its business strategies for the current financial year. The global economies are expected to take time to recover with mixed economic indicators and recessions across the globe. The local economy is expected to remain resilient boosted by the various measures undertaken by the Government. Notwithstanding this, the operating environment is anticipated to remain challenging with increased competition in the capital and equity markets. Fixed income and debt capital markets are showing signs of gradual improvements and the investment banking subsidiary will continue to focus on developing and strengthening its distribution capabilities and invest in human capital to ensure that the Group is well positioned to exploit opportunities in the financial markets. Going forward, the Group is confident of remaining as one of the leading brokerages in terms of market share. Stockbroking income is however expected to fluctuate in tandem with the market sentiments and volume traded on Bursa Securities. The Group will also continue to grow its consumer financing business and fund and asset management activities as well as its overseas commercial banking operations which are expected to contribute to the Group’s profitability in the long term. The Board of Directors remains confident that the Group is fundamentally strong to meet the challenges ahead and expects the performance for the current financial year to be satisfactory. A NOTE OF APPRECIATION Annual Report 2009 13 HWANG-DBS (MALAYSIA) BERHAD (238969-K) The Group’s continued profitability and satisfactory performance during the year under review was made possible with the support and commitment from our valued clients, shareholders, employees and dealers. On behalf of the Board of Directors, I would like to take this opportunity to express my sincere thanks and appreciation to them. I would also like to thank all regulatory authorities for their wise counsel and assistance throughout the financial year under review. Dato’ Seri Hwang Sing Lue Executive Chairman Right Customary Cambodian blessing dance at the launch of HwangDBS Commercial Bank.
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Annual Report 2009 141 HWANG-DBS (M
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Proxy Form I / We, NRIC No. (IN BLO
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