MITRA-AnnualReport2011 (1.2MB).pdf - Announcements - Bursa ...

Chairman’s Statement (cont’d)
ProsPects
The Malaysian Government projects that economic growth will pick up in 2012, with gross domestic product (GDP) expanding
between 5% and 6%. According to the Economic Report 2011/2012, the Malaysian economic growth would be largely domestic
driven due to rising uncertainties in the global economy. Overall, the Government expects the country’s strong economic
fundamentals, pragmatic macroeconomic policies and the Economic Transformation Programme to enhance domestic sources
of growth. The construction sector is expected to grow at a stronger pace of 7% in 2012 as large infrastructure projects and
housing construction activities pick up. The momentum for the construction industry is expected to accelerate with various
projects to be implemented under Budget 2012.
During the first quarter of 2012, the construction division secured projects worth RM357.1 million – bringing the total order
book to RM559.3 million to-date. This will sustain the high activity levels in our construction division in the coming few years.
Nevertheless, the Management is also mindful that effective project implementation, increase in labour costs and construction
materials prices remain the key challenges that may affect the delivery of desirable bottom line.
On the property development front, focus will continue on Kiara 9 in Mont Kiara and the soon to be launched 6-storey Duplex
homes in Puchong Prima. The Duplex project has a Gross Development Value of RM280 million. The challenge for our property
division is the looming tightening of the Central Bank’s policy on liquidity and housing loan which will add pressure to the local
property market.
corPorate sociaL resPonsiBiLity
The Group is mindful of its contribution to the society. In fulfilling its social duty to the community, Mitrajaya makes donation
to certain deserving charities and contributes towards community events like sports and road repairs in smaller town. As a
caring company that believes in striking a balance between work and play, Mitrajaya through its Sport Club regularly organizes
activities and sport tournaments such as badminton and bowling to promote teamwork and friendly competition amongst staff.
acKnoWLedGeMent
On behalf of the Board, I wish to place on record my heartfelt thanks to the Management team, staff and all our business
associates for their continued support. Also, a special thanks to all our shareholders for placing their trust and confidence in
our team.
General dato’ ismail Bin Hassan (r)
Independent Non-Executive Chairman
MITRAJAYA HOLDINGS BERHAD ANNUAL REPORT 2011
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