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

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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 <strong>MITRA</strong>JAYA HOLDINGS BERHAD ANNUAL REPORT 2011 09
Operations Review For the financial year ended 31 December 2011, the Group recorded revenue of RM261.8 million, a decrease of 21% from previous year’s revenue of RM331.9 million. Correspondingly, the Group’s profits before tax also decreased by 26% from RM76.7 million to RM56.8 million. construction Pembinaan Mitrajaya Sdn Bhd (“PMSB”), the construction arm of the Group, generated profit before tax of RM27.0 million from a revenue of RM141.1 million for financial year ended 31 December 2011, having successfully completed the construction of the facilities for the Faculty of Medicine - Newcastle University, Malaysia Campus at Educity in Iskandar Malaysia, a car park complex at Puteri Harbour in Johor and 6-storey of kindergarten complex in Kuala Lumpur. The outlook for our construction division looks bright given that PMSB has successfully secured a few major contracts recently. To-date, the Group’s combined order book value for external construction projects stands at RM559.3 million. Among the the 6-storey kindergarten complex in Kuala Lumpur. significant projects secured are the 2 packages for the LRT stations for both the Ampang & Kelana Jaya line Extension Package of RM102.1 million, construction of 560 units of medium cost public apartments at Putrajaya (Prima 1) of RM79.4 million and construction of Trigon Apartments (Setia Walk) of RM65.6 million. the latest boutique development in Puchong Prima, 6-storey duplex with lifts. Besides, there are 2 more planned launches in the pipeline: LocaL ProPerty deVeLoPMent This division achieved a profit before tax of RM21.5 million on a turnover of RM86.9 million for the year financial year ended 31 December 2011. These were primarily derived from completed projects from Puchong and Mont Kiara. In 2011, our Kiara 9 project (Mont Kiara) and Lavender Terraces (Puchong) were completed and handed over to the purchasers. The Group targets to launch a new Duplex project located in Taman Puchong Prima upon completion of show units by middle of this year. This project consists of 11 blocks of 6-storey duplex apartments with lift, gated and guarded with clubhouse facilities. a) 3 blocks of high-rise condominiums in Wangsa Maju; it is situated at a strategic location which 100 meter away from LRT station and right opposite to Wangsa Walk Shopping Mall. b) Mixed development for a new township on a piece of land measuring 180-acre at Banting, Selangor These represent a gross development value in excess of RM1.0 billion. 10 <strong>MITRA</strong>JAYA HOLDINGS BERHAD ANNUAL REPORT 2011
Page 1 and 2: 2011 Annual Report
Page 3 and 4: Corporate Information Board of dire
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Page 15 and 16: Statement on Internal Control INTRo
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