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Home / 2004 Annual Report: Chairman’s Statement

FINANCIAL PERFORMANCE

The year ended 31st December 2004 was marked by the best financial results in the history of the Company in terms of turnover since its incorporation in 1971.

The Company turnover recorded a stronger year-on-year growth of 15.8% from RM242.4 million to RM280.8 million as compared to Year 2003. The Company has also achieved a Profit After Tax (PAT) of RM35.9 million, up from RM19.6 million in the previous year. The increase in PAT was mainly due to the write-back of electricity in arrears accrual by Tenaga Nasional Berhad from past years’ operations, amounting to RM11.8 million.

HIGHER STEEL PRICE & EXPORT MARKET

Two main factors contributed to the Company’s remarkable performance. They were the higher prices of steel bars and billets approved by the government in April 2004, and the increase in the exports of steel billets to ASEAN countries.

FORECAST TO BE ACHIEVABLE

The Company has successfully initiated its strategies to ensure the continuous growth of the company for the forthcoming years. Subject to the influence of growth effects from both the global and Malaysian economies, we are cautiously optimistic that the Company will achieve its forecast goals for the Year 2005.

ACKNOWLEDGEMENTS

I am confident that the management and staff of Malaysia Steel Works (KL) Bhd will show their resilience and rise to the occasion to achieve the projected profit for Year 2005. I would like to express my gratitude for their efforts and commitment in the past year, and many thanks to the support and loyalty of our customers, suppliers and business associates.


SENATOR DATO’ IKHWAN SALIM BIN DATO’ HAJI SUJAK

Chairman

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