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MONTHLY BULLETIN - March 2011 - For Members Only

Message from the Chairman - Dato' Tan Gin Soon

Time seems to fly especially when we are caught up in the daily chores of life and the Penang Teacher's Cooperative Society is no exception. In the blink of an eye, we have indeed sailed smoothly through 2 months of the new year of 2011. And with God's blessings, I am able to again wish each and every member of the Penang Teachers' Cooperative Society a Most Prosperous, Successful and Productive 2011. May all the members be blessed with good tidings, good health, longevity, prosperity and good cheer throughout the year.

Congratulations are in order for all our members who have been with us all the way since the inception of our cooperative and a big 'Thank You' to each and every one of you who have faithfully seen us through thick and thin as a result of our unwavering support and cooperation towards the Board of Directors and the Cooperative for the duration of this financial year. The Cooperative is our shared vision and together we shall realize the mission that we have upon our hands in taking our cooperative to greater heights.

On a sad note, we are truly grieved to convey the news of the recent demise of our Vice Chairman, Mr Tan Guan Cheng on 3 December 2010. The late Mr Tan was very dedicated and devoted in his services to the Cooperative. We lament the loss of a very good friend as well as a conscientious member. May his soul rest in p0eace and I would like to extend our deepest condolences and heartfelt sympathies to the family members that Mr Tan had left behind.

The External Auditors, Kiat & Associates have completed the audit on the Cooperative's accounts for the financial year ending 30-09-2010. According to the External Auditors, our estimated profit for tis year is RM1,393,000.00 as compared to the previous year's profit of RM1,360 million; an indication of an increase of RM33,000.00. This is a remarkable achievement considering the fact that the income derived from the interest on Fixed Deposit dropped drastically by RM144,591.73 (from RM488,227.35 to RM343,635.62) due to the low interest rates offered by the banks. The income from the loan interest increased by RM112,258.11 from RM977,293.63 last year to RM1,089,551.74 this year despite the reduction of the interest rate from 6% to 5.5% for surety loan and 7% to 5.5% for Consumer Purchase Scheme. The improved performances of stocks in Bursa Saham Kuala Lumpur had benefited the Cooperative. We have managed to reduce our unrealized losses from RM1,318,814.97 as 30-09-2009 to RM890,539.83 at the close of the financial year ending 30-09-2010 indicating a reduction of RM428,275.34. Besides the reduction in the unrealized losses, we have also made a realized profit of RM48,521.33 from the disposal of a few counters from our investment.

The Board will continue to monitor the market and it is hoped that the market keeps improving. We are now wroking towards the goal of off-setting all the losses by utilizing RM602,549.48 the "Rizab Wang Susutan Pelaburan" and start our investment on a clean state based on stringent guidelines formulated by the Board.

Our Cooperative has completed the upgrading and enhancement of the computer system. Arrangements will be made with the Systems Analyst to meet the members after the 79th Annual General Meeting to brief members on going online to check their accounts via the internet using their personal passwords. Members can also submit their loan applications online to the Cooperative.

I would like to extend my appreciation to the present Board of Directors who have been working diligently to deliver good tidings to our members each year. With every one's continued support and concerted efforts, I am certain that this state of affairs will augur well for our Cooperative in ensuring that our members will get what they deserve for their continued support throughout the years.I would like to emphasize here that we in the Cooperative are a big and strong family that will continue to grow from strength to strength as we soar to greater heights in keeping with our homegrown culture of serving our members to the best of our abilities. As someone once put it, "the sky is the lmit" and on that note, I wish you well for the new year.

Thank you.

Dato' Tan Gin Soon
Chairman, PTCS