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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
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