We recognise that our resilience
and success depend largelyon the
relentless effort andcontributions
of themanagement andemployees
of theGroup.
Finally,mydeep appreciation
goes tomy fellowcommitted
colleagues on theBoard for their
invaluableguidance, solidarity and
professionalism inexecuting their
corporate responsibilities.
LimHoSeng
Chairman
Baker Technology Limited
TheGroup reportednet operating
cashoutflows of $16.4million for
FY2017, to fundworkingcapital
required for operations. Cash and
short-termdepositswere at
$86.6million, withnoborrowings
as at 31December 2017.
Shareholders’ funds as at
31December 2017 stood at
$202.5million, down from
$215.7million as at 31December
2016, due to thenet loss and
thepayment of dividend to
shareholders during the year.
LOOKING
AHEAD
Theglobal outlookof theoil
andgas industry indicates a
slow recovery and some signs
of cautious optimism, as cost
improvements fromcapex
cutbacks andfirmer oil prices
increases affordabilityof fresh
investments. Reviveddemand
amidst controlled supply also
helped improvebalance in an
industryplaguedby long-term
supplyglut.
We remaincautiouslyoptimistic
inour approach for the year.
TheGroupcontinues to actively
pursuebusiness opportunities
through acquisitions and strategic
alliances toprovide additional
avenues for growth.
IN
APPRECIATION
Onbehalf of theBoardofDirectors,
Iwould like toexpressmyheartfelt
gratitude toour shareholders,
valuedcustomers, suppliers and
business associates for their
continuedconfidenceand trust
inour ability to steer Baker Tech
forward in thesechallenging times.
. 11
ANNUAL
REPORT
20 1 7
THE BE ST
I N US
