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resulted in a net profit of $14.3
million for FY2018 as compared
to a net loss of $10.7 million in
FY2017. After taking into account
non-controlling interests, the net
profit attributable to shareholders
for FY2018 was $17.6 million.
The Group reported net
operating cash outflows of
$9.3 million for FY2018, to fund
working capital required for
operations. Cash and short-term
deposits were at $28.9 million
as at 31 December 2018. The
Board is recommending a first
and final tax exempt (one-tier)
dividend of 0.5 cent per share
for the financial year ended 31
December 2018.
Shareholders’ funds as at 31
December 2018 stood at $220.8
million, up from $202.5 million as
at 31 December 2017, due mainly
to the net profit in FY2018.
LOOKING AHEAD
Oil prices will remain volatile
in 2019 with many geopolitical
factors sending mixed signals.
Although on the upside the
market expects a limited increase
in oil demand, stemming from
low oil prices, coupled with a
further reduction in supply from
Saudi Arabia, Russia, Iran (to
name a few), the US-China trade
tension is expected to weigh on
global economic growth with
surging US crude oil production
adding pressure on oil prices.
The Group will remain prudent
and cautious in managing its
operational expenditure and
business risk.
IN APPRECIATION
On behalf of the Board, I would
like to extend my congratulations
to Ms Chang and my thanks to Dr
Chang for his service as well as
extend a warm welcome to the
board of directors, management
and staff of CHO. I would also
like to express my heartfelt
gratitude to our shareholders,
valued customers, suppliers and
business associates for their
patience and unwavering support
and confidence in the Group.
We would also like to
acknowledge the commitment,
hard work, time and effort
invested by our management and
staff in pushing ahead through
uncertain times.
Finally, my deep appreciation
goes to my committed
colleagues on the Board for their
guidance, wise counsel, solidarity
and professionalism in executing
their corporate responsibilities.
Lim Ho Seng
Chairman
Baker Technology Limited
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