MWE Holding Annual General Meeting 2016

DSC_5745ANNUAL GENERAL MEETING of the MWE Holding is held at the Company’s Registered Office at No.846, Jalan Besar, Sungai Bakap, 14200 Sungai Jawi, Pulau Pinang on Friday, 26 August 2016 at 10.30am.

DSC_5779This year is the first year that all the resolutions tabled at the meeting are resolved by way of POLLING. Since July 2016 onwards, all listed companies are now require to resolve all resolutions tabled at general meetings by way of POLLING, no longer by way of show of hands.

Some highlights for the Financial Performances:
The Group recorded revenue of RM313.2 million for the financial year ended 31 March 2016 against RM370.3 million achieved in the previous 15-month period ended 31 March 2015.

However, a loss before tax of RM27.3 million was registered for the financial year ended 31 March 2016 as compared to profit before tax of RM31.0 million recorded in the previous 15-month reporting period. This was primarily due to impairment losses amounting to RM59.4 million on investment in associated company and unquoted investment.

At the Company level, loss before tax was RM26.3 million as compared to profit before tax of RM132.9 million posted in the previous 15-month period ended 31 March 2015. The loss was mainly due to lower dividend income received from subsidiaries coupled with impairment losses.

Overview Performance by Operation are:

Division Profit Before Tax Revenue
Textile Division RM27.0 Million RM218.3 Million
Telecommunications Division RM2.5 Million RM55.4 Million
Plantation Division RM2.0 Million (loss) RM3.3 Million
Industrial Division RM4.4 Million (loss) RM19.2 Million

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