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NANYANG PRESS HOLDINGS BERHAD

CHAIRMAN’S STATEMENT

ON BEHALF OF THE BOARD OF DIRECTORS, I am pleased to present the Annual Report and Financial Statements for the financial year ended 30 June 2005.

FINANCIAL

R E S U LT S

It has been a challenging year for the Group, with growing competition and rising newsprint costs. Despite

this, the Group managed to register growth in revenue.

The Group’s revenue for the year ended 30.6.2005 increased approximately 5% to RM324.3 million compared to RM307.8 million achieved in previous year.

The benefit of higher revenue was not fully translated into profit before tax. This is mainly due to increase in newsprint cost and provision for diminution of RM1 million in value of quoted investment, mitigated by the gain on disposal of a subsidiary. The newsprint cost increased by 26% or RM25.5 million, resulting from 21% increase in average newsprint price and higher consumption.

As a result, the Group’s profit before tax recorded a decrease of 33% to RM13.5 million compared with RM20.0 million in the previous year.

Net earnings per share for the year was 14.3 sen a decrease of 29% from the previous year. As at 30 June 2005, the Group’s net tangible assets grew to RM143.1 million, which was 5% higher than last year’s RM136.3 million.

  • O

    P E R AT I O N A L

REVIEW

Nanyang Siang Pau has undergone many changes over the years to meet the needs and demands of the market. The most significant was the introduction of the compact night edition on 28 May 2005. The smaller and more user-friendly format has gained wide acceptance by the readers.

I n M a r c h 2 0 0 5 , t h e G o v e r n m e n t p o l i c y f o r t a x p a y e r s t o a s s e s s t h e i r o w n i n c o m e w a s a m a t t e r o f g r a v e concern for hundreds of thousands of Malaysians, including the readers of China Press.

In response to the need and anxiety of its readers, China Press organized nationwide road shows to explain

the assessment procedures and help taxpayers fill in the assessment returns. The road shows were well received and attended by approximately ten thousand readers.

Besides the road shows where talks were given by leading tax consultants, China Press also published a special pullout on the new tax policy and how to fill and submit the assessment form.

China Press has allocated RM46.2 million to develop a new printing plant in Jalan Chan Sow Lin, Kuala Lumpur.

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