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Koperkasa registers net profit of RM1.65 million

KUCHING: Koperasi Koperkasa Berhad (Koperkasa) posted a net profit od RM1.65 million for the financial year ending Dec 31, 2008 after making provisions of RM2.83 millions on share investment and bad debts.

             It also managed to reduce expenses to RM4.84 million last year compared to RM5.45 million in 2007. Its fixed assets stood at RM15.41 million while its current assets were RM119.35 million.
           Koperkasa’s members fund stood at RM115.87 million, member’s loan balance at RM103.37 million, while members loans for the current year stood at RM38.42 million.
           Based on its performance, the cooperative showed signs of stability and the ability to achieve higher results. Koperkasa also announced a dividend of 2.5 per cent on members’ monthly subscription, three per cent on members’ shares and a return of 1.5 per cent on members’ specific deposits for the financial year ending Dec 31, 2007.
           These payments will be made to members starting May 25, 2009, while the dividend and bonus for the financial year ending Dec 31, 2008 will be made before the end of this year.
           Meanwhile, Azizan Abdul Ghani, who has taken over the administration and management of the cooperative as administrator, has laid out immediate action plans to rejuvenate the cooperative.
          These action plans emphasized the need to add value as well as enchance products and services for the benefit of over 26,000 Koperkasa members.
          They are restructure administration and management needs, focus on and strengthen financial and cash flow strategies, take effective measures to reduce operational costs and to cut off non relevant expenses while reviewing internal and external revenues.
         Other plans include expediting and shortening the period of processing and approving all loan facilities, implementing effective measures and doing extensive promotions to recruit new members, and to review the performance of investments, subsidiaries, non-performing loans and fixed asset management.
         To succeed in implementing these action plans, the top priorities are source for adequate funding, increase the minimum amount of personal loans to RM50,000 allow newly registered members to apply for loan facilities, as well as allow members to withdraw or utilities part of their monthly contributions.

           Priority will also be given to amend the By-Laws and regulations to suit the needs of members as stipulated in the latest revision of the Cooperative Act and to reduce operational costs as well as increase revenues and profits.

May 17, 2009, Sunday Borneo Post.