30-08-2012, 07:57 PM
(This post was last modified: 30-08-2012, 07:58 PM by Underdogger.)
Why didn’t Essence’s board propose a cut of salary by 20 to 30%?
In fact, Essence's director fee had even increased!!!!!
Ridicuous!
*******
Koda Ltd reported on Thursday that it remained in the red for the fourth quarter ended June 30, 2012 and fiscal year 2012, prompting its deputy chairman to voluntarily accept only 80 per cent of his salary.
Koda, a furniture company, said its deputy chairman and managing director, James Koh Jyh Gang, has volunteered to accept only 80% of his salary for the time being.
This is "in view of the challenging market conditions and to demonstrate long term commitment to the company," it said.
Koda's net loss for the fiscal fourth quarter was US$1.83 million, little changed from a net loss of US$1.85 million a year ago.
This is despite a 40 per cent jump in revenue to US$12.86 million.
For the full year ended June 30, 2012, net loss was US$2.63 million, compared to US$2.94 million a year ago. Revenue for the year was up 17.9 per cent at US$47.12 million.
"...the results were disappointing in the face of the incredible amount of work done and cost rationalization,'' Koda said.
It blamed "the very weak global demand for furniture" for the poor performance.
Koda said it intends to continue its strategy of maintaining sales to the US whilst offsetting declines in the UK/EU with new demand from the Asia Pacific.
"The strategy is driven by the falling Euro, concerns about the EC as well as improved Asian affordability. To date we have achieved strong revenue growth in Australia, Korea, Japan and the PRC (via Metrolink),'' it said.
The board believes that the current year will improve over that of FY2011 and barring unforeseen circumstances believes the company will return to modest profitability.
In fact, Essence's director fee had even increased!!!!!
Ridicuous!
*******
Koda Ltd reported on Thursday that it remained in the red for the fourth quarter ended June 30, 2012 and fiscal year 2012, prompting its deputy chairman to voluntarily accept only 80 per cent of his salary.
Koda, a furniture company, said its deputy chairman and managing director, James Koh Jyh Gang, has volunteered to accept only 80% of his salary for the time being.
This is "in view of the challenging market conditions and to demonstrate long term commitment to the company," it said.
Koda's net loss for the fiscal fourth quarter was US$1.83 million, little changed from a net loss of US$1.85 million a year ago.
This is despite a 40 per cent jump in revenue to US$12.86 million.
For the full year ended June 30, 2012, net loss was US$2.63 million, compared to US$2.94 million a year ago. Revenue for the year was up 17.9 per cent at US$47.12 million.
"...the results were disappointing in the face of the incredible amount of work done and cost rationalization,'' Koda said.
It blamed "the very weak global demand for furniture" for the poor performance.
Koda said it intends to continue its strategy of maintaining sales to the US whilst offsetting declines in the UK/EU with new demand from the Asia Pacific.
"The strategy is driven by the falling Euro, concerns about the EC as well as improved Asian affordability. To date we have achieved strong revenue growth in Australia, Korea, Japan and the PRC (via Metrolink),'' it said.
The board believes that the current year will improve over that of FY2011 and barring unforeseen circumstances believes the company will return to modest profitability.