Extracted from Annual Report 2015
Dear Valued Shareholders,
On behalf of the Board of Directors, I am pleased to present the Annual Report and Audited Financial Statements of iDimension Consolidated Berhad and its Group of Companies for the financial year ended 31 December 2015.
For the financial year ended 31 December 2015, the Group incurred a loss of RM3.48 million against a revenue of RM56.74 million whereas in the previous year the Group registered a loss of RM1.68 million against a revenue of RM29.18 million. The operational loss recorded for the financial year ended 31 December 2015 was RM3.40 million, as compared to the operational loss of RM1.27 million recorded in the previous financial year. Despite recording an increase in revenue of 94.44% the Group was unable to record a profit due to the provision of impairment on trade receivables of RM3.71 million.
Revenue in the IT business for the financial year ended 31 December 2015 increased to RM14.43 million from RM13.71 million recorded in the financial year ended 31 December 2014. For financial year ended 31 December 2015, the segment of online game, contributed RM42.31 million to the total revenue of the Group, showing an increase from RM15.48 million in financial year ended 31 December 2014. This is due to the increase in the number of resellers from The Philippines and Indonesia who are the main contributors to the revenue.
The Board does not recommend any dividend for the financial year ended 31 December 2015 in view of the Group's financial performance in the financial year 2015.
Based on Bank Negara Malaysia's Fourth Quarterly Bulletin of 2015, for the year 2015, the Malaysian economy expanded by 5%. Despite the challenging economic environment in the fourth quarter of 2015, the private sector continued to be the key driver of growth. The Malaysian economy is expected to face a challenging operating environment in the immediate future. Growth will continue to be driven by domestic demand, with some support from net exports. However, the pace of domestic demand expansion is expected to be moderate. The downside risks to growth will however remain, given the continued uncertainty in the external environment and the on-going reforms in the domestic economy.
Due to the aforesaid uncertainty in the external environment and the on-going reforms in the domestic economy, the Group has taken the necessary action to rationalise the Group's operations to achieve optimal and efficient cost structure. Meanwhile, we will prudently diversify our business and return the Group to profitability.
On behalf of the Board, I wish to express my gratitude to the Management and employees of our Group for their constant contribution, dedication and perseverance to drive the Group forward. I would also like to thank our customers, business partners and associates for their continued trust and confidence in us. Appreciation must also be extended to government agencies and regulatory authorities for the guidance, co-operation and support.
Datu Dr. Michael Dosim Ak Lunjew