steward888Future Development and Challenges Global growth is projected to edge up in the coming years, but at a slower pace. This pickup is predicated on continued gains in major high-income countries, a gradual tightening of financing conditions, a stabilization of commodity prices and a gradual rebalancing in China. In the manufacturing segment, we will continue to differentiate ourselves from the other manufacturers by providing more value-added works and services to our customers which include design and development, innovative value-added processes, completeness of production processes and competitive costs. We will further consolidate duplicated activities within the manufacturing group to further enhance our price competitiveness. We are studying to replace and upgrade our production facilities to a higher and different technology in order to reduce the production cycle-time as well as efficiency. We are also exploring the possibilities of process automation in view of the increasing cost of labour. With our corporate rebranding exercise during the financial year, we believe we will be able to continue to attract new talents and with our continuous emphasis in training and retraining, we will be able to upgrade our human capital, which is crucial for our succession plan. We will continue our effort to explore available opportunities to ensure that the exploration and mining activities are economically and financially feasible. We are currently negotiating with other parties to participate to study on the available options to increase the economic of scale of the operation at reasonable costs. With the predicated stabilization of commodity prices, the Board believes that there will be more certainty in this industry, hence making the exploration and mining activities more economically viable and stable. We had inked a tripartite agreement on 9 March 2016 for the development of the affordable home project in Perak. We will continue to explore other opportunities in other areas for the affordable housing projects before we embark upon larger projects. As for the gaming and leisure segment, we will work along with our partner to further expand the digit game business despite several challenges the company is facing lately. We are also planning for the next phase of expansion involving hotel, resort, entertainment center and duty-free outlet. In light of the above and barring any unforeseen circumstances, the Board is cautiously optimistic in delivering a better result in the financial year 2016. In Recognition I would like to take this opportunity to express my sincere appreciation and gratitude to my fellow Board members for their invaluable contribution and guidance through a challenging year as well as to our customers, bankers and suppliers for their continued trust, support and commitment to work with us. I would also like to thank our management team and employees for their loyalty and commitment towards their work and our shareholders for their continued support and confidence in Luster Industries Bhd. YAM Tunku Datin Annie Dakhlah Bte Almarhum Tuanku Munawir Independent Non-Executive Chairman
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