Teachers’ co-op nets 2.3% profit increase
By FONG KEE SOON
keesoon@thestar.com.my
THE Penang Teachers’ Co-operative Society Ltd (PTCS) chalked a profit increase of 2.37% or RM33,000 for the financial year ending September 2010.
Its chairman Datuk Tan Gin Soon said the co-operative’s account indicated an estimated profit of RM1.393mil compared to the previous year’s profit of RM1.36mil.
He said the amount of profit had been dam-pened by reduced interest rates offered by banks but PTCS still managed to pay a total dividend of 6.05% to members.“We will continue to look into ways to diversify the income source of PTCS.
“For example, we invested about RM2mil to acquire commercial buildings in Bayan Baru and Relau last year to be rented out,” said the former principal of Pykett Methodist School Penang.
He is also happy with progress made by PTCS, rated by the Malaysian Co-operative Commission as among the top 25 and top 100 co-operatives in Penang and Malaysia respectively. Tan was speaking to reporters during PTCS’s 79th annual dinner on Saturday which was attended by about 600 of its 5,400 members. He also encouraged members to fully utilise PTCS’s facilities such as its loan scheme and also to patronise its petrol station on Anson Road that provided cash discount of 2% for a minimum petrol purchase of RM10.
During the dinner, PTCS also announced its newly elected vice-chairman and board of directors to the members. Deputy Chief Minister (II) Dr P. Ramasamy, who was the guest of honour at the dinner, commended PTCS for being among the most well run co-operative in the country.
Among other benefits provided by PTCS to its members are education loan fund, mutual benefit fund, education grant, children’s party, seminars for members and death benefit scheme.
