Page 6 - HGR January 2017 HIGH
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4 NEWSLINE

Singapore furniture adopts new
strategies & direction

The Singapore Furniture                     On accepting his new role as SFIC’s       eral milestones which saw numerous
Industries Council (SFIC)                 10th SFIC President, Mr Yong said: “Our     local companies gain greater exposure
  is making new strides                   industry requires an innovative ap-         to the global market via exhibitions,
 as it celebrates its 35th                proach and a fundamentally different        conferences and overseas missions as
 anniversary – with the                   way of operating. Our transformation        well as many initiatives in design and
  appointment of a new                    strategy will be focused on leveraging      workforce development. We are very
                                          digital disruptions and innovative learn-   pleased to welcome Mr Mark Yong to be
    President and new                     ing to improve capability development,      our new President. We will benefit from
   strategic directions                   boost productivity, growth trajectories     his entrepreneurial spirit and strong
    under a brand new                     and most importantly, create new prod-      passion for technology and design as
                                          ucts to drive value for all our stakehold-  we look to implement the changes
      corporate logo.                     ers.”                                       necessary to help our members ride the
                                                                                      next wave of growth.”
This was announced at the annual            “Our rebranding also represents our
SFIC Gala Dinner held on 11 November      way forward where we will utilise tech-       In response to the rapid rise of the
2016 at Mandarin Orchard Hotel. The       nology and design to transform while at     digital economy, SFIC will pursue a new
new President, Mr Mark Yong, together     the same time, capitalise on the strong     “digital” strategy to help its members
with outgoing President, Mr Ernie Koh     solid foundation on which industry          embrace the digital transformation to
and Guest of Honour, Dr Koh Poh Koon,     members and stakeholders have built         scout new market opportunities and
Minister of State for Trade and Industry  over the years to expand connections,       grow their businesses.
unveiled the new SFIC logo, witnessed
by an audience of over 400 SFIC mem-        ideas, strategies and capture new           This strategic initiative “Smart SFIC”
bers, business partners, associates and   opportunities amidst rapidly shifting       will include plans such as establishing
government agencies.                      global market trends,” said Mr Yong.        new online platforms for e-commerce,
                                                                                      big data for market intelligence and
                                            On handing over the reins of SFIC to      analysis, and using Internet of Things
                                          his successor, Mr Ernie Koh, the outgo-     (IOT) to help SMEs take advantage of
                                          ing SFIC President said, “The past four     new opportunities in the digital econ-
                                          years have been an exhilarating experi-     omy.
                                          ence for me as we have achieved sev-
                                                                                        “Smart SFIC is not just about tech-
Ellies interim results                                                                nology. It is also about Smart Design
October 2016                                                                          – where we will encourage industry
                                                                                      players to deploy design innovation as
Revenue for the interim period low-       corded at 11.3 cents per share (2015:       a key competitive edge for growth. Con-
ered to R652.4 million (2015: R881.5      loss of 1.02 cents per share).              sumers today are not only tech-savvy
million). Loss before interest, taxa-     Dividend                                    but also design-savvy and living in
tion, depreciation and amortisation       The dividend policy will be reviewed        “Smart Cities” of the future. So, we must
was recorded at R11.0 million (2015:      periodically taking into account pre-       accelerate transformation from a design
earnings of R39.6 million). Loss for      vailing circumstances and future cash       perspective where we will work with
the period widened to R193.7 million      requirements. In view of the group’s        companies to enhance design content in
(2015: loss of R8.9 million). Further-    financial position, no dividend is pro-     their work to create superior value,” said
more, headline loss per share was re-     posed at this stage.                        Mr Yong, who has been heading Singa-
                                                                                      Plural, the anchor event of the annual
                                                                                      Singapore Design Week, since 2015.

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