ETC nexbis application to be stamped on migrant work permit cards at a cost of $10AUS, so if market shrinks to 1.5m by 2015 revenue will be $15m , just as the consultants said it would be.
I am still not sure whether new migrant cards need to be issued every year so revenue may be much less if this is the case. So why do ETC management state that they will be recieving 60-80m per year revenue once the nexbis (etc 65.66%)application to malaysian migrant work permits is fully operational (doesnt state when that will be either).
profit of 48m after tax by jun09 . how is this possible.
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January 20, 2008 -- Updated 0808 GMT (1608 HKT)
Report: Malaysia to cut foreign workersStory Highlights
Malaysia to cut reliance on foreign workers, newspaper reports
About 2.3 million foreign workers are employed in Malaysia
Indonesia, Nepal and Bangladesh provide bulk of foreign work force
(CNN) -- Malaysia expects to send home at least 200,000 foreign workers by next year to open up more jobs for its citizens, a local newspaper reported Sunday.
Indonesian workers in Jakarta, Indonesia, rally for Malaysian migrant workers' rights in January.
About 2.3 million foreign workers are employed in the southeast Asian country, Home Affairs Ministry Secretary-General Raja Azahar Raja Abdul Manap told the daily newspaper, Star.
The government plans to cut down the number to 1.8 million by 2009 and trim another 300,000 by 2015, the official told the paper.
The country will apply stricter standards to achieve its goals, he said. It won't renew the work permits of unskilled workers after five years. Skilled workers will have up to 10 years.
The goal is to reduce foreign labor in a country that's heavily dependent on it. Foreign workers make up 21 percent of the 11 million-strong labor force in Malaysia. Unemployment in the country is about 3.5 percent.
The majority of the workers come from Indonesia, with Nepal and Bangladesh a distant second and third, according to a 2004-2005 economic report prepared by Malaysia's finance ministry.
Most foreign workers are employed in the manufacturing, petroleum and construction sectors and as household help, the report
ETC
entertainment media & telecoms corporation limited
