BRICKENDONBURY, England—The Tun Abdul Razak Research Centre has narrowed its budget deficit to $2.3 million in 2020, from a deficit of $4.5 million in 2019.
TARRC reduced its annual cost of sales from $3.9 million in 2019 to $1.9 million in 2020, while admin expenses were cut by 23 percent to $1.76 million, the center said in its recent annual report filed filing with the United Kingdom's Companies' House registry.
Total sales for the year fell 20 percent year-on-year to $1.38 million, with the U.K. contributing $952,000 of the revenue and Europe just under $413,000. Sales to the rest of the world stood at $34,000.
TARRC, a research arm of the Malaysian Rubber Board, said it went through a program of redundancies as part of its restructuring at the end of March 2020.
Under the new structure, the center reduced the number of employees from 69 to 31, including 21 technical staff and 10 administrative staff.
As a result, TARRC said it had budgeted for "half of emolument costs," but noted that it expected the lean workforce to be "more robust" in preparation for more income generation in the future.