Reading
From a Quarterly Report
Last year, despite early uncertainty and market instability, Telcor Industries reported dramatic gains in both turnover and profits by year's end, thanks chiefly to an aggressive diversification strategy and a serious commitment to investment in new technologies.
The first quarter of the new year, we are pleased to report, has been equally encouraging. This is due mainly to the fact that we have built upon the strong foundation laid last year, and partly to the fact that we have managed to penetrate several previously untapped markets across Eastern Europe. In doing this, we have relied on excellent networking with our subsidiaries and partners in the region. In this regard, we have thus far launched ventures and opened branch offices in six countries, with more in the works. This allowed us to fight off a hostile takeover bid by our main rival, Comcon Inc., in the first month of the year.
Specifically, turnover has climbed 12% over the last three months, with the result that profits have also increased evenly in the same period. Through careful oversight and innovative control mechanisms, we have managed to maintain competitive unit costs across the board.
With a view to the future, we can say that Telcor has solidified its place on the market, and has set the table for continued growth and prosperity in the years to come.
Questions
Choose the correct explanation for the following phrases.
- "untapped markets" means:
- "We have built upon the strong foundation laid last year" means:
- "aggressive diversification strategy" means:
- "hostile takeover bid" means:
- "set the table for continued growth" means:
Are the following statements about the reading correct?
1. Telcor started strongly last year in both turnover and profit areas.
2. Telcor tried to buy its main rival, Comcon Inc., early this year.
3. Telcor's profits have risen because of improved turnover.
4. Telcor has specific plans for further expansion into E. Europe.
5. Expansion into new markets is the main reason for Telcor's success in the first quarter of the new year.