Posted by Jimmy Song > 2013-11-28 08:32 | Report Abuse

FITTERS Q3 PROFITS INCREASES BY 100% KUALA LUMPUR, 27 November 2013 – FITTERS DIVERSIFED BERHAD (“FITTERS” or the “Group”), Malaysia’s largest fire protection and preventions solutions provider and manufacturer announced its financial results today for the quarter ended 30 September 2013 (“Q3FY2013”) with a revenue of RM131.82 million, which shows an increase of 32.7% in comparison to its corresponding quarter of its preceding year (“Q3FY2012”) of RM99.36 million. The Group recorded a profit before tax (“PBT”) of RM13.36 million and a profit after tax (“PAT”) of RM10.06 million representing a staggering increase of 101.51% and 111.72%, respectively as compared to is preceding corresponding financial quarter of Q3FY2012. In terms of the Groups business segmental performance its fire services division recorded a revenue of RM40.86 million, an increase of 16.66% compared to Q3FY2012 of RM35.02 million. The increase was mainly due to additional profit recognised from the project variation from the KL Sentral project. It’s property development & construction reported a revenue of RM94.14 million which presents a staggering increase of 233.74% compared to Q3FY2012 of RM28.21 million. The increase was mainly due to increase of sales units for the Group’s ZetaPark development, which was largely due the sales units from the “LOFT” service apartments. Renewable & waste-to-energy recorded a revenue of RM41.88 million showing a decrease of 20.82% compared to Q3FY2012 of RM52.9 million. The decrease was mainly due to the temporary cease in production for upgrading and expansion works to be carried out in the first quarter. This segment is estimated to pick up pace in the near future as full operations with increased capacity has been fully recommenced since April 2013. The Group’s cumulative results for the nine months of the financial year ending 31 December 2013 reported a revenue of RM312.9 million translating into an increase of 5.5% in comparison to its corresponding period for the preceding year 2012 of RM296.7 million. The Group reported a cumulative PBT and PAT of RM41.46 million and RM30.84 million, an increase of 73.71% and 73.55% respectively compared to its corresponding period in FYE2012 of RM23.87 million and RM17.77 million. Commenting on the results Dato’ Wong Swee Yee, Managing Director and Founder of the Group said,” The Group is contented with the results achieved so far given that the company was slightly affected by our temporarily ceased green mill operations earlier in the year. We are growing steadily in our fire services division and the Group’s property division is enjoying very good returns and we are looking forward for our next launch, which is ZetaPark DeSky Residence.” The Group additionally announced it has today entered into a Memorandum of Understanding (“MOU”) with Molecaor Technologia S.L. (“MOLECOR”) to invest in Molecor (SEA) Sdn. Bhd. (“MSSB”) (Formerly known as FITTERS Industries Sdn. Bhd.) a subsidiary of the Group, together with Ricwil (Malaysia) Sdn. Bhd. (“Ricwil”). The Group is venturing into the market of PVC pressure Pipes in Malaysia and progressively into other South East Asian markets (“Project”). FITTERS will emerge as the major shareholder owning 65% stake. “The management has studied and taken all business elements into consideration and believes that there is significant potential for PVC (“PVC-O”) pipes in the Malaysian market and South East Asian countries and this will provide positive business ventures for the Group going forward. We are very excited to embark on this business venture that we foresee bring the Group to the next phase of growth.” commented Dato’ Wong.