Posted by Jimmy Song > 2013-08-26 18:32 | Report Abuse

FITTERS DRIVES A 60% GROWTH FOR ITS 2Q PROPERTY DEVELOPMENT IGNITES THE GROUPS PROFIT GROWTH KUALA LUMPUR, 26 August 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 June 2013 (“Q2FY2013”) with a reported revenue of RM111.3 million, which shows an increase of 60% in comparison to its previous quarter revenue (“Q1FYE2013”) of RM69.8 million. The Group recorded a profit before tax (“PBT”) of RM16.4 million and a profit after tax (“PAT”) of RM12.2 million which shows an increase of 40% and 43% respectively compared to its previous quarter for the financial year ended 31 December 2013. The Group’s cumulative results for the first half of the financial year ended 31 December 2013 (1HFYE2013) reported a revenue of RM181.1 million, a slight decrease in comparison to its corresponding period for the financial year ended 31 December 2012 of (1HFYE2012) of RM197.4 million. Despite the decrease in revenue, the Group reported a cumulative PBT and PAT of RM28.1 million and RM20.8 million, an increase of 63% and 60% respectively compared to its corresponding 1HFYE2012. The Group’s property development and construction division was the key contributor with a substantial revenue of RM89.4 million showing an increase of 29% as compared to its previous quarter. The increase in segmental revenue was due to the recognition of sales of its Zetapark development in Setapak, Kuala Lumpur and also due to the recognition of its construction work-in-progress. Fitters’ fire services division reported a revenue of RM37.0 million which shows an increase of 21% in comparison to its previous quarter. The Group’s renewable & waste-to-energy segment achieved a staggering increase in revenue of 531% to RM24.6 million from RM3.9 million for its previous quarter. This was due to the recommencement of operations of its existing palm oil mill in Kuala Ketil, Kedah which was temporarily closed for upgrading and expansion works during the first quarter of 2013. Dato Wong Swee Yee, Managing Director and Founder of the Group said that,” The Group is optimistic that it can further improve and achieve better financial and operating performance for the second half of the financial year ending 31 December 2013. We are anticipating a good year for our property development and construction segment once we launch our second property development on Jalan Ipoh called “DeSkye”. We also foresee a significant improvement in our renewable & waste-to-energy segment” On 27 May 2013, the Board of Directors of the Group approved an interim dividend in specie for FYE2013 by way of treasury shares of RM0.50 each on the basis of 1 treasury share for every 30 existing ordinary shares for its shareholders.