George Kent hit by job reschedule
Friday, 27 March 2015
PETALING JAYA: Engineering specialist George Kent (M) Bhd posted a net profit of RM8.3mil for its fourth quarter ended Jan 31, 2015, down 55.2% from RM18.5mil a year earlier.
Revenue for the quarter came in at RM117.2mil, down 56.1% from RM266.8mil a year ago.
Executive director Bernie Ooi told a media briefing that the group’s financial performance was affected by the completion of some projects as well as the rescheduling of some works for the RM1.1bil Ampang light rail transit (LRT) line extension project.
The project, which it is working on with consortium partner Lion Pacific Sdn Bhd, is the major contributor to its engineering division.
Meanwhile, Ooi comfirmed that George Kent, along with its partner Malaysian Resources Corp Bhd, had been one of six companies shortlisted as a project delivery partner (PDP) for the RM9bil LRT3.
Prasarana Malaysia Bhd was reported to be aiming to appoint the PDP for the project before the middle of this year.
George Kent’s engineering division contributed 72.6% of its total revenue with the remaining 27.4% came from the company’s metering division.
A slowdown in this key division dragged down its full-year net profit and revenue to RM28.1mil and RM353.2mil, marking a drop of 22.5% and 30.2% from RM36.2mil and RM506.3mil, respectively, in the previous year.
“But even though we have suffered a temporary blip in our revenue, what we have done is to continue rewarding shareholders,” he said.
George Kent’s board has recommended a final single-tier dividend of 2.1 sen per share based on the enlarged capital of 300.4 million shares, with the total dividend paid/payable amounting to RM15.9mil.
On George Kent’s overall performance, group chairman Tan Sri Tan Kay Hock said that the growth in sales and volume of its meters for the export market was very encouraging and showed tremendous growth potential.
“We will continue to seek out opportunities along this line to grow both our revenue and bottom line,” he said in a statement.
Moving forward, Ooi said George Kent would continue with its efforts to expand regionally, adding that it would need to be very cost-efficient in order to secure competitive tenders.
He said the company had business dealings in Singapore and Vietnam as well as supplying water meters to the Philippines on a small scale.
“We intend to have a bigger impact on the Philippines. It is a big market for multi-jet water meters and so is Indonesia.
“We are improving our operations in preparation to expand to these two countries,” he said.
On the engineering end, he said George Kent expected a few more projects to come onstream that would dilute the contribution from the Ampang line project and increase group revenue.
http://www.thestar.com.my
Friday, 27 March 2015
PETALING JAYA: Engineering specialist George Kent (M) Bhd posted a net profit of RM8.3mil for its fourth quarter ended Jan 31, 2015, down 55.2% from RM18.5mil a year earlier.
Revenue for the quarter came in at RM117.2mil, down 56.1% from RM266.8mil a year ago.
Executive director Bernie Ooi told a media briefing that the group’s financial performance was affected by the completion of some projects as well as the rescheduling of some works for the RM1.1bil Ampang light rail transit (LRT) line extension project.
The project, which it is working on with consortium partner Lion Pacific Sdn Bhd, is the major contributor to its engineering division.
Meanwhile, Ooi comfirmed that George Kent, along with its partner Malaysian Resources Corp Bhd, had been one of six companies shortlisted as a project delivery partner (PDP) for the RM9bil LRT3.
Prasarana Malaysia Bhd was reported to be aiming to appoint the PDP for the project before the middle of this year.
George Kent’s engineering division contributed 72.6% of its total revenue with the remaining 27.4% came from the company’s metering division.
A slowdown in this key division dragged down its full-year net profit and revenue to RM28.1mil and RM353.2mil, marking a drop of 22.5% and 30.2% from RM36.2mil and RM506.3mil, respectively, in the previous year.
“But even though we have suffered a temporary blip in our revenue, what we have done is to continue rewarding shareholders,” he said.
George Kent’s board has recommended a final single-tier dividend of 2.1 sen per share based on the enlarged capital of 300.4 million shares, with the total dividend paid/payable amounting to RM15.9mil.
On George Kent’s overall performance, group chairman Tan Sri Tan Kay Hock said that the growth in sales and volume of its meters for the export market was very encouraging and showed tremendous growth potential.
“We will continue to seek out opportunities along this line to grow both our revenue and bottom line,” he said in a statement.
Moving forward, Ooi said George Kent would continue with its efforts to expand regionally, adding that it would need to be very cost-efficient in order to secure competitive tenders.
He said the company had business dealings in Singapore and Vietnam as well as supplying water meters to the Philippines on a small scale.
“We intend to have a bigger impact on the Philippines. It is a big market for multi-jet water meters and so is Indonesia.
“We are improving our operations in preparation to expand to these two countries,” he said.
On the engineering end, he said George Kent expected a few more projects to come onstream that would dilute the contribution from the Ampang line project and increase group revenue.
http://www.thestar.com.my
