PETALING JAYA: George Kent (Malaysia) Bhd posted a net profit of RM10.65 million for its third quarter ended Oct 31, 4% higher than RM10.26 million in the previous corresponding quarter primarily due to strong water meter sales in the group’s local and export markets.
Its revenue went up 8% to RM78.91 million from RM72.91 million.
For the nine month period, net profit dropped 34% to RM23.12 million from RM34.82 million a year ago, while revenue fell 26% to RM188.38 million from RM253.41 million.
Commenting on the group’s performance, chairman Tan Sri Tan Kay Hock said demand for its water meters continues to outstrip supply.
“We are already planning to expand our capacity to produce precision parts for our water meters, so soon after purchasing the licence from Honeywell last year. This is very encouraging. We are also working to ensure the timely delivery of our construction projects.
“We are optimistic of our prospects, given our ongoing operating and long-term plans. It is our strategy to become a one-stop purveyor of water meters. We are actively growing our product portfolio through partnerships with other manufacturers. The expanded range will accelerate our penetration into more markets around the world.”
He added that its long-term licence agreement with Honeywell enhances its control over component supply and production costs. It also gives the group the right to sell water meters to 15 new territories in Asia.
Its home-grown smart metering technology is undergoing real-world tests through POCs and pilot projects with state water authorities. It is pursuing other such opportunities, both locally and in the region.
“We have a dedicated team that develops new opportunities in the regional railway space, leveraging on our expertise as rail systems specialist in domestic railway projects. The group’s established network with international rail specialists will assist us in tapping into regional projects requiring international collaborations through joint ventures or strategic alliances.”
