Astino Bhd, scheduled for listing in July, expects to achieve a 2% increase in turnover for the 2003 fiscal year ending in July, according to its group executive chairman and managing director Ng Bak Teng.
This is a realistic target, considering the demand for our roofing products has increased. Our competitive pricing and efficient after-sales service are other two factors that will enable us to achieve the 2% rise, he said after an underwriting ceremony for the company's shares with Malaysian International Merchant Bankers Bhd, Mercury Securities Sdn Bhd and Hwang-DBS Securities Bhd.
For the 2002 fiscal year, the group generated RM111mil in revenue and a pre-tax profit of RM13mil.
n comparison, group revenue and pre-tax profit in 1998 were RM32mil and RM2.1mil respectively.
Our growth has to do with the new range of roofing products introduced yearly, and penetration into the markets in the southern region in 2000.
Prior to 2000, our business was largely concentrated in the northern region, Ng said.
For its listing exercise, Astino will issue 16 million new 50 sen shares and make an offer of sale of 13 million shares, thereby enlarging its share capital to 116 million shares and a paid-up capital of RM58mil.
Astino is involved in the manufacturing and sales of metal roofing and awning products, polyvinyl chloride (PVC) and polyethylene products.
Its key products are metal roofing, awning products, PVC products such as panels, doors, frames, and polyethylene products such as insect screen and netting products, and other building related products.
These products are marketed and sold under the brand name Astino.
The group's manufacturing operations are located in Penang and Malacca, while its marketing and sales offices are in Kedah, Penang, Perak, Kuala Lumpur, and Malacca.