PETALING JAYA: Fitters Diversified Bhd posted a 10% rise in net profit to RM1.98mil in the second quarter ended June 30 from RM1.8mil a year earlier, thanks to its pipe and fire safety and protection manufacturing businesses.
In a filing with Bursa Malaysia, the company said its revenue, however, fell 7.8% to RM68.63mil compared with RM74.43mil previously due to the tail-end of the construction progress for its Azalea@Taman Putra property project in Sungai Buloh.
Cumulatively, for the first half of the year ended June 31, Fitters’ net profit rose 39.4% to RM4.4mil from RM3.2mil a year ago, despite a decline in revenue by 8.8% to RM138.4mil from RM151.82mil previously.
Despite expecting challenging operating environment, Fitters said it has intensified its efforts to enhance the performance of its existing businesses.
The company expects the second phase of the Taman Putra project, which valued at RM81.5mil, to commence in the second half of this year.
Approvals from the authorities is still being sought progressively, Fitters said.
It pointed out that the first phase of Taman Putra project worth RM97.8mil had contributed substantially to the group’s turnover and profitability in financial year 2018 and is expected to contribute positively for the current financial year.
“With the prevailing market conditions, the group remains cautious but optimistic about its prospects for the year, ” Fitters said.