George Kent posts 14-month net profit of RM48.7mil

George Kent's chairman Tan Sri Tan Kay Hock

KUALA LUMPUR: George Kent (M) Bhd said robust sales of water meters to clients worldwide mitigated the impact of weaker contribution from its construction business.

Profit after tax for the two-month ended March 31 stood at RM11.34mil on revenue of RM34.6mil.

For the 14-month period, net profit was RM48.7mil on revenue of RM311mil.

Earlier in January, George Kent changed its financial year end to March 31 from January 31 previously.

"Our Metering Business continues to perform beyond expectations in spite of the people movement controls implemented globally," Chairman Tan Sri Tan Kay Hock said in a statement today.

"To complement our existing range of water meters by increasing the product portfolio, our R&D team is collaborating with partners and specialists to commercialise a range of other water meters, including Smart Meters. The enlarged portfolio will accelerate the expansion of our global market footprint," he added.

On its construction business, Tan said that the group is currently building a RM624mil glove factory in Lumut, Perak.

The factory is owned by Dynacare Sdn Bhd, in which George Kent has acquired a 40% stake in.

"The Group’s investment into Dynacare through a 40% equity stake will provide an important new stream of sustainable and recurring long-term income for our shareholders," Tan said.

Meanwhile, Tan said the group continued to develop new opportunities in the Regional railway industry.

Save for some minor variation orders, the group said the LRT2 project is completed and now awaits the closing of the final account. "Works on LRT3 are proceeding with strict adherence to the SOPs," it added.

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