KUALA LUMPUR: ACE Market-listed Genetec TECHNOLOGY [] Bhd's order book rose to RM74 million after the company secured new orders worth RM14 million from its new and existing customers.
The company said on Thursday, Aug 18 that the orders were expected to contribute positively to its earnings for the financial year ending March 31, 2012.
Its executive chairman Ron Ortscheid also said the company's revenue for the first quarter ended June 30, 2011 rose 51% to RM39.52 million from RM26.13 million a year earlier, due mainly to a strong demand''for automation from existing and new customers.
However, he said its net profit fell 60% to RM1.62 million from RM4.01 million a year earlier due to higher operating costs incurred upon consolidation of Genetec's newly acquired subsidiaries in the previous financial year ending 31 March 2011.
Genetec acquired CLT Engineering Sdn Bhd, Systems South Inc. and IP Systems Inc, with a combined value of approximately RM38.2 million.
Ortscheid said the company was experiencing strong demand in the segments in operated in as a result of its overseas expansion plan.
'Our customer base is growing and orders from the non-HDD segment now contribute approximately 30% to our total orderbook.'
'Moving forward, we are optimistic that the group will enjoy further benefits from these strategic acquisitions, which include larger orders, operational efficiency and cost savings. Hence, we remain confident of our future growth prospects,' he said in a statement.
Genetec designs and builds customised factory automation equipment and integrated vision inspection systems
The company said on Thursday, Aug 18 that the orders were expected to contribute positively to its earnings for the financial year ending March 31, 2012.
Its executive chairman Ron Ortscheid also said the company's revenue for the first quarter ended June 30, 2011 rose 51% to RM39.52 million from RM26.13 million a year earlier, due mainly to a strong demand''for automation from existing and new customers.
However, he said its net profit fell 60% to RM1.62 million from RM4.01 million a year earlier due to higher operating costs incurred upon consolidation of Genetec's newly acquired subsidiaries in the previous financial year ending 31 March 2011.
Genetec acquired CLT Engineering Sdn Bhd, Systems South Inc. and IP Systems Inc, with a combined value of approximately RM38.2 million.
Ortscheid said the company was experiencing strong demand in the segments in operated in as a result of its overseas expansion plan.
'Our customer base is growing and orders from the non-HDD segment now contribute approximately 30% to our total orderbook.'
'Moving forward, we are optimistic that the group will enjoy further benefits from these strategic acquisitions, which include larger orders, operational efficiency and cost savings. Hence, we remain confident of our future growth prospects,' he said in a statement.
Genetec designs and builds customised factory automation equipment and integrated vision inspection systems
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