Monday, August 22, 2011

Reneweable energy boost for Fitters as earning double

KUALA LUMPUR: FITTERS DIVERSIFIED BHD []'s earnings were given a boost by its renewable energy and palm oil business in the second quarter ended June 30, with net profit at RM4.58 million, up 100.8% from RM2.28 million a year ago.

It said on Monday, Aug 22 its revenue surged 233.7% to RM116.70 million from RM34.96 million a year ago while earnings per share were 2.12 sen compared with 1.13 sen.

Of the RM116.70 million in revenue in the just ended quarter, renewable energy and palm oil accounted for RM60.46 million, CONSTRUCTION [], engineering & property (RM48.21 million) and manufacturing, trading and services (RM32.43 million).

'The increased in profit before taxation in comparison to the corresponding period in the preceding year was generated from higher revenue achieved by the group and income generated from the new palm oil extraction business,' it said.

For the first half, its net profit doubled 112% to RM10.31 million from RM4.85 million. While revenue jumped 213% to RM219.44 million from RM69.99 million due to an increase of revenue from all its divisions including the revenue from the new palm oil extraction business.

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