PETALING JAYA: George Kent (M) Bhd recorded a net profit of RM11.79mil in the first quarter ended June 30, up by more than six-fold from RM1.8mil in the April-to-June 2020 period.

       The group said in a statement yesterday that the strong bottomline growth was attributable to strong sales of its water meters worldwide.

       “The group continued to receive water meter orders in spite of a slowdown in economic activities worldwide due to the Covid-19 pandemic. This demonstrates the strength and resilience of the metering business,” it said.

       Revenue for the first quarter was registered at RM61.28mil.

       It is worth noting that George Kent’s financial year-end was changed earlier this year from Jan 31 to March 31.

       “Although there is no regulatory requirement for comparison, nevertheless, the group is providing a comparison with the corresponding three months of the preceding year for shareholders’ information,” it said.

       According to George Kent chairman Tan Sri Tan Kay Hock, the group’s metering business continues to perform beyond expectations.

       He is also optimistic of the group’s prospects, given its ongoing operating and long-term plans.

       “It is the group’s strategy to continue to develop the markets for our existing water meters which is the market leader globally.

       “The enlarged portfolio will accelerate the expansion of our global market footprint.

       “The contract to design and build Dynacare Sdn Bhd’s glove manufacturing plant is an exciting opportunity for the group. The contract will boost our construction order book significantly.

       “The group continues to develop new opportunities in the regional railway space, leveraging on our established network with international rail specialists and expertise as a rail systems specialist in domestic railway projects,” stated Tan.