PETALING JAYA: Greatech Technology Bhd posted a net profit of RM28.93mil for the first quarter ended March 31, 2022 (1Q22), compared with RM46.66mil in 1Q21 on lower margin.

       The automation solutions provider said it was mainly impacted by higher project expenditures as the new projects secured were in the fabrication and assembly stage.

       It also faces an increase in subcontract charges to ensure timely delivery of projects.

       Greatech’s revenue, however, rose 7.4% year-on-year to RM102.16mil in 1Q22 from RM95.14mil in 1Q21. Its earnings per share slid to 2.31 sen from 3.73 sen previously.

       As of May 9, 2022, the group’s order book stood at RM467mil, which is expected to last until the first half of 2023.