19/07/2012 (Bernama) - HWANGDBS Vickers Research Sdn Bhd has revised down Fitters Diversified Bhd's forecast earnings for the financial years (FY) ending Dec 31, 2012, 2013 and 2014, mainly to account for the slight delays in its green mill contracts wins.

The research house has tweaked downwards the group's earnings by 11 per cent for FY12, and four per cent for both FY13 and FY14.

"Nevertheless, we expect Fitters to secure more green mill projects going forward, given the strong value proposition of additional income from palm oil waste.

"Its innovative business model and first-mover advantage could help the company to tap into the huge potential in the palm oil-related renewable energy market," it said in a research note Wednesday.

Fitters have recently entered into a 30:70 joint venture agreement with Tradewinds Plantation to undertake and carry out the construction and operation of a dry long fibre plant at Sungai Kachur Oil Palm Estate in Johor.