28/11/2013 (The Star) - Fitters Diversified Bhd’s net profit surged 111% to RM10.9mil in the third quarter ended Sept 30 from RM4.75mil a year earlier, boosted by an increase in contribution from its property development project and palm oil business.

Revenue rose 32.7% to RM131.8mil. Managing director and founder Datuk Wong Swee Yee said the group was contented with the results given that it was “slightly affected’ by a temporary stoppage at its green palm oil mill earlier in the year.

“We are growing steadily in our fire services division and the group’s property division is enjoying very good returns and we are looking forward for our next launch, which is ZetaPark DeSky Residence,” he said in a statement yesterday.

Sales from its property division climbed 233% to RM94mil in the third quarter, more than twice of the RM40.85mil generated by the group’s traditional fire fighting equipment and services unit.

The sharp increase was driven by higher unit sales of the group’s ZetaPark’s “LOFT” service apartments and improved construction billings.

Nine months earnings rose to RM30.88mil, or 10.66 sen a share, compared with RM17.54mil reported a year ago,

Fitters also announced it had entered into a Memorandum of Understanding with Molecaor Technologia S.L. to invest in Molecor (SEA) Sdn Bhd to enter the market of PVC pressure Pipes in Malaysia and other South-East Asian markets.

Fitters will emerge as the major shareholder in the company with a 65% stake.

“We are very excited to embark on this business venture that we foresee will bring the group to the next phase of growth,” Wong said.