Monday, May 23, 2011

Fitter ... May11

Institutional equity funds now own nearly 15 per cent of Fitters Diversified Bhd, the country's biggest fire-fighting specialist by sales.

Datuk Richard Wong Swee Yee owns slightly more than 30 per cent of the company.

As at April 30 2010, long-term funds owned less than two per cent of the company.

The company's shareholding list shows the sole fund which has a stake in the company was Assar Asset Management Sdn Bhd. Assar is holding the shares for Lembaga Kumpulan Wang Kawasan Konsesi Hutan and the Sarawak Timber Industry Development Corp.

Since then, among the foreign funds that have taken up position in the company are funds linked to Allianz SE, Europe's largest insurer by gross premiums and market capitalisation, and Prudential Life Insurance Company.

Domestic fund managers who have a stake in the company are the UOB-OSK fund and funds linked to the CIMB Group, the country's second largest financial services provider.

For the first quarter ended March 31 2011, Fitters' revenue grew by nearly 300 per cent to RM102.75 million versus RM35.03 million in the same period a year ago.

Pre-tax profit at the group level, meanwhile, surged by 200 per cent to RM8.25 million from RM3.36 million a year ago.
The increase in revenue and profit in the first quarter was "dramatic", considering that for the financial year ended December 31 2010, Fitters' group level revenue was RM189.75 million.

It is banking on converting palm oil mills into green mills, as the next earnings enhancer for Fitters. The company is talking with several millers, and hope to sign a minimum of three mills in 2011.

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