KUALA LUMPUR: George Kent (M) Bhd's (GKent) earnings improved in the third quarter on strong water meter sales, mitigating the lower contribution from its engineering division. Net profit increased to RM10.6mil from RM10.26mil made a year ago. Revenue rose to RM78mil from RM72mil previously. "Production is in full swing, but having to follow the standard operating procedures under the CMCO is challenging," GKent's chairman Tan Sri Tan Kay Hock said in a press release. "Demand for our water meters continues to outstrip supply. We are already planning to expand our capacity to produce precision parts for our water meters, so soon after purchasing the license from Honeywell last year. This is very encouraging," he added. The company said that its metering division would continue to do well in the remaining quarter of the financial year and beyond. It further said that there are plans to increase capacity of this business segment further. "It is our strategy to become a one-stop purveyor of water meters. We are actively growing our product portfolio through partnerships with other manufacturers. The expanded range will accelerate our penetration into more markets around the world," Tan said. Construction activities ceased completely during the MCO but were restarted mid-June 2020 following the completion of mandatory foreign worker health screenings, it said. The company said it continued to accelerate its progress on the two hospital projects with its increased adaptation to the SOPs in the recent third quarter. The two hospital projects are: Hospital Tanjung Karang and Hospital Endokrin Putrajaya. "Jabatan Kerja Raya has approved one of our Extension of Time applications in the quarter under review, in acknowledgement of the disruptions caused by the MCO," the company said. GKent also said that it will continue to work closely with the government in managing the delivery timelines for the two hospitals.
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