SINGAPORE (Feb 27): Heatec Jietong Holdings managed to double its earning for FY16 to $810,000 from a year ago even though revenue was down by 9% to $30.2 million.
The company attributes this to better margins won by keeping costs under control. Heatec Jietong plans to pay a first and final dividend of 0.2 cent per share.
It operates three main business segments: piping, heat exchanger, and chemical cleaning.
For FY2016, the biggest earnings contribution was from its heat exchanger division, which was up 3% to $877,000. The chemical cleaning business, meanwhile, posted the best improvement. It was up 111% to $266,000. The piping business reversed losses of $275,000 into earnings of $228,000.
This current year, Heatec Jietong expects broader economic conditions to be challenging and consolidation to continue, especially for the marine and offshore engineering industry which it supports.
In addition, foreign labour policies, which remains tight, will crimp its growth.
Year to date, Heatec Jietong shares are up nearly 60%. It last traded at 5.5 cents on Feb 15.
