Greatech reports Q1 profit of RM12.5mil
Focus Malaysia 11 Jun 2019 15:18
GREATECH TECHNOLOGY BERHAD (“Greatech” or the “Company”) <阁代科技有限公司> an industrial automation solutions provider bound for listing on the ACE Market of Bursa Malaysia Securities Berhad (“ACE Market”) on 13 June 2019 has reported its results for the first financial quarter ended 31 March 2019. Greatech and its subsidiaries (the “Group”) achieved revenue of RM58.7 million and profit after tax of RM12.5 million, closing the quarter on a positive note and setting the pace for the financial year.
Chief Executive Officer EK Tan <陈荣棋> said: “We are satisfied with our first quarter results and remain optimistic to deliver positive performance for the financial year 2019. With the Initial Public Offering (“IPO”) proceeds of RM73.05 million coming on-stream, we are equipped and committed to go full steam ahead to execute our growth plans. Industrial automation will continue to evolve and remain relevant, pushing boundaries and adopting new technologies to redefine manufacturing. The IPO will provide us with the platform and resources needed to realize our vision of being a notable Malaysian player in the industrial automation segment.”
Greatech posted revenue of RM219.58 million and profit after tax of RM31.72 million for the previous financial year ended 31 December 2018. The balloting portion of 18.78 million shares opened to the Malaysian public was earlier oversubscribed by 9.41 times. Greatech will be listed on the ACE Market with market capitalization of RM381.86 million on 13 June 2019 under the stock name GREATEC and stock code 0208. Alliance Investment Bank Berhad is the Principal Adviser, Sponsor, Underwriter and Placement Agent for Greatech’s IPO.