KUALA LUMPUR (June 22): George Kent (M) Bhd reported a 23% rise in first quarter net profit at RM18.5 million from RM15.01 million a year earlier on higher revenue from its construction and water-meter units.

In a statement to Bursa Malaysia today, George Kent said group revenue climbed to RM129.42 million in the first quarter ended April 30, 2017 (1QFY18) from RM122.96 million. George Kent undertakes its construction and water-meter businesses under its engineering and metering divisions respectively.

"The group posted another strong first quarter results with revenue of RM129.42 million and pre-tax profit of RM25.04 million. This was achieved on the back of better performance of both the engineering and metering divisions," George Kent said.

George Kent said its engineering division's revenue was higher at RM94.97 million while metering revenue rose to RM34.45 million.

The company said it secured a major contract for the supply of water meters in 1QFY18. Including its engineering division contracts, George Kent said its total order book had grown to RM6.1 billion.

"We will continue to grow our already strong order book and deliver the projects in hand towards meeting our customers' expectations and continue to improve shareholders' value.

"The board is optimistic of FY18 as our strong order book provides sustainable earnings visibility going forward," George Kent said.

Today, George Kent shares rose two sen or 0.5% at 12:30pm to settle at RM3.98 for a market value of RM1.5 billion. Its latest reported net assets per share stood at RM1.11.