Genetec bags RM27.3m new orders from existing clients

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KUALA LUMPUR (June 23): Genetec Technology Bhd has secured new orders from its existing clients from various industries amounting to RM27.3 million.

According to the company's filing with Bursa Malaysia today, it bagged RM25.3 million worth of jobs from the electronics, semiconductor and hard disk drive industry, some RM1.7 million from the automotive industry and RM0.3 million from other industries.  

Genetec (fundamental: 0.8; valuation: 0.3) said the tenure of the contracts normally range from three to nine months depending on the size of order and scope of work.

"The contracts are on project basis and we do not foresee any risk pertaining to new secured orders," the automated industrial systems manufacturer and designer said.

Genetec expects the secured orders to contribute positively to its earnings for the financial year ending March 31, 2016.

Genetec provides design and manufacturing automated industrial systems, equipments and services.

For financial year 2015 (FY15), Genetec returned to profitability with a profit of RM691,000. The group posted a net loss of RM830,000 in FY14.

This is despite its revenue declined 58.3% to RM48.46 million from RM116.21 million a year ago.

Shares in Genetec closed 0.5 sen or 3.03% lower at 16 sen, for a market capitalisation of RM58.04 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)