Loss-making HeiTech Padu reorganises ops around ICT

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KUALA LUMPUR (June 27): HeiTech Padu Bhd will reorganise the structure of its operations this year to help ride out challenges facing the group, according to its president and executive deputy chairman Datuk Seri Mohd Hilmey Mohd Taib.

The information technology systems and technology services provider will focus on three main core areas including strengthening its information and communications technology (ICT) business, continuing to support customers' business via innovative products, and continuing with quality services and delivery, he added.

HeiTech Padu expects the ICT business to remain as the major earnings contributor to the group in the current financial year ended Dec 31, 2019 (FY19). 

As spending on ICT products and services are forecast to further increase in 2019, Mohd Hilmey said the group hopes to get a share of the abundant untapped opportunities available in the sector.

"Newer technologies are always available and demanded by users at organisational and individual level and we strive to keep cost at optimum level and maintain quality services and deliverables to customers," he said in a statement issued in conjunction with its annual general meeting today.

Mohd Hilmey said besides strengthening the ICT business, the second strategy that HeiTech Padu is embarking on is to maximise return from investee companies, while the last strategy is to explore new businesses and opportunities.

He added that HeiTech Padu is also ready to capture on the opportunities to help government agencies and private organisations reinvent themselves into digital ready environment in keeping up with the changes in the era of digital revolution. 

"We are positioning ourselves to be part of our customers' business journey. Our new vision, to be "The Trusted Technology Partner to Enable Customers Vision", reaffirms our commitment to assist our customers through their transformation process. 

"Meanwhile, our new mission of "Touching Lives with Innovative Solutions" portrays our continuous effort to serve our customers with our in-house products, services and expertise," he noted.  

The group has been loss making since FY17. Last year, its net loss widened to RM29.18 million from RM14 million in the previous year, on the back of a 10% decline in revenue to RM383.84 million from RM426.87 million in FY17, on absence of major contracts secured during the year.  

HeiTech Padu shares ended the morning session down 0.5 sen or 0.56% at 88 sen today, with 77,100 shares done, bringing a market capitalisation of RM89.08 million.