MALAYSIA-PRESS-HeiTech Padu to turn profitable this year-The Edge Financial Daily

Sun Mar 9, 2014 8:29pm EDT

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Loss-making information and communications technology (ICT) provider, HeiTech Padu Bhd is on track to turn around its business this year, said group chief executive officer (CEO) Harris Ismail.

"With certain loss-making projects now completed and behind us, most of our subsidiaries and business units are profitable and we believe that we will be on the right track to turn our performance around in 2014," he said in an email interview with The Edge Financial Daily.

Harris said it was part of the group's work ethic to see projects through to the end, even if it was evident that it would cause a drag on earnings, and not write them off.

"As a system integrator, project delays are one of the business risks we face and these challenges are part and parcel of the business that we are in. And to overcome these challenges, we have intensified our risk management process," he said.

For the fourth quarter ended Dec 31. 2013, the group registered a net loss of 20.6 million ringgit ($6.32 million), a reversal from the net profit of 5 million ringgit posted in the same quarter a year before. Revenue decreased to 133.91 million ringgit from 146.34 million ringgit previously-The Edge Financial Daily

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($1 = 3.2580 Malaysian ringgit)

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