KUALA LUMPUR (Nov 21): Heitech Padu Bhd (KL:HTPADU) recorded a net profit of RM6.58 million for the third quarter ended Sept 30, 2024 (3QFY2024), compared with a net loss of RM1.4 million in the corresponding quarter, thanks to a one-off gain on disposal of land and building.

The net profit in 3QFY2024 pushed Heitech’s cumulative net earnings for the nine-month period ended Sept 30, 2024 (9MFY2024) to RM7.16 million, from RM581,000 in the first six months ended June 30, 2024.

Revenue for the quarter rose 71.95% to RM109.08 million from RM63.44 million a year earlier but the huge jump did no translate to a similar quantum of increase in bottomline due to a surge in expenses related to the purchase of hardware and software.

No dividend was proposed for the quarter.

The company booked a six-fold rise in the purchase of hardware and software to RM52.53 million versus RM8.21 million in 3QFY2023. The one-off disposal gains of land and a building booked in 3QFY2024 amounted to RM9.38 million.

Going forward, the group said it shall continue implementing relevant strategies which include securing recurring business from existing customers while gaining new business from both existing and new markets.

Back in October, the company secured the much-coveted RM892.2 million National Integrated Immigration System (NIISe) project.

Shares in Heitech Padu ended seven sen or 2% higher at RM3.57, giving the company a market capitalisation of RM397.51 million.