KUALA LUMPUR: ETI Tech Corp Bhd, which has Hong Leong group as its shareholders, recorded a 71 per cent growth in revenue to RM15 million for the financial year ended July 31, 2014, and hopes to maintain the growth momentum.
Executive director Zarul Ikhwan Zarul Ahmad said, Eti Tech is working hard to kick start a mixed development project here, which will have a gross development value (GDV) of RM800 million.
"This would be a good milestone for Eti Tech if the project materialises. We are targeting a profit margin of 20 per cent from the GDV alone," he said.
He said, while growth for the company is certain, Eti Tech is cautious of the many uncertainties ahead, including the current local and global economic slowdown, and some political unrest in certain countries.
"We will work relentlessly to turn the company's earnings back to the black. The company is looking forward to improving its bottom line and scouting for various opportunities to yield a better return to shareholders and sustain the business," he said.
Eti Tech had entered into agreements with its certain secured and unsecured creditors for a proposed restructuring and settlement of debts.
Under the approved scheme arrangement, a total amount of RM5.14 million would be paid in cash to these certain creditors.
Furthermore, settlement shares that had been issued pursuant to debt settlement agreement amounted to RM22.18 million has been completed on January 7, 2015.
Zarul said, it is expected that Eti Tech would achieve better results moving forward, and carry a positive balance sheet after this corporate restructuring.