Catalist-listed Heatec Jietong Holdings, the provider of piping and heat exchanger services, today announced a net profit of $0.43 million for the half-year ended 30 June 2010 (1HFY 2010).

Half-year revenue stood at $18.19 million, compared to $20.55 million for the half-year ended 30 June 2009 (1HFY2009). The reduction in revenue was largely attributable to a special discount amounting to $2.33 million given to a major piping customer in the fiercely competitive marine industry.

As at 30 June 2010, group’s net asset value per share stood at 20.39 cents, compared with 18.58 cents as at 30 June 2009.

Heatec Jietong had previously announced its plans to enter into the land-based heat exchanger business, and will actively engage this market as it sees great potential especially for petrochemical plants in Jurong Island. The group will also proceed with the Dubai expansion by the end of financial year ending 2010 (FY 2010).

To diversify the piping business offerings, Heatec Jietong says it will look at possible new areas such as providing process piping services for plants in Jurong Island. Given the group’s experience in conducting process piping services for Floating, Production, Storage and Offloading (“FPSO”) conversions, this new niche area is a natural extension of the group’s existing capabilities.

The group’s new investment in its latest subsidiary, Heatec Chariot Envirobotics (HCE), which provides ship hull blasting and coating services to the shipping industry, is another growth segment.

To add on to its service offerings, HCE will also look at providing land-based blasting services for plants in Jurong Island and other possible areas of growth.

Barring any unforeseen circumstances, the group expects to remain profitable in FY 2010.