Growth Enterprise Market-listed Techwayson (Holdings) could still beat last year's record turnover despite a lacklustre first-half and lingering uncertainty over its bid for part of the Shenzhen metro railway automation project. Recovering from a slow first quarter, the supplier of industrial and residential automation systems is expecting a turnover of about 140 million yuan (HK$131.21 million) in the year to June 30, according to chief financial officer Raymond Li Chi-yuen. Managing director Sze Kwan said the optimism was based on between 30 million yuan and 40 million yuan worth of contracts the company had already secured, coupled with roughly the same amount expected to flow from contracts soon to be signed. However, Mr Li and Mr Sze yesterday declined to comment on whether the firm's profits would surpass last year's record. In the six months to December 31, Techwayson recorded a turnover of about 90 million yuan. This was about 5 per cent down year on year. Net profits slipped as much as 17.42 per cent to about 36 million yuan. Recovery in the second quarter proved insufficient to offset the dismal performance in the first three months, when the firm logged a turnover of a little more than 20 per cent of the previous year's level with net profits diving almost 93 per cent. In its first annual report after its stock debut a year ago, Techwayson booked a turnover of 130.96 million yuan for the 12 months to June 30 last year. The net profit was 60.43 million yuan, while earnings per share in the period were 19.63 fen. 'Our turnover is project-based,' Mr Li said, explaining the huge swings. Techwayson has been short-listed with a Beijing and a Shanghai counterpart for a 80 million yuan contract to install automation systems on metro train engines in Shenzhen. Announcement of the winning bid, initially due last August, has been repeatedly delayed and is now expected to be made next month. The delays have discouraged Techwayson from bidding for a similar project in Beijing. It derived about 60 per cent of its first-half turnover from automatic control systems.