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WCT's 2Q net profit up 3.3% on contribution from local construction segment

KUALA LUMPUR (Aug 23): WCT Holdings Bhd has reported a 3.3% increase in second quarter net profit to RM32.07 million or 2.57 sen a share, from RM31.06 million or 2.81 sen per share a year earlier, on higher revenue contribution from the local construction segment.

Revenue for the quarter ended June 30, 2016 (2QFY16) rose 37.6% to RM581.07 million, from RM422.31 million in 2QFY15, the group said in a filing to Bursa Malaysia.

For the first half of the financial year (1HFY16), WCT posted a 36.4% drop in net profit to RM40.9 million or 3.31 sen per share, compared with RM64.27 million or 5.82 sen per share for 1HFY15, due to unrealised foreign exchange losses.

Revenue came in 37.7% higher at RM1.07 billion, compared with RM773.93 million in 1HFY15, as a result of the higher contribution from the local construction segment.

On its prospects, WCT said it is confident of achieving satisfactory results for FY16.

“This is attributable to the group’s order book of RM3.9 billion and unbilled property sales amounting to RM529 million as at June 30, 2016. In addition, the group’s investment properties are generating increasing recurring income,” it said.

On July 26, the group secured the RM1.3 billion contract for Phase 1 of the proposed development and upgrading of the Pan Borneo Highway in Sarawak via a 30:70 joint venture with Sarawak-based KKB Engineering Bhd.

This has further expanded WCT’s outstanding order book to RM4.3 billion.

WCT shares fell 3 sen (1.8%) to RM1.59 today, for a market capitalisation of RM2 billion. — theedgemarkets.com

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