WCT’s 2Q net profit drops 9.5% on lower overseas contribution

KUALA LUMPUR (Aug 21): WCT Holdings Bhd reported a 9.5% decline in net profit for the second quarter of its financial year ended June 30, 2015 (2QFY15) to RM31.06 million, from RM34.3 million in 2QFY14, due to lower contribution from overseas projects and its property development segment.

Revenue, however, was 5.2% higher at RM422.31 million against RM401.47 million a year ago, according to its filing with Bursa Malaysia yesterday.

The group is also proposing an interim dividend comprising a cash dividend of one sen per ordinary share, and a share dividend via a distribution of treasury shares on the basis of one treasury share for every 100 ordinary shares held, with fractions of treasury shares to be disregarded.

The interim dividend is payable on Oct 9.

For 1HFY15, WCT reported a net profit of RM64.27 million, which was 13.6% lower than its 1HFY14 net profit of RM74.4 million.

The group also reported a 10.9% decrease in revenue to RM773.93 million for 1HFY15, from RM868.69 million a year ago, on lower sales of properties.

On its prospects, WCT said with the implementation of the 11th Malaysia Plan and the roll -out of infrastructure projects, the group is cautiously optimistic about achieving satisfactory results for FY15.

WCT shares traded down 4.07% at RM1.18 yesterday, with a market capitalisation of RM1.42 billion.

This article first appeared in the digitaledge Daily on Aug 21, 2015. Subscribe here.

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