WCT 3Q earnings up more than three times

KUALA LUMPUR (Nov 25): WCT Holdings Bhd’s net profit was up more than three times to RM85.91 million or 7.43 sen per share for the third quarter ended Sept 30, 2015 (3QFY15) from RM25.85 million or 2.31 sen per share in 3QFY14, mainly due to a foreign exchange gain of RM78.76 million.

Revenue came in at RM371.8 million, a 21.1% decline from RM471.11 million in 3QFY14, mainly due to lower contribution from its construction segment.

For the cumulative nine months period (9MFY15), WCT posted a 49.8% jump in net profit to RM150.18 million or 13.39 sen per share compared with RM100.24 million or 8.95 sen per share in 9MFY14. Revenue for 9MFY15, however, fell 14.5% to RM1.15 billion from RM1.34 billion in 9MFY14.

In a filing with Bursa Malaysia yesterday, WCT said with the impending implementation of the 11th Malaysia Plan and a roll-out of mega infrastructure projects, it is cautiously optimistic about achieving satisfactory results for the financial year ending Dec 31, 2015 (FY15).

In a statement yesterday, WCT managing director Taing Kim Hwa is confident that the new construction and engineering jobs the group secured recently will contribute positively to its performance in the near future.

“We have also set a target to securing a total of RM2 billion worth of construction and engineering jobs in Malaysia and abroad in 2016 by leveraging on our strong track record of delivery and firm financial footing,” Taing said.

This article first appeared in The Edge Financial Daily, on Nov 25, 2015. Subscribe to The Edge Financial Daily here.