KUALA LUMPUR: WCT Holdings Bhd has registered a net profit of RM21 million for its second quarter ended June 2017 as compared with RM32 million registered in the corresponding quarter last year mainly due to unrealised foreign exchange loss in the quarter and lower construction billings.
Excluding the effects of the foreign exchange losses and gains, the group’s net profit for the quarter was higher at RM38 million.
Revenue for the quarter under review was at RM383 million compared with RM581 million last year.
The group recorded a higher net profit of RM55 million for the first six-months ended 30 June 2017.
The improved profit came despite a lower revenue of RM857 million for the period under review compared with RM1.07 billion registered in the corresponding period last year, attributed to an improvement in the profit margin of the on-going construction jobs.
Basic earnings per share for the current year to date increased to 4.1 sen compared with 3.3 sen recorded in the preceding year corresponding period.
Managing director Datuk Lee Tuck Fook said given the government’s emphasis on infrastructure development and spending, it is confident that it is well poised to secure more construction jobs which would contribute positively to its performance for the remaining of 2017.
“As we move forward, we will continue to intensify our marketing and sales initiatives to increase property sales. In the meantime, we expect the Property Investment and Management division to continue to provide a stable income stream to the Group in view of the opening of our Paradigm Mall Johor Bahru and New World Hotel at Paradigm in Kelana Jaya by end of this year.
“All in all, we will continue to embark on various de-gearing initiatives such as equity fund raising as well as assets monetisation in an effort to strengthen the group’s balance sheet,” he said.