WCT Q2 profit falls 9% to RM31mil on lower property sales

PETALING JAYA: WCT Holdings Bhd’s net profit for its second quarter ended June 30 dropped 9% to RM31.06mil from RM34.30mil in the previous corresponding period, mainly due to lower contributions from overseas projects and its property development segment.

Revenue during the quarter, meanwhile, increased to RM422.31mil from RM401.47mil a year earlier.

Basic earnings per share (EPS) was lower at 2.89 sen, compared with 3.14 sen in the previous corresponding period.

For the six-month period ended June 30, the builder-cum-property developer’s net profit dropped to RM64.27mil from RM74.40mil in the previous corresponding period, while revenue in the first half of 2015 slipped to RM773.93mil from RM868.69mil a year earlier.

In a filing with Bursa Malaysia yesterday, the company said the lower revenue was due to lower sales of properties.

Basic EPS in the first half was lower at 5.97 sen, compared with 6.82 sen previously.

WCT said its engineering and construction division had recorded a revenue and operational profit of RM586mil and RM67mil, respectively, in the first half of the year.

The company added that its property development and investment segments had registered a revenue and operational profit of RM188mil and RM45mil, respectively.

Looking ahead, WCT said with the impending implementation of the 11th Malaysia Plan and the rollout of infrastructure projects, the group is cautiously optimistic of achieving satisfactory results for its financial year ending Dec 31, 2015.

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