Wah Seong posts lower Q3 profit

KUALA LUMPUR: Wah Seong Corp Bhd, an industrial services company, reported lower earnings in the third quarter after a boiler project suffered an unexpected rise in cost.

The company also said a completion of a major pipe coating contract earlier in the quarter contributed to the decline.

Net profit in the three-month ended Sept 30 tumbled 38% to RM15.3mil compared with RM24.5mil made a year ago.

Revenue fell 8% to RM644.5mil, it said in a filing with Bursa Malaysia today.

Wah Seong said current order book of RM969.4mil comprises of RM570.8mil in the oil and gas segment, RM352.1mil in the renewable energy business and RM46.5mil in industrial trading. "In the context of the improved outlook in the oil and gas sector in which we operate, the Group will continue to bid for new projects," it said.

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