WCT Q3 net profit falls to RM13.33mil

  • Business
  • Friday, 22 Nov 2019

PETALING JAYA: WCT Holdings Bhd’s net profit for its third quarter ended Sept 30 fell 46.16% year-on-year to RM13.33mil from RM24.80mil.

Its revenue for the quarter was lower at RM368.27mil from RM385.78mil in the previous corresponding quarter.

“Despite the challenging operating conditions, we managed to maintain a satisfactory performance across all business segments. During the quarter under review, we had also successfully lowered our net gearing ratio from 1.03 times as at Dec 31,2018 to 0.65 times as at Sept 30,2019, ” group managing director Datuk Lee Tuck Fook said in a statement.

He said that gearing had been reduced with the issuance of RM617mil nominal value of perpetual sukuk under the RM1bil perpetual sukuk musharakah programme, established in September 2019.

“Our property development division launched two new projects, namely, Aronia Apartments – a 320-unit affordable apartment to cater to the demand for affordable housing - and Paradigm Residence in Johor Baru, a 263-unit residential project worth RM170mil in gross development value, which recorded an encouraging take-up rate of over 60%, ” Lee said.

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