KUALA LUMPUR: WCT Holdings Bhd
expects the engineering and construction sector to remain challenging but is hopeful about the rollout of larger projects in Malaysia in the near future.
“Our engineering and construction division will continue to focus on project execution and cost recovery from completed projects. To replenish our order book, we have allocated additional resources to secure new jobs both locally and overseas,” WCT said in the notes accompanying its financial results.
WCT said it expects the resilient Malaysian economy to stimulate demand for its property development offerings and upcoming launches.
“The strong Malaysian household spending coupled with the pickup in tourist arrivals will continue to revitalise the group's retail malls business and in particular the airport malls, as well as the hotels and business aviation services,” it said.
In the second quarter ended June 30, WCT’s net profit fell more than half to RM15.3mil from RM31.3mil a year earlier, translating into earnings per share of 0.98 sen versus 2.21 sen previously.
Quarterly revenue, however, rose 47% to RM552.8mil from RM376.3mil.
For the first half, WCT posted a net profit of RM27.3mil, or 1.75 sen down 42.4% from RM47.4mil, or 3.35 sen a year earlier, while revenue grew 21.5% to RM1.02bil from RM843.7mil.
