WCT registers RM12.5m net profit in 3Q on stronger revenue, lower costs

• WCT group managing director Datuk Lee Tuck Fook said the group will continue to focus on project execution, while identifying new opportunities to replenish the order book of RM3.8 billion.

KUALA LUMPUR (Nov 29): WCT Holdings Bhd posted a net profit of RM12.49 million for the third quarter ended Sept 30, 2022 (3QFY2022), versus a net loss of RM35.23 million a year ago, as revenue rose on lower cost of sales, administrative expenses and finance costs.

The builder-cum-property developer posted an earnings per share of 0.88 sen, versus a loss per share of 2.49 sen previously.

Quarterly revenue was 4.1% higher at RM470.04 million, from RM451.72 million in 3QFY2021, the group said in a stock exchange filing.

The group’s engineering and construction division continues to be the main contributor of revenue, accounting for 75% of the total amount, followed by its property development’s 15% and property investment’s 10%.

For the first nine months of the year (9MFY2022), net profit more than doubled to RM101.54 million, from RM46.29 million in the previous corresponding period, while revenue grew 23% to RM1.64 billion from RM1.33 billion.

WCT group managing director Datuk Lee Tuck Fook said the group will continue to focus on project execution, while identifying new opportunities to replenish the order book of RM3.8 billion.

Lee added that the current endemic phase will continue to stimulate demand for the group’s property development offers and launches, while the upcoming festive season will likely increase footfall at its shopping malls.

Shares of WCT closed half a sen or 1.2% higher at 43 sen on Tuesday (Nov 29), giving the group a market capitalisation of RM609.8 million.