WCT Holdings 2Q PBT slips 11.3 per cent to RM38.48 million

KUALA LUMPUR: Investment holding firm, WCT Holdings Bhd, chalked up a lower pre-tax profit of RM38.48 million for the first quarter ended June 30, 2017, down 11.3 per cent, from RM49.79 million posted in the same quarter last year, it announced yesterday.

Revenue was also lower at RM383.32 million compared with RM581.06 million, previously.

WCT, which is involved in engineering and construction, property development and property investment said there were lower margins from the property development sector for the quarter under review.

For the cumulative six months, pre-tax profit was higher at RM83.32 million compared with RM74.98 million for the same period last year but revenue was lower at RM856.71 million versus RM1.06 billion recorded last year, said WCT in a filing to Bursa Malaysia yesterday.

On outlook, the engineering and construction division of the group was expected to continue to build on its strong order book, after having secured several new contracts amounting to about RM2 billion in the last financial year, backed by the government’s emphasis on infrastructure development and spending.

However, with the subdued property market, the property development division of the group adopted a more cautious approach in launching new projects in the current financial year and intensified its marketing and sales initiatives to promote the group’s properties, it added.

As for the property investment and management division, the group was expected to continue to provide a stable income stream to the group.