WCT Q1 income rises 17% on construction earnings

PETALING JAYA: WCT Holdings Bhd’s net profit rose 16.9% to RM38.39mil in the first quarter ended March 31 from RM32.84mil in the corresponding quarter a year ago, driven by its construction earnings.

During the quarter in review, the construction and property development company saw its revenue grow 14.1% to RM539.79mil from RM472.88mil in the previous corre- sponding period, while its earnings per share increased to 2.71 sen from 2.62 sen previously.

In its filing with Bursa Malaysia, WCT said its engineering and construction segment was expected to gain from its strong order book of more than RM5bil, comprising mainly of high-margin civil and infrastructural works.

During the quarter in review, the engineering and construction segment remained as the group’s main revenue contributor. It accounted for 83% of its consolidated revenue, backed by a strong order book.

The property development and property investment and management segments contributed 10% and 7%, respectively, to the group’s consolidated revenue.

WCT said the property develop- ment segment would continue to adopt a cautious approach in new launches in 2018. It would also intensify its marketing and sales initiatives to promote existing properties. The group’s property investment and management segment aims to stay competitive by further enhancing its offerings and services. The segment is expected to be the group’s stable income stream.