WCT Holdings net profit jumps 71pc to RM41m in third quarter

KUALA LUMPUR: WCT Holdings Bhd saw a 71 per cent jump in net profit to RM41 million for the third quarter ended September 30, from RM24 million in the corresponding quarter last year.

Revenue for the quarter was also higher at RM470 million, from RM414 million previously.

The group’s net profit for the first nine months of its this financial year increased 47 per cent to RM95 million from RM65 million a year ago.

The improved net profit came despite lower revenue of RM1.33 billion compared with RM1.48 billion registered in the corresponding period last year, which is reflective of the group’s ability to drive more significant profit margin from its ongoing local construction jobs.

“The group’s improved performance was mainly due to stronger contribution from local construction projects. In addition, our continued focus on enhancing profit margin from our construction jobs, through greater efficiencies and better cost management, had impacted our bottom line in a positive manner,” said group managing director Datuk Lee Tuck Fook.

The group also saw positive contribution from the property development and investment division. “In view of the challenging operating landscape, we had intensified our sales and marketing efforts to promote our existing property offerings as opposed to launching more products,” said Lee.