Friday 29 Mar 2024
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KUALA LUMPUR: WCT Holdings Bhd’s net profit dropped 37% to RM25.8 million in the third quarter of financial year 2014 ending December (3QFY14), from RM41.3 million a year earlier, translating to a decline in its earnings per share to 2.37 sen from 3.78 sen. Group revenue improved by 13% to RM471.1 million in 3QFY14 from RM418.5 million in 3QFY13. For the nine months to September, net profit fell 29% to RM100.2 million from RM141.2 million in the year before, while revenue declined 4% to RM1.34 billion from RM1.39 billion.

“The decrease in both revenue and net profit are mainly due to lower property development billings and lower project margins,” said WCT in a statement to the exchange. It said its civil engineering and construction segment, and property and investment segments, had posted lower profits for the cumulative period.

The counter closed at RM1.91, down two sen or 1.04%, translating to a market capitalisation of RM2.09 billion.

 

This article first appeared in The Edge Financial Daily, on November 25, 2014.

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