KUALA LUMPUR (Dec 21): Wong Engineering Corp Bhd posted a profit for the third straight quarter in the fourth financial quarter ended Oct 31, 2017 (4QFY17), as internal cost control measures offset an increase in raw material cost.

The group reported a net profit of RM2.5 million for 4QFY17, reversing the RM130,000 net loss booked a year ago. Earnings per share came in at 2.73 sen, compared with a loss per share of 0.14 sen in 4QFY16.

Quarterly revenue rose 64.4% to RM12.78 million, from RM7.77 million in 4QFY16, largely thanks to higher domestic demands from customers in the electrical and electronic industry which continue to fuel revenue growth.

For the full year (FY17), the high precision component parts maker saw net profit surge 8.5 times to RM6.11 million, from RM715,000 the previous year, while revenue grew 29.1% to RM42.71 million, from RM33.09 million in FY16.

On prospects, Wong Engineering expects an improvement in revenue and a competitive business environment in the coming year.

"The group will continue to diversify its revenue streams in various industries and customer base, while implementing strategies to better control operating cost and cash flow," it said in a filing with Bursa Malaysia today. 

At 2.59pm, Wong Engineering shares were up 5 sen or 4.31% at RM1.21, with 985,100 shares done, bringing it to a market capitalisation of RM107.1 million. Over the past year, the share price has risen by 77%.