KUALA LUMPUR (Apr 23): WZ Satu Bhd is hoping to see its net profit double for its financial year ending August 31, 2015, compared to a year ago.

The group posted a substantial jump in net profit to RM11.68 million for the 16-month consolidated financial period ended August 31, 2014.

WZ Satu executive chairman and chief executive officer Tengku Uzir Tengku Ubaidillah said he foresaw the group's mining segment continuing its trend of contributing 50% of earnings for the rest of the year.

WZ Satu is expected to release its financial statements for the second quarter ended Feb 28 this evening.

Earlier at the meeting, shareholders approved the disposal of Weng Zheng Marketing Sdn Bhd for a cash total of RM6.1 million to its managing director and substantial shareholders Tan Ching Kee.

"With this disposal, we are able to recoup about RM22.5 million, including intercompany borrowings, which Tan will reimburse back by taking over this company," Tengku Uzir told reporters after the meeting.

"This money will be very handy for the group. We are already in a net cash position of about RM40 million and this will serve to further enhance our balance sheet," he added.

Weng Zheng Marketing is involved in the trading and processing of all types of steel products.