Friday 29 Mar 2024
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KUALA LUMPUR (Nov 21): Wah Seong Corporation Bhd’s net profit for the third quarter ended Sept 30, 2019 (3QFY19) fell 38% to RM15.29 million or 1.98 sen per share, from RM24.49 million or 3.17 sen per share a year earlier, on lower revenue from its business units.

In a Bursa Malaysia filing, the integrated energy infrastructure group said revenue dropped 8% year-on-year to RM644.49 million, mainly attributed to a 20% drop in revenue from its oil and gas segment.

It said there were lower level of activities in the oil & gas segment, following completion of coating activities on a major project that has been ongoing since late 2016.

Its nine-month (9MFY19) net profit fell as a result, down 27% to RM54.73 million from RM74.77 million previously, as revenue fell 7.5% to RM2.09 billion.

Looking ahead, the group said in context of an improved oil and gas sector outlook, it will continue to bid for new projects.

The group’s current order book of RM969.4 million comprises RM570.8 million in oil & gas, RM352.1 million in the renewable energy segment, and RM46.5 million in the industrial trading & services sector.

Wah Seong’s share price closed three sen or 2.36% lower at RM1.24 today, for a market capitalisation of RM955.37 million.

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