KUALA LUMPUR (Nov 15): Willowglen MSC Bhd’s net profit for the third quarter ended Sept 30, 2019 (3QFY19) expanded 30.6% year-on-year (y-o-y) to RM3.24 million from RM2.48 million previously, on the back of higher profit margins.

In a bourse filing, the group announced that earnings per share (EPS) also grew to 0.66 sen from 0.55 sen previously.

Quarterly revenue dropped 6.36% y-o-y to RM29.11 million from RM31.09 million last year.

For the nine months ended Sept 30, 2019 (9MFY19), the group’s net profit jumped 50.29% y-o-y to RM11.1 million, from RM7.39 million last year.

Cumulative 9MFY19 EPS increased to 2.28 sen, from 1.52 sen in the corresponding period last year.

Revenue, however, declined by nearly 11% y-o-y to RM87.07 million in 9MFY19 from RM97.81 million a year prior.

It added that its Malaysian operations constituted 20.28% of its cumulative revenue, with the balance from its operations across the causeway in Singapore.

“Revenue of the Malaysia operations remains low as many of the projects on hand are at an early stage of implementation or completion stage where income recognition from projects is low.

The group expects that revenue from the Malaysia operations will improve in the next financial year,” it said.

Shares in Willowglen closed 2.25% or a sen lower at 43.5 sen, valuing it at some RM215.76 million. The counter saw 352,100 shares traded.