KUALA LUMPUR (May 25): WZ Satu Bhd achieved a net profit of RM1.09 million for the first quarter ended March 31, 2021, after reporting twelve consecutive quarterly losses since the third quarter of 2018.

The group’s quarterly revenue came in at RM68.05 million, its filing to Bursa Malaysia showed. There were no comparative figures as the group had changed its financial year end from Aug 31 to Dec 31 on July 22, 2020.

The group did not declare any dividend for its latest reporting quarter.

According to the group, its civil engineering and construction (CEC) segment contributed RM27.6 million to group revenue, with RM23.4 million from oil and gas, RM15.6 million from manufacturing, and RM1.4 million from its remaining segments.

The group gained a profit before tax of RM1.9 million each from its CEC and manufacturing segments, and a PBT of RM0.6 million from its O&G segment. These were partially offset by a loss before taxation of RM3.3 million in the remaining segments.

In a statement, the group said its new management which is headed by chief executive officer Encik Suhaimi Badrul Jamil, has successfully implemented a turnaround plan with the advice and oversight from the board of directors.

The group is confident, barring unforeseen circumstances, that its profit momentum is sustainable and will continue till the rest of the year.

“We are confident that we will continue to improve our financial performance going forward, with the many initiatives that we have put in place and with our group’s growing order books,” said Suhaimi.

WZ Satu's total order book as at March 31 stood at about RM685 million.

The stock settled unchanged at 17 sen today, giving the group a market capitalisation of RM112.51 million.