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Tuesday, November 24, 2015

WCT's 3Q earnings up by threefold on forex

KUALA LUMPUR (Nov 24): WCT Holdings Bhd ( Valuation: 1.40, Fundamental: 0.45) saw an increase of more than three folds in net profit to RM85.91 million or 7.43 sen per share for the third financial quarter ended Sept 30, 2015 (3QFY15), mainly driven by favourable foreign exchange (forex) gain.

The construction outfit posted a net profit of RM25.85 million or 2.31 sen per share.

Revenue for the quarter came in at RM371.8 million, 21.1% lower compared to RM471.11 million a year earlier.

For the nine month period (9MFY15), WCT posted a 24.9% jump in net profit to RM150.18 million or 13.39 sen per share, as compared to RM100.24 million or 8.95 sen per share in 9MFY14.

This is despite revenue for the period having gone down 14.3% to RM1.14 billion, from RM1.34 billion in the previous year.

WCT told Bursa Malaysia in a filing today, that its engineering and construction segment posted a revenue and operational profit of RM827 million and RM159 million respectively for the nine month period, as compared to RM949 million and RM87 million in 9MFY14.

Its property development and investment, registered a revenue and operational profit of RM319 million and RM74 million respectively in 9MFY15, versus RM390 million and RM80 million in the preceding year corresponding period.

Going forward, WCT said with the impending implementation of the 11th Malaysia Plan and roll out of mega infrstructure projects, the group is cautiously optimistic to achieve satisfactory results for the financial year ending Dec 31, 2015 (FY15).

Shares in WCT closed one sen or 0.67% higher at RM1.51 today, for a market capitalisation of RM1.8 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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