KUALA LUMPUR (May 25): WCT Holdings Bhd saw its net profit for the first quarter ended March 31, 2016 (1QFY16) fall by 73.4% to RM8.83 million or 0.72 sen per share from RM33.21 million or 3.01 sen per share a year ago.
This was mainly due to an unrealised foreign exchange loss of RM23.14 million compared to a gain of RM18.46 million in 1QFY15, the group said in a filing to Bursa Malaysia.
Revenue grew 37.9% to RM484.96 million from RM351.62 million a year ago, helped by higher contribution from the group's local construction and property development segments.
The engineering and construction segment recorded a revenue and operational profit of RM378 million and RM4 million respectively, compared with RM250 million and RM27 million previously.
The property development and investment sector saw a slight increase in revenue to RM107 million from RM102 million, but a slight drop in operational profit to RM26 million from RM32 million.
The group said it is confident of achieving satisfactory results for the current financial year.
"This is attributable to the group's outstanding construction order book of RM4.4 billion and unbilled property sales amounting to RM551 million as at March 31.
"In addition, the group's investment properties are expected to achieve increasing recurring income," it said.
WCT Holdings' share price fell one sen or 0.59% to close at RM1.69 today, with 1.52 million shares changing hands, for a market capitalisation of RM2.11 billion.
WCT (9679) - Unrealised forex loss drags down WCT Holdings' 1Q profit
http://www.theedgemarkets.com/my/article/unrealised-forex-loss-drags-down-wct-holdings-1q-profit
