Remeasurement Gain from JV Helps Lift WCT's 3Q Net Profit despite Revenue Dip
27 November 2024
KUALA LUMPUR, 27 NOVEMBER 2024 - WCT Holdings Bhd has recorded a net profit of RM173.22 million in the third quarter (3Q) ended Sept 30, 2024, from a net loss of RM13.54 million in the same period last year.
In a filing with Bursa Malaysia today, it said net profit increased significantly by RMI87 million, primarily due to a net gain of about RM184 million arising from the remeasurement of interest in a jointly controlled entity.
However, WCT’s revenue decreased to RM437.46 million in 3Q from RM496.56 million previously.
"Engineering and construction segment continues to be the group's main revenue contributor of RM227 million, accounting for 52 per of its consolidated revenue.
"Property development and property investment, and management segments contributed RM139 million and RM71 million respectively, representing about 32 per cent and 16 per cent of the group's consolidated revenue,” it said.
For the first nine months of FY2024, WCT’s net profit rose to RM220.63 million against a RM8.23 million net loss while revenue fell by three per cent to RM1.28 billion from RM1.33 billion a year ago.
In a separate statement, WCT group managing director Datuk Lee Tuck Fook said the group’s property development segment showed resilience, particularly in Johor with infrastructure developments driving healthy demand despite challenging market conditions.
"Looking ahead, our engineering and construction division will remain focused on achieving key project milestones while pursuing infrastructure and building-related tenders both locally and regionally.”
He said the property development and property investment and management divisions are optimistic that Malaysia’s economic growth, coupled with improving consumer and business confidence, will drive demand for its property offerings and services. - Bernama
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