KUALA LUMPUR: WCT Holdings Bhd’s net profit eases to RM13 million in the third quarter ended September 30, 2019 from RM25 million a year ago.
This is due to lower contribution from engineering and construction, and property development divisions.
WCT said its revenue in the same quarter was also lower at RM368 million compared to RM386 million previously.
For the nine months, the group recorded a lower net profit of RM76 million than the RM104 million a year ago.
Revenue for the period was at RM1.33 billion compared to RM1.6 billion previously.
WCT group managing director Datuk Lee Tuck Fook said the group had managed to maintain satisfactory performance across all its business segments, despite the challenging operating conditions.
He said during the quarter under review, the group had lowered its net gearing ratio from 1.03 times as at December 31, 2018 to 0.65 time with the issuance of RM617 million nominal value of perpetual sukuk under the RM1.0 billion Perpetual Sukuk Musharakah programme which was recently established in September 2019.
“Our property development division launched two new projects, namely Aronia Apartments – a 320-unit affordable apartments to cater to the demand for affordable housing and Paradigm Residence in Johor Bahru – a 263-unit residential project worth RM170 million in gross development value, which recorded encouraging take-up rate of over 60 per cent.
“All our retail malls continue to maintain high occupancy levels of 90 per cent and above which provides a steady stream of investment income to the group,” he said.