KUALA LUMPUR: WCT Holdings Bhd's net profit surged more than two times to RM16 million in the second quarter ended June 30 2021 from about RM7.0 million previously.
This was achieved on a higher revenue of RM436 million from RM375 million in the preceding year's corresponding quarter.
WCT said the performance reflected its resilience amid the Covid-19 resurgence during the second quarter which impacted economic recovery and growth.
"Bank Negara Malaysia has revised its full-year gross domestic product growth forecast for Malaysia to between 3.0 per cent and 4.0 per cent, from the previous forecast of between 6.0 per cent and 7.5 per cent for 2021.
"Despite the revision, the group remains optimistic of the economic recovery with the implementation of the first phase of the National Recovery Plan (NRP) and the gradual transition of the phases upon achieving herd immunity with the rollout of vaccines," it said in a statement today.
WCT managing director Datuk Lee Tuck Fook said the current progress of the National Covid-19 Immunisation Programme, having fully vaccinated over 50 per cent of the country's adult population, would further pave the way towards resumption of economic activities, safer re-opening of its offices and premises and execution of its buildings and infrastructure projects.
Cumulatively, the group registered a higher revenue of RM880 million for the first six months, up 19 per cent over the RM738 million recorded in the preceding year's corresponding period.
"The group's profit attributable to equity holders increased significantly to RM82 million as compared to RM7 million achieved in the preceding year's corresponding period," the group said.
Its engineering and construction division contributed 65 per cent of the group's consolidated revenue in the first six months at RM570 million.
The division registered an operating profit of RM82 million compared to RM4 million previously.
WCT said the engineering and construction division would continue to focus on project execution, while eyeing for new opportunities to replenish the order book.
The recently-secured Sapangar Bay container port expansion contract in July strengthened the group's outstanding order book to about RM5.37 billion.
Year to date, WCT's property sales increased more than two-fold to RM362.1 million from RM148.6 million recorded in the preceding year's corresponding period.
As of June 30, the group's unbilled sales stood at RM147.1 million.
The eventual easing of restrictions on travel and renewed consumer confidence were expected to revitalise the five retail malls under the group's management as well as the hotels and business aviation services, WCT said.