WCT Holdings Berhad recorded a revenue of RM405 million for its first quarter as compared to RM605 million in the preceding year’s corresponding quarter however the group registered a loss attributable to equity holders at RM8 million as compared to a profit attributable to equity holders of RM31 million recorded in Q1FY22.
In comparison to the preceding year’s corresponding quarter, the Group said it would have registered an improvement in revenue of RM14 million and a reduction in loss attributable to equity holders by RM17 million if the Q1FY22 revenue and profit from land sales which amounted to RM214 million and RM56 million respectively were excluded.
The Group’s Engineering and Construction Division contributed 75% of the Group’s consolidated revenue and generated a revenue of RM304 million as compared to RM292 million in Q1FY22. The Division also recorded an operating profit of RM9 million as compared to RM15 million in the preceding year’s corresponding period. The lower operating profit in the current quarter was mainly due to the lower construction margin.
Meanwhile, the Group’s Property Development Division registered revenue and operating profit of RM48 million (1QFY22:RM269 million) and RM6 million (1QFY22:RM56 million) respectively. The higher revenue and operating profits recorded in the previous year’s corresponding quarter were primarily attributed to the sale of vacant lands, which generated sales proceeds of RM214 million and a profit of RM56 million. Excluding proceeds from the sale of vacant lands that was recorded in Q1FY22, the Property Development Division reported higher operating profit of approximately RM6 million in the current quarter. To date, the Group recorded property sales of RM103 million and its unbilled sales stood at RM323 million.
The Property Investment and Management Division reported higher revenue of RM52 million (1QFY22:RM44 million) resulting in a higher operating profit of RM27 million (1QFY22:RM22 million), boosted by increased business activities after the full reopening of economies and international borders.
The Group reported basic loss share of 0.54 sen as compared to basic earnings per share of 2.16 sen recorded in the preceding year corresponding period.
