WCT 2Q net profit dips 19.5%

WCT Bhd’s net profit for the second quarter ended June 30, 2010 (2QFY10) dipped 19.5% to RM33.75 million from RM41.95 million a year earlier on the back of lower revenue of RM513.56 million versus RM1.17 billion.

Basic earnings per share fell to 4.29 sen from 5.36 sen, while net assets per share stood at RM1.58 as at June 30. It declared an interim dividend of five sen per share less tax to be paid on Sept 23, 2010.

For the six months ended June 30, 2010, net profit slipped 15.3% to RM68.70 million from RM81.17 million a year earlier, while revenue fell 57.4% to RM913.68 million from RM2.14 billion.

WCT said that despite challenging macro-economic outlook, it was confident of achieving satisfactory results for the remaining period of of FY10.

Its shares yesterday shed one sen to close at RM2.82 with 276,500 shares traded.


This article appeared in The Edge Financial Daily, August 20, 2010.