KUALA LUMPUR (May 27): WCT Holdings Bhd net profit for the first quarter ended March 31, 2022 fell 47% year-on-year to RM30.56 million from RM65.40 million previously, on higher finance costs.

In a bourse filing on Thursday (May 26), WCT said revenue for the quarter rose to RM604.72 million from RM444.29 million.

Earnings per share slipped to 2.16 sen from 4.66 sen.

The company did not declare any dividend.

WCT said its engineering and construction division continued to be the group's primary source of revenue, contributing 48% of total revenue.

In a separate statement, WCT group managing director Datuk Lee Tuck Fook said the engineering and construction division will be the key contributor to our earnings.

“As we concentrate on the execution of our current projects, we will continue to pursue new engineering and construction opportunities to replenish our robust order book,” he said.

Lee said the property development and property investment divisions contributed approximately 45% and 7% respectively to the group's consolidated revenue.

He said the property development division recorded revenue and operating profit of RM269 million (1QFY21: RM177 million) and RM56 million (1QFY21: RM77 million).

“The higher revenue was mainly due to an increase in the revenue from the sale of vacant lands of RM214 million in the current quarter as compared to RM135 million in the preceding year corresponding quarter,” he said.