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Wing Tai's 2Q earnings jump 57% on claims against contractor
by Cals Thu 04 Feb 2016, 08:06
Wing Tai's 2Q earnings jump 57% on claims against contractor
By Chester Tay / theedgemarkets.com | February 3, 2016 : 6:11 PM MYTKUALA LUMPUR (Feb 3): Wing Tai Malaysia Bhd saw its second quarter ended Dec 31, 2015 (2QFY16) net profit jump 57.18% to RM19.79 million from RM12.59 million a year ago, mainly due to the recognition of net claims against contractor arising from settlement of final contract accounts for one of its subsidiary's completed project.
Earnings per share rose to 4.7 sen from 3.92 sen in 2QFY15.
In its quarterly report to Bursa Malaysia, Wing Tai revealed that its revenue for 2QFY16 fell by 8.57% to RM76.60 million from RM83.79 million in 2QFY15, as there was lower revenue recognition for its Jesselton Hills Phase 2 project.
In the first half of FY16 (1HFY16), the group's net profit declined by 49.04% to RM22.33 million or 5.3 sen per share, from RM43.82 million or 13.65 sen per share a year ago; revenue decreased by 9.55% to RM150.88 million from RM166.81 million in 1HFY15.
Going forward, with the market volatility in currency and subdued consumers' sentiment, Wing Tai said the retail and property outlook is expected to be challenging in FY16.
Wing Tai shares closed unchanged at RM1.18 today, giving it a market capitalisation of RM560.24 million.
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