WCT Land 3Q profit up 40% to RM15.6million

KUALA LUMPUR: WCT Land Bhd, which could be taken private by its parent WCT Engineering Bhd, posted a 40% rise in net profit to RM15.59 million in its third quarter ended Sept 30, 2007, from RM11.17 million a year earlier last year due to higher progress billings from its Bandar Bukit Tinggi II and III projects.

WCT Land said yesterday revenue rose 66.84% to RM79.31 million from RM47.54 million a year earlier while earnings per share was 1.35 sen higher at 4.82 sen. It did not declare any dividend.

Net profit for the nine month period rose 42.36% to RM45.22 million from RM31.76 million, while revenue stood at RM209.38 million, or 17.68%, from RM177.92 million a year earlier.

“The group is confident of a better financial performance for the remaining period of the current financial year,” it said.

Analysts have said that the company, whose securities have been suspended pending a corporate announcement involving itself and WCT Engineering, could be taken private.

By The EDGE MALAYSIA