KUALA LUMPUR: WCT Holdings Bhd reversed into a net loss of RM27.62 mil for the financial year ended Dec 31, 2019, from a net profit of RM106.85 mil in the previous year.
Revenue dropped to RM1.79 bil from RM2.30 bil previously, the group said in a filing to Bursa Malaysia today.
WCTH is an investment holding company with two main subsidiaries, WCTB and WCT Land Sdn Bhd, which are primarily involved in engineering and construction, property development and investment & management activities.
It said the net loss was mainly due to the provision for additional losses following the unfavourable final arbitral award in relation to a completed construction project in Qatar; lower profit contribution as a result of recently-completed construction projects and projects which were nearing completion; higher finance costs; as well as lower fair value gain on investment properties compared with the preceding financial year.
For the fourth quarter ended Dec 31, 2019, the group recorded a net loss of RM103.97 mil against a net profit of RM2.53 mil in the same quarter of the previous year, while revenue fell to RM461.04 mil from RM701.24 mil previously. - April 2, 2020, Bernama