KUALA LUMPUR: OSK Research said despite the 54% drop in FY10 net profit, Wah Seong Corp's FY10 results were above expectations with 4Q profit jumping 98% q-o-q.
It said on Friday, Feb 18 that overall, the group delivered a better set of 4QFY10 numbers, mainly contributed by enhanced performance across all its division, especially its O&G unit, in which the gas compressor and pipe coating businesses improved.
OSK Research said nevertheless, 2010 remained a 'washout' year for Wah Seong although 'we see a brighter 2011, contributed by its Gorgon pipe coating business, better gas compressor business and consistent performance from its non-oil and gas divisions. Maintain Neutral,' it said.
It said on Friday, Feb 18 that overall, the group delivered a better set of 4QFY10 numbers, mainly contributed by enhanced performance across all its division, especially its O&G unit, in which the gas compressor and pipe coating businesses improved.
OSK Research said nevertheless, 2010 remained a 'washout' year for Wah Seong although 'we see a brighter 2011, contributed by its Gorgon pipe coating business, better gas compressor business and consistent performance from its non-oil and gas divisions. Maintain Neutral,' it said.
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