Thursday, August 25, 2011

Strong performance from Wah Seong

KUALA LUMPUR: WAH SEONG CORPORATION BHD [] posted net profit of RM16.19 million in the second quarter ended June 30, 2011, compared with RM1.70 million a year ago boosted by pipeline services, engineering divisions.

It said on Thursday, Aug 25 it revenue rose 9.5% to RM405.16 million from RM369.74 million. Earnings per share were 3.38 sen compared with 0.22 sen. It declared an interim dividend of 3.0 sen.

For the first half, net profit jumped 271% to RM69.56 million from RM18.72 million while revenue climbed 14.9% to RM896.05 million from RM779.36 million.

Wah Seong said profit before taxation for 2Q and 1H was RM34.4 million and RM103.1 million respectively as compared with a loss of RM6.4 million and a profit of RM32.0 million a year ago.

'The increase in profit before taxation is mainly due to a higher contribution from the pipeline services and engineering divisions,' it said.

When compared with the first quarter, the pre-tax profit decreased to RM34.4 million in 2Q from RM68.7 million in 1Q mainly due to the lower revenue generated by the pipeline services division in the current quarter.

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