KUALA LUMPUR: Shares of WCT BHD [] fell in afternoon trade on Thursday, Aug 18 after analysts viewed its second quarter results as disappointing, which were impacted partly by foreign exchange (forex) losses.
At 3.42pm, it had fallen 12 sen to RM2.72 with 2.20 million shares done.
The FBM KLCI fell 3.83 points to 1,499.24. Turnover was 631.11 million shares valued at RM1.09 billion. Losers beat gainers 454 to 204 while 295 stocks were unchanged.
WCT's second quarter revenue amounted to RM375.9 million (down 26.8% on-year but up 19.1% on-quarter) while earnings came in at RM37.8 million (up 12% on-year, up 1.1% on-quarter).
OSK Research said on a cumulative basis, the earnings of RM75.2 million were higher by 9.4% y-o-y. Margins over the same horizon also expanded, with EBIT and net levels at 18.7% and 10.9% (FY10 comparatives at 13.9% and 7.5%).
'Overall, the results were below expectations, making up only 41.4% of our estimates (41.7% of consensus),' it said.
OSK Research said the lower than expected results were partially due to forex losses amounting to RM9 million for the quarter (RM14 million in 1H) due to the depreciation of the QAR (USD pegged) from its Qatar operation.
'Management expects more forex losses in 3Q-4Q but at a lower quantum,' it said.
The research house said CONSTRUCTION [] revenue accelerated 33.5% on-quarter, mainly driven by domestic jobs such as the Medini infra works, LCCT earthworks and KLIA2 complex. Its RM1.4 billion building job in Qatar has yet to go into full swing.
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At 3.42pm, it had fallen 12 sen to RM2.72 with 2.20 million shares done.
The FBM KLCI fell 3.83 points to 1,499.24. Turnover was 631.11 million shares valued at RM1.09 billion. Losers beat gainers 454 to 204 while 295 stocks were unchanged.
WCT's second quarter revenue amounted to RM375.9 million (down 26.8% on-year but up 19.1% on-quarter) while earnings came in at RM37.8 million (up 12% on-year, up 1.1% on-quarter).
OSK Research said on a cumulative basis, the earnings of RM75.2 million were higher by 9.4% y-o-y. Margins over the same horizon also expanded, with EBIT and net levels at 18.7% and 10.9% (FY10 comparatives at 13.9% and 7.5%).
'Overall, the results were below expectations, making up only 41.4% of our estimates (41.7% of consensus),' it said.
OSK Research said the lower than expected results were partially due to forex losses amounting to RM9 million for the quarter (RM14 million in 1H) due to the depreciation of the QAR (USD pegged) from its Qatar operation.
'Management expects more forex losses in 3Q-4Q but at a lower quantum,' it said.
The research house said CONSTRUCTION [] revenue accelerated 33.5% on-quarter, mainly driven by domestic jobs such as the Medini infra works, LCCT earthworks and KLIA2 complex. Its RM1.4 billion building job in Qatar has yet to go into full swing.
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