Tuesday, November 15, 2011

Wah Seong 3Q net profit surges to RM21.29m

KUALA LUMPUR (Nov 15): WAH SEONG CORPORATION BHD [] net profit for the third quarter ended Sept 30, 2011 surged to RM21.29 million from RM12.49 million a year earlier, due mainly to a higher contribution from the oil and gas division.

It said on Tuesday, its revenue for the quarter rose to RM478.84 million from RM346.76 million in 2010.

Earnings per share rose to 2.80 sen from 1.64 sen, while net assets per share was RM1.31.

For the nine months ended Sept 30, Wah Seong's net profit jumped to RM90.85 million from RM31.21 million in 2010, on the back of revenue RM1.37 billion.

Reviewing its performance, Wah Seong said its revenue increased for the period under review due to better performance in all its divisions.

On its current year prospects, Wah Seong said the sovereign debt issues affecting Europe and rising risks to US growth outlook had created a climate of uncertainty in the global economy.

'However with the existing order book in hand, the group expects to continue to record satisfactory performance for the financial year ending Dec 31, 2011,' it said.

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