Year on year, 1QFY2017 core net profit increased by 83.3% to RM341.1 million, boosted mainly by higher plantation earnings (which in turn were driven by higher palm product prices) and better performance at the property and farming divisions.
WCT Holdings Bhd reported its third quarter of financial year 2016 (3QFY16) results with a revenue of RM414 million (+11% year-on-year, -29% quarter-on-quarter) and core earnings of RM20 million (+181% y-o-y, -8% q-o-q).
The Ascent sale will reduce WCT’s net gearing from 81% to 68% on a pro forma basis.
The engineering division experienced the best of both worlds with 1HFY17 revenue growing 85% and the profit before tax (PBT) margin expanding from 15.2% to 16.7%.
Late last month, George Kent (M) Bhd (via a joint venture [JV] with China Communications Construction Co Ltd [CCCC]) managed to beat six other contenders for Mass Rapid Transit (MRT) Line 2 track works worth RM1 billion (completion in May 2022).
Group’s property division has new property development project on the cards
The job win was not entirely surprising as management had previously guided that it was looking to undertake utilities relocation works for both MRT2 and Light Rail Transit Line 3.
MQREIT declared a dividend of 4.23 sen for the first half of FY16 ended June 30, 2016 (1HFY16), compared with 4.1 sen for 1HFY15, going ex on Aug 16, 2016, representing an annualised yield of 7.05% at a payout ratio of about 91.4%.
With the strong recovery in China’s property market, phase 1 and phase 2 of IOI Palm City in Xiamen are almost fully taken up.
We opine that it is now an opportune time for Tiong Nam to go warehouse real estate investment trust (REIT) listing given the renewed interest in high dividend stocks.
The only property app you need. More than 200,000
sale/rent listings and daily property news.
