KUALA LUMPUR: WCT Holdings Bhd aims to focus on maintaining a healthy financial and cash flow position, as well as continue to drive its core business activities in the 2020 financial year (FY20) to mitigate the impact of its declining revenue.
In FY19, group revenue dipped to RM1.84 billion from RM2.30 billion in the preceding year.
WCT recorded a net loss of RM27.30 million in FY19 compared with a net profit of RM106.00 million in FY18 (restated).
Group managing director Datuk Lee Tuck Fook said the group’s engineering and construction division will continue to focus on project execution and it would continue to be supported by an outstanding order book of over RM5 billion.
The division recently secured a building construction job worth RM1.2 billion for the superstructure works for Phase 2 of Pavilion Damansara Heights in March 2020.
Meanwhile, the property development division will continue its efforts to reduce unsold properties, drive future sales as well as divest undeveloped land to improve operating cash flow.
“For our retail malls, we will continue to extend support to our tenants to ride through this challenging period.
“We will also introduce new promotions and activities to drive higher customer footfall and increase consumer spending, while observing preventive guidelines issued by the local authorities to safeguard the safety and wellbeing of our tenants, shoppers and employees,“ Lee said in a statement released after the company’s annual general meeting today.
He said WCT’s performance in the current financial year had been affected by the impact of the Covid-19 pandemic.
“The extent of the impact of the Covid-19 on the group’s financial results would depend on various factors, including the speed of economic recovery, both domestically and internationally, as well as when the pandemic can be effectively contained,‘’ he added. – Bernama