WEC’s manufacturing section’s Q1 income up



PETALING JAYA: Wong Engineering Corp Bhd’s (WEC) internet revenue for its first quarter ended Jan 31, 2022 shrank to RM243,000 from RM2.01mil within the earlier corresponding interval, primarily on account of decrease billings in addition to share of losses from an affiliate .

Because of this, WEC stated in a submitting with Bursa Malaysia yesterday that its building and property improvement section suffered a marginal pre-tax loss, which was offset by improved income from the group’s manufacturing section as results of greater income.

Income within the first quarter dropped to RM18.52mil from RM24.79mil a 12 months earlier.

WEC stated the drop in income was on account of decrease billings from building jobs.

“The Kuchai Lama venture approaches its completion levels, offset by greater gross sales from manufacturing that was pushed by sturdy calls for by prospects from {the electrical} and electronics (E&E) sector.”

WEC stated the development venture at Kuchai Lama recorded billings of RM4.30mil, which was a drop of RM10.48mil (down 71%) because the venture is nearing its completion.

“The section suffered a marginal pre-tax loss (down 100%) as a result of decrease billings and share of loss from an affiliate firm.”

Commenting on its manufacturing division, WEC stated income grew by RM4.23mil (up 42%), pushed by sturdy demand arising from prospects within the E&E and semiconductor sectors.

“The section circled and recorded RM760,000 pre-tax revenue (up 520%) because of improved gross sales, however impression from greater price of uncooked supplies, utilities and different consumables.”

Commenting on its prospects, WEC stated it anticipates the near-to-medium time period outlook to stay constructive, buoyed by wholesome orders within the manufacturing section from prospects within the semiconductor and E&E sectors.

“The group can also be working intently with current and new potential prospects on securing new orders to drive progress and enlargement.” Nevertheless, WEC stated it stays cognisant of the risky enterprise atmosphere.

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