Wong Engineering posts profit in Q4

PETALING JAYA: Wong Engineering Corp Bhd returned to the black registering a net profit of RM2.5 million for the fourth quarter ended Oct 31, 2017 against a net loss of RM130,000 in the previous corresponding period, on the back of higher revenue.
Revenue for the quarter surged 64% to RM12.8 million, compared with RM7.8 million in the same period last year, fueled by domestic demands from customers in the electrical and electronic industry.
The group told the stock exchange today, its profits are in-line with expectations on increase in raw material cost offset by internal cost control measures.
For the full year, its net profit jumped 755% to RM6.1 million, from RM715,000 a year ago, while revenue up 29% to RM42.7 million, from RM33 million previously.
On its prospects, the group said it expects an improvement in revenue and a competitive business environment in the coming year.
It said it will continue to diversify its revenue streams in various industries and customer base while implementing strategies to better control operating cost and cash flow.
The stock gained 8 sen or 6.9% to RM1.24 today with some 2.04 million shares traded.