Posted by Jimmy Song > 2014-12-01 08:26 | Report Abuse

WEIDA (M) BERHAD ANNOUNCED Q2FYE2015 Plans New Property Development In Cheras PETALING JAYA, 28 NOVEMBER 2014 – WEIDA (M) BERHAD (“Weida” or the “Group”) announced its second quarter results for the financial year ending 31 March 2015 (“Q2FYE2015”) posting a revenue of RM71.1 million. The Group’s profit before tax (“PBT”) grew by 154% to RM3.3 million for Q2FYE2015 as compared to RM1.3 million recorded for the corresponding quarter last financial year (“Q2FYE2014”). The Group’s profit after tax (“PAT”) amount to RM2.5 million for Q2FYE2015, representing a growth of 588% compared to Q2FYE2014. The Group’s first half (“1HFYE2015”) cumulative revenue, PBT and PAT amount to RM140.3 million, RM9.4 million and RM6.9 million respectively. The Group saw increased revenue contribution from its new property development segment which amount to RM14.1 million. However the Group’s manufacturing, works, and others segments contributed lower revenues of RM92.3 million, RM24.6 million and RM9.4million respectively compared to corresponding 1HFYE2014. As a result, the Group achieved a lower PAT of RM6.9 million as compared to RM10.2 million achieved in the corresponding 1HFYE2014. The Group’s balance sheet remains healthy with total equity standing at RM361.1 million and a cash balance of RM233.9 million. The Group increased its q-o-q net cash position by 5% to RM113.0 million. This net cash position enables the Group to accumulate strategic land banks for further development and to take advantage of any lucrative opportunity that arises. The Group recently paid out its first and final single-tier exempted dividend of 3.0 sen per ordinary share on the 21 November 2014. Prospects Looking forward, the Group foresees strong growth in the manufacturing sector spurred by the Tenth Malaysia Plan (10th MP) particularly in areas of water supply, sanitation facilities, housing and general infrastructure developments. The Group expects to be a major beneficiary leveraging on its vast array of relevant products and manufacturing expertise. On its property development business, the Group is currently in its final preparations to launch Ardena Mont’ Kiara, a high end condominium at Mont’ Kiara, with an estimated Gross Development Value (“GDV”) of RM330 million. More recently, the Group has entered a joint venture to develop two parcels of lands located in Cheras. Measuring 11.45 acres, the lands are located in a matured neighbourhood and are well serviced by Jalan Cheras, Middle Ring Road 2 and an upcoming MRT Station within walking distance. “We are very excited about the recent joint venture as it will enable us to showcase our abilities on a much larger scale. That being said, we will continue to look into acquiring more land banks for future developments. We will not lose sight of our direction to achieve a balanced and sustainable growth in all other business sectors within the Group.” commented Dato’ Lee Choon Chin, Group Managing Director. For more information about the Group please go to http://www.weida.com.my/website/ About Weida (M) Berhad Weida (M) Bhd is an investment holding company. Through its subsidiaries, the Company is involved in property development, manufacturing of polyethylene-based building materials, construction of telecommunication infrastructure, environmental and building works as well as the provision of environmental engineering services.