Posted by Jimmy Song > 2018-02-23 09:53 | Report Abuse

AWC REPORTS COMMENDABLE 2ND QUARTER RESULTS DRIVEN BY STRONG CONTRIBUTIONS FROM THE FACILITIES DIVISION SUBANG JAYA, 22 FEBRUARY 2018 – AWC BERHAD (“AWC” or “the Group”), a well-established engineering services provider announced its second quarter results for the financial year ending 30 June 2018 (“Q2FYE2018”) with revenue of RM68.35 million and profit after tax and minority interest (“PATMI”) of RM5.06 million. Second Quarter (Q2FYE2018) vs Corresponding Period Last Year (Q2FYE2017) Q2FYE2018 Q2FYE2017 Revenue 68,353 75,639 down 9.6% Profit Before Tax (PBT) 7,014 9,354 down 25.0% Profit After Tax (PAT) 5,456 7,552 down 27.8% Profit After Tax and Minority Interest (PATMI) 5,060 5,218 down 3.0% Segmental Performance (Q2FYE2018 vs Q2FYE2017) The Group’s Facilities division reported revenue and profit growth of 14.0% and 263.9% respectively to RM40.00 million and RM4.70 million respectively. The increase of revenue was mainly attributed to the commencement of four (4) new projects in Putrajaya as well as recognition from the Capital Asset Refurbishment Programme. While the increase of profit was due to improved revenue contributions, savings on mobilization costs incurred on the new contracts and restructuring of costs. The environment division reported a decrease in revenue and profits by 28.3% and 81.6% respectively to RM12.35 million and RM1.02 million respectively mainly due to delays of certain projects. These delays are expected to catch up in the ensuing quarters. The engineering division reported a decrease in revenue and profits by 19.9% and 39.3% respectively to RM24.35 million and RM1.67 million due to project delays experienced in certain contracts in the Plumbing segment, as well as margin compression in the Air Cond segment. Change in Auditors On the 6th of February 2018, Messrs. Morison Anuarul Azizan Chew resigned as auditors of the Company due to administrative issues. Subsequently, the Board has nominated Messrs. Baker Tilly Monteiro Heng as the new Auditors of the Company for the financial year ending 30 June 2018 to fill the casual vacancy in the office of the resigned Auditors. Quote from the Managing Director & Group CEO, Dato’ Ahmad Kabeer “I am pleased that AWC has delivered a commendable first half results despite a tough operating environment which was compounded by various project delays. Going forward, I expect the Group’s current outstanding orderbook as at 31 December 2017 of approximately RM1.1 billion to drive earnings growth and provide clearer earnings visibility as we strive for a better second half. In addition to that, our balance sheet remains robust, boasting a net cash position of RM79.1 million and current ratio of 3.18x. We would like to thank our shareholders for their confidence and continuous support in AWC Berhad.” Commented AWC’s Managing Director & Group CEO, Dato’ Ahmad Kabeer.