Friday, March 11, 2011

WCT ... Mar11

WCT Bhd's provision on the Bakun hydro-electric dam project is a thing of the past.

In the fourth quarter of 2010, WCT booked a RM36mil provision for the Bakun CW2 package. Of the amount, RM25mil was for additional cost to ensure completion to 100% from 96% currently, while the remaining RM11mil was WCT's share of the provision in the Malaysia-China Hydro Joint Venture to take into account the inability of other consortium members to complete the project.

In 2004, WCT had made a RM28mil provision for the Bakun dam project.

WCT could recoup the provisions made on the Bakun dam but did not provide a timeframe. WCT remains confident of recouping these provisions (RM36mil) and another RM28mil booked in 2004 when the dam is handed over at end-2011. The dam is in the process of being impounded.

The writebacks from provisions made by WCT could be settled once the state and federal governments agreed on the pricing but the timeframe on the payment was difficult to gauge.

There would be further provisions in the future given the near completion of the project.

WCT announced a net profit of RM141.1mil for the financial year ended Dec 31, 2010 (FY10) on revenue of RM1.7bil.

WCT's exposure to the countries in the Middle East region is in Bahrain, where it is carrying out fit-out works for the Bahrain City Centre. There is some RM39mil outstanding on the job, which represents a mere 1.1% of its RM3.6bil orderbook. So far, works on the project are still ongoing.

WCT was targeting some RM2bil in new contract wins for FY11. It expects equal proportion of local and Middle East contracts. Of its RM3.1bil orderbook, 52% is in the Middle East but only 2.5% is in Bahrain, works are still on-going.

It remains committed to replenish its Middle East orderbook, especially Qatar, host of the 2022 World Cup and which has higher gross domestic product per capita and lower unemployment versus other states.

WCT's largest project in the Middle East was a RM1.4bil government building job in Qatar.

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