WZ Satu Bhd posted a net loss of RM77.62 million in the fourth quarter ended Aug 31, 2018 (4Q) against a net profit of RM3.49 million a year ago, due to losses at its oil and gas (O&G), civil engineering and construction as well as mining segments.
In an exchange filing yesterday, the company noted the O&G segment registered a RM46.0 million pretax loss in the quarter, while civil engineering and construction segment recorded a loss of RM17.1 million and mining segment RM15.6 million loss.
The losses registered in the O&G and civil engineering and construction segments were due to cost overruns arising from project disputes.
The O&G and civil engineering and construction segments had incurred losses at the Refinery and Petrochemical Integrated Development project at Pengerang, Johor, and at Section 9 of the West Coast Expressway in Perak the company stated.
The loss in the mining segment was mainly due to prudence in the impairment of mining assets amounting to RM14.4 million. Group revenue for the quarter dropped 22.32% year-on-year (YoY) to RM116.82 million mainly due to lower revenue from the O&G segment.