By TMR

WZ Satu Bhd stumbled to a RM17.05 million net loss for the second quarter (2Q) ended Feb 28 this year, largely owing to losses incurred by its civil engineering and construction, and manufacturing segments.

The company, which is also engaged in the oil and gas (O&G) and mining businesses, saw its revenue dropped by 30.5% year-on-year (YoY) to RM86 million for the quarter on lower contributions from all operating segments.

Lower turnover from engineering and O&G works, the group’s main revenue contributors, were due to projects nearing completion.

The performance brought the company’s total revenue for the six months to RM187.56 million, down 28.4% YoY, while net losses accumulated to RM28.84 million, WZ Satu’s exchange filing yesterday noted.

The company stated its current RM839 million worth of orderbook will keep it busy for the current and next fiscal year, but uncertainty over the dates of project commencement may materially impact its results. — TMR