PETALING JAYA: Wong Engineering Corp Bhd’s net profit slumped by over 90% year-on-year (y-o-y) in the fourth quarter ended Oct 31 after its manufacturing business slipped into losses due to lower sales.
The manufacturer of high precision stamped and turned metal parts told Bursa Malaysia that its earnings declined to RM373,000 as compared to RM3.87mil a year earlier.
However, the group’s overall revenue in the August-October 2020 period rose by 31.34% y-o-y to RM24.67mil as higher progress billing from the construction segment offset lower sales from manufacturing.
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