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Wah Seong Corporation's Pre-tax Profit Falls To RM64.319 Million
The company said revenue also dwindled to RM1.779 billion from RM1.951 billion a year earlier.
In contrast, pre-tax profit for the fourth quarter rose to RM40.182 million from RM9.652 million in the same quarter in 2012.
This was due to higher revenue generated in the oil and gas segment, reflecting the commencement of new pipe-coating projects.
At the same time, the revenue was up to RM494.596 million from RM463.82 million in 2012, the company said in a filing to Bursa Malaysia Wednesday.
Its current order book stood at RM1.7 billion, with RM1.3 billion worth of projects in the oil and gas segment, RM279.6 million in renewable energy and RM160.3 million in industrial trading and services.
The company expected better performance for the financial year ending Dec 31, 2014 on the back of continuing participation in ongoing active tendering.
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