1QFY12/10 results below expectations. Wah Seong’s 1QFY12/10 core net profit of RM17m was below our expectation and consensus estimates, accounting for 10% and 9% of our full-year forecast and market consensus. The variance was largely due to weaker-than-expected contribution from its engineering division given still-weak demand for topsides fabrications and compressors stemming from the softer market for FPSOs as oil majorscontinue to hold back huge investments in marine assets.
Wah Seong Corp Berhad :1Q Earnings Dragged Down By Lower Contribution - 1/6/2010
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