♦ 3Q10 net profit grew 12.1% yoy. Wellcall’s 3QFY09/10 net profit of RM3.5m (+12.1% yoy; +10.5% qoq) came in below our and consensus expectations with 9MFY10 net profit of RM11.1m (+27.2% yoy) accounting for 71% and 66% of our and consensus full-year estimates respectively. The key variance was a higher-than-expected 9M effective tax rate of 9.8% vs. our full-year effective tax rate assumption of 7.5%.
Wellcall Holdings Berhad : Below Expectations Due To High Effective Tax Rate - 16/08/2010
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