The pandemic has left us all in uncharted territory, affecting all sectors of work around the world. The expected global economic impact could amount to USD 8.8 trillion in losses expected as a result of the COVID-19 outbreak. The situation is similarly bleak in Malaysia, with losses close to RM 1 billion expected as a result of closed businesses during the Movement Control Order (MCO) and Conditional Movement Control Order (CMCO). As Malaysia enters its Recovery Movement Control Order (RMCO), many uncertainties still remain with regards to the rate at which the nation is able to bounce back.
For organizations, business continuity will continue to be a challenge, requiring innovative solutions and strong leadership that helps them stay not only afloat, but competitive in the long run. Already, dispersed and distributed teams -- one where employees are able to perform their tasks outside of the traditional work environment – has become a reality. Companies like Google and Twitter, for example, have declared that most of their staff are able to work from home or remotely on a permanent basis and not just during the lockdown. While many businesses will need to consider if the nature of products and services they offer allow or afford them to do so, or if their culture is conducive to this, it is clear that swift action is required of leaders today so they adapt to thrive tomorrow.
PETALING JAYA, 25 June 2020 – WCT Holdings Berhad (“WCT” or “the Group), a leading engineering and construction as well as property company, announced today that it has delivered a profit after taxation of RM17 million for its first financial quarter ended 31 March 2020 as compared to RM39 million in the preceding year’s corresponding quarter. After taking into consideration the allocation to non-controlling interests and perpetual sukuk holders, the Group registered loss attributable to equity holders of RM0.017 million as compared to profit attributable to equity holders of RM40 million recorded in the financial quarter ended 31 March 2019.
The Group’s revenue for the quarter was lower at RM363 million as compared to RM515 million in the preceding financial year’s corresponding quarter. The Group’s Engineering and Construction Division was the primary contributor to the Group’s performance as the Division accounted for 67% of the consolidated revenue, backed by its outstanding order book comprising a mix of civil and infrastructure works as well as building construction jobs.
Kuala Lumpur, 25 June 2020 – Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) today reported a pre-provision operating profit of 4.1% year-on-year (“YOY”) to RM882.3 million. Its revenue grew 4.1% YOY to RM1.69 billion, driven by improvement in non-interest income. The Bank recorded a net interest margin of 2.40%. It continues to be one of the fastest growing banks in the SME segment, registering loans growth of 8% YOY.
The Bank’s total net interest income (including the Islamic Banking segment) was at RM1.32 billion. Excluding the impact of the three Overnight Policy Rate (“OPR”) cuts in FY2020, net interest income grew by 4.0% YOY.
