KUALA LUMPUR, Oct 20 (Bernama) -- Bursa Malaysia’s benchmark index edged higher at the close as bargain hunting emerged following Monday’s sharp sell-off, although it narrowly failed to reclaim the 1,600 level, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 3.83 points, or 0.24 per cent, to 1,599.58 from Monday’s close of 1,595.75. The index opened 3.18 points lower at 1,592.57, marking its intraday low, and reached an intraday high of 1,602.83 in early trading. On the broader market, decliners outnumbered gainers 751 to 331, while 499 counters were unchanged, 1,259 untraded and 10 suspended. Turnover rose to 2.86 billion units worth RM2.42 billion against Monday’s 2.49 billion units worth RM2.38 billion.
Financial Performance & Challenges
- WCE Holdings Bhd (WCEHB) reported a net loss of RM88.56 million in 3QFY2025, compared to RM22.39 million in the same period last year.
- Losses were driven by high interest costs (RM56.17 million) and tax expenses (RM61.91 million), despite strong toll collections.
- EBITDA surged 94% YoY to RM23.9 million, signaling operational profitability.
Toll Collection & Revenue
- Toll revenue more than doubled to RM32.58 million, attributed to higher average daily traffic.
- Overall revenue declined by 52.6% YoY to RM84.24 million due to lower billings from its construction arm after the completion of three more expressway sections.
Expressway Development & Future Outlook
- 7 out of 11 sections of the West Coast Expressway (WCE) are operational, covering 170km across Selangor and Perak.
- The 8th section, linking SKVE and Shah Alam Expressway, opened on Jan 22, 2025.
- Final 3 sections are under construction, with full completion expected to boost revenue and profitability.
- The 233km expressway runs from Banting, Selangor to Taiping, Perak, under a 60-year build-operate-transfer (BOT) concession from 2013.
Shareholding & Market Position
- IJM Corp Bhd holds a 26.65% stake, while Tan Sri Surin Upatkoon owns 26.06%.
- WCE expects full expressway completion to drive long-term revenue growth, eventually outpacing financing costs and leading to sustained profitability.
Summary
- WCE’s net loss widened to RM88.56M due to high interest & tax expenses.
- Toll revenue surged 94% YoY, but construction revenue dropped 52.6%.
- 7 out of 11 WCE sections are operational, with final 3 under construction.
- Company expects profitability once full expressway is completed.
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