MB World's 2Q earnings more than triple as revenue doubles

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KUALA LUMPUR (Aug 20): MB World Group Bhd saw its net profit for the second quarter ended June 30, 2018 (2QFY18) rose to RM22.08 million, over three times higher from RM6.24 million a year ago, thanks to higher revenue from the group's property development division.

Earnings per share rose to 14.03 sen, from 6.55 sen previously.

In its filing with Bursa Malaysia today, MB World said revenue for the quarter under review more than doubled to RM91.27 million, from RM38.42 million in 2QFY17.

For the first half of FY18 (1HFY18), MB World's net profit jumped 152% to RM32.84 million from RM13.05 million in the previous corresponding period, while revenue grew 144% year-on-year to RM165.53 million from RM67.78 million.

Moving forward, MB World said it expects performance for 2HFY18 to be "satisfactory", driven by contributions from its property development projects in Johor and Melaka.

MB World closed unchanged at RM1.64 today, giving it a market capitalisation of RM258.1 million.