Friday 29 Mar 2024
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KUALA LUMPUR (Nov 13): Menang Corp (M) Bhd announced today its first quarter net profit shrank 77% from a year earlier despite higher revenue.

In a statement to the exchange, construction and property development firm Menang said profit fell on higher operating and finance expenses. Higher taxes also curbed profit growth
 
Menang said net profit fell to RM1.7 million in first quarter ended September 30, 2014 (1QFY15) from RM7.46 million.

Revenue, however, rose to RM70.23 million from RM62.59 million.

The group said revenue was mainly contributed by its private finance initiative projects — the Universiti Teknologi MARA Campus in Puncak Alam, Selangor; Universiti Teknologi MARA Campus, Seremban; and Institut Latihan UiTM Nilai.

"During the period under review, the group recognises the construction revenue and cost in relation to the aforesaid projects amounting to RM52.293 million and RM43.953 million.

"With an increase in active property segment and the ongoing PFI projects, the current year prospect is expected to be satisfactory," Menang said.

Menang shares have not been traded so far today. Yesterday, the stock closed at 89.5 sen, giving it a market capitalisation of RM239.1 million.

 

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