Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily, on November 26, 2015.

 

KUALA LUMPUR: Mitrajaya Holdings Bhd’s net profit surged 97% to RM25.82 million or 4.08 sen per share for the third quarter ended Sept 30, 2015 (3QFY15) from RM13.12 million or 2.22 sen per share a year earlier, on higher contribution from the construction division and its South Africa investment.

Revenue for the quarter soared 59% to RM231.31 million from RM145.56 million in the previous year.

In a filing with Bursa Malaysia yesterday, Mitrajaya said the construction division was the major contributor to the increase in group revenue and pre-tax profit, due to higher recognition from new projects secured since last year.

While its South Africa investment saw lower revenue year-on-year, the division saw higher profit, attributed to better net profit margin of stands sold.

However, its property development saw lower revenue and profit contribution in 3QFY15, while its healthcare segment had turned around and posted a profit despite a decline in revenue.

For the nine months (9MFY15), net profit jumped 66% to RM62.31 million from RM37.62 million in 9MFY14, while revenue was up 65% at RM62.31 million compared with RM37.62 million in 9MFY14.

Going forward, Mitrajaya expects strong performance for the financial year ending Dec 31, 2015 (FY15), driven by its construction division and its investment in South Africa.

“The construction division will contribute significant high revenue and profit before tax for FY15, as works on the existing ongoing project [are] progressing well from the current outstanding order book of RM1.39 billion.

“Our investment in South Africa is also expected to record significant growth in revenue and profit for FY15. The unbilled sales currently stands at 40 million rand (RM11.96 million), which will be recognised progressively by the end of this year,” said the group.

However, it expects weaker performance for its property division, as its ongoing Wangsa 9 Residency project is undergoing its initial stage of construction.

In a separate statement, Mitrajaya announced that its wholly-owned subsidiary Pembinaan Mitrajaya Sdn Bhd and Syarikat Ismail Ibrahim Sdn Bhd as a consortium was awarded a construction contract worth RM186.38 million relating to the refinery and petrochemical integrated development (Rapid) project in Johor.

The contract, awarded by PRPC Utilities and Facilities Sdn Bhd, entails the procurement, construction and commissioning of civil and infrastructure works at Utilities Area 1 (Package 14-0304) and Petchem Commons Area (Package 14-0305) for interconnecting, storm water drainage and utilities for the Rapid project.

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