Magna Prima's 1Q profit more than triples on higher contribution from property development

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KUALA LUMPUR (May 11): Magna Prima Bhd saw its net profit go up more than three times to RM64.67 million in the first quarter ended March 31, 2015 (1QFY15) from RM18.89 million a year ago, on higher contribution from its property development segment.

This translates to a higher earnings per share (EPS) of 19.43 sen for the quarter, compared to 5.67 sen in 1QFY14, its filing to Bursa Malaysia today showed.

Revenue was up 193.12% to RM390.58 million from RM133.25 million a year earlier.

Magna Prima (fundamental: 0.15; valuation: 0.3) said the improvements in its top and bottom lines were mainly due to the completion of "The Istana" project in Melbourne.

"In view of the realisation of the Istana project in Melbourne and significant progress of Phase 1 of the Jalan Kuching Commercial Centre project, the board is optimistic about the financial performance of the group for the current financial year," it added.

Magna Prima closed 1 sen or 0.89% lower at RM1.11 today, giving it a market capitalisation of RM369.51 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)