MMC Corp 2Q net profit jumps 125% to RM174m on higher volumes across ports

MMC Corp 2Q net profit jumps 125% to RM174m on higher volumes across ports
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KUALA LUMPUR (Aug 23): MMC Corp Bhd recorded a 124.62% jump in net profit for the second quarter ended June 30, 2021 (2QFY21) to RM173.76 million, from RM77.36 million a year earlier, on higher revenue on the back of higher volumes handled across all ports.

Earnings per share rose to 5.7 sen from 2.5 sen, the company said in a bourse filing.

Revenue grew 15.98% to RM1.15 billion, from RM990.68 million a year ago.

Cumulative first-half profit soared 120.69% to RM298.47 million, from RM135.24 million in the previous January-June period, while revenue rose 10.36% to RM2.29 billion from RM2.08 billion.

MMC attributed the higher six-month figures to higher volumes handled at Pelabuhan Tanjung Pelepas Sdn Bhd and Northport (Malaysia) Bhd.

These were offset by lower work progress from the KVMRT Putrajaya Line and Langat Sewerage projects (as the projects are nearing completion), lower passenger volume at Senai Airport (due to the pandemic), and the absence of land sale at Senai Airport City.

MMC said it is positive about the growth prospects of its business divisions for the current year in line with the global economic recovery.

"MMC's key business divisions will continue to play important roles in enabling and facilitating economic growth by providing essential needs and services across all economic sectors. Additionally, the group remains vigilant with the market changes in response to the ongoing Movement Control Order 3.0 and the high number of Covid-19 cases recently recorded," it added.

Shares of MMC closed two sen or 1.12% higher at RM1.81, translating into a market capitalisation of RM5.51 billion. The counter has gained 103.37% year-to-date from 89 sen on Jan 4.

S Kanagaraju