Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 28): MMC Corp Bhd shares rose 5.56% this morning after its net profit rose by more than threefold to RM67.23 million in its second quarter ended June 30, 2019, from RM20.08 million in the corresponding quarter last year,

At 9.21am, MMC Corp gained 6 sen to RM1.14 for a market capitalisation of RM3.47 billion.

Revenue rose 2.5% to RM1.23 billion from RM1.2 billion in the year-ago quarter, due to higher volume handled at Pelabuhan Tanjung Pelepas (PTP) and with the consolidation of Penang Port Sdn Bhd’s revenue, the group said in an exchange filing.

MMC attributed the jump in its profit to the higher contribution of PTP, lower operating cost at Johor Port Bhd and Northport Malaysia Bhd, as well as a gain on disposal of an asset held for sale besides lower administrative costs across the group.

The group said its profit would have been higher if not for the finance cost and depreciation due to the adoption of the Malaysian Financial Reporting Standard 16 (MFRS 16) Leases.

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