KUALA LUMPUR (Feb 22): Malaysian Resources Corp Bhd (MRCB) returned to the black with a net profit of RM26.8 million or 1.5 sen per share in the fourth quarter ended Dec 31, 2015 (4QFY15) from a net loss of RM5.27 million a year ago.
However, revenue dropped 20.3% to RM388.2 million in 4QFY15 compared to RM487.17 million in 4QFY14, it said in a filing with Bursa Malaysia today.
In a separate statement, the group said the return to profit was attributable to the completion of the Q Sentral development and the sale of Platinum Sentral on Jalan Stesen and other investments.
The better performance was also due to contributions from other ongoing residential development projects that included the Sentral Residences and 9 Seputeh.
For its financial year ended Dec 31, 2015 (FY15), the property and infrastructure developer recorded a 116.46% jump in net profit to RM330.39 million or 18.5 sen per share from RM152.6 million in FY14.
Revenue for FY15 grew to RM1.7 billion, up 12% from RM1.5 billion in FY14.
"The strong performance and value created from the monetisation and crystallisation of the group's assets, including disposals to the REIT (Real Estate Investment Trust), was a direct result of the corporate transformation plan embarked on by the group.
"The group's recent additions to its strategic land bank, and winning of several new major construction contracts is in line with the group's growth strategy," MRCB said.
Looking forward, MRCB said it would continue to focus on its property project launches and actively participate in tenders for more construction contracts in order to grow its order book.
"With these strategies in place, the board is optimistic of its prospects in FY16," it said while pointing out the RM15 billion contracts it won in 2015.
MRCB shares closed unchanged at RM1.21 today, with a market capitalisation of RM2.14 billion.