Friday 29 Mar 2024
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KUALA LUMPUR (Nov 18): Malaysian Resources Corp Bhd (MRCB) posted net profit of RM27.4 million for its third quarter ended Sept 30, a sharp turnaround from a net loss of RM122.4 million in the year before.

Earnings per share was 1.56 sen for the quarter under review, versus loss per share of 8.23 sen a year earlier.

Quarterly revenue more than doubled to RM497.3 million from RM159.7 million previously.

For the nine-month period ended Sept 30, MRCB’s cumulative net profit stood at RM157.9 million, compared with net loss of RM111.3 million in the same period last year. Revenue jumped 69% to RM1.03 billion, from RM607.5 million.

“The higher revenue recorded for the current cumulative quarter was mainly due to revenue contribution from the group’s newly acquired property development subsidiaries i.e. from the 9 Seputeh and PJ Sentral’s development in addition to the on-going development of Q Sentral Office and The Sentral Residences coupled with revenue generated from the engineering and construction division,” it said in an announcement to Bursa Malaysia.

Besides the property development projects, the group noted that its profit for the cumulative period was also boosted by the gain on disposal of its investment in the Duta-Ulu Kelang Expressway (DUKE) for RM228.0 million in 2QFY14.

Going forward, MRCB said it would further grow its revenue and profit base as a transportation hub developer, while acquiring land in prime locations.

The group plans to acquire land banks in PJ Sentral, 9 Seputeh, Suria Subang, Semarak City and Kwasa Sentral.

“With the projection that the Malaysian economy will expand at 5.5% to 6% in year 2015, the group expects the revenue and profit growth to be satisfactory for the current financial year,” said MRCB.

Its share price rose six sen or 4.2%  to RM1.49, for a market capitalisation of RM2.57 billion.

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