Matrix Concepts 2Q net profit drops 29.7% to RM29.85 mil

KUALA LUMPUR (Aug 11): Matrix Concepts Holdings Bhd reported a 29.7% drop in net profit for the second quarter ended June 30, 2015 (2QFY15) to RM29.85million from RM42.45 million, it announced to Bursa Malaysia.

The group attributed the drop mainly to the decrease in revenue recognition form the sales of industrial properties, which generally demanded a higher profit margin, according to a report in the digitaledge Daily today.

Matrix Concepts also plans to launch phase one of Suriaman and Residensi SIGC projects in Seremban in the second half of this year, it said.

In a filing with Bursa Malaysia yesterday, Matrix Concepts said it is currently focused on the development of its township development projects in Bandar Sri Sendayan in Seremban, Negeri Sembilan and Bandar Seri Impian in Kluang, Johor.

The group launched phase one its Hidayu 2-Resort Homes (phase 1) and Hidayu 3B development projects in Bandar Sri Sendayan, and Impiana Bayu 2 (phase 1) development project in Bandar Seri Impian.