MRCB books loss in 2Q on impairment, construction halt

KUALA LUMPUR (Aug 27): Malaysian Resources Corp Bhd reported a net loss of RM219.61 million for the second quarter ended June 30, 2020 (2QFY20), hit by impairment and total construction halt amid the Movement Control Order.

The group had registered a net profit of RM11.06 million a year ago (2QFY19).

Quarterly losses per share came in at 4.98 sen, versus earnings per share of 0.25 sen previously, the group’s stock exchange filing showed.

MRCB impaired RM197 million worth of its contract assets, trades and other receivables it believes "will be impacted as a result of the pandemic from some of the group’s completed construction projects in the quarter under review".

Quarterly revenue fell 30.62% on-year to RM167.18 million, from RM240.97 million.

For the six-month period ended June 30, MRCB booked a net loss of RM204.96 million or 4.62 sen per share, against a net profit of RM15.19 million or 0.34 sen per share a year earlier.

This was despite the group’s associates and joint ventures showing positive results in the period, such as the LRT3 joint venture with George Kent (M) Bhd.

The project, it said, is expected to achieve a 40% completion date by end 2020, from 33% currently.

Its property business and facilities management business were also steady year-on-year. The group's order book stood at RM21.95 billion, the group said.

Shares of MRCB rose half a sen or 0.97% to 52 sen today, valuing the group at RM2.29 billion. 

EdgeProp Malaysia Virtual Property Expo 2020 (VPEX 2020) is happening now! Find out more exclusive projects and exciting deals here

Stay safe. Keep updated on the latest news at www.EdgeProp.my 

Click here for more property stories.