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Magna Prima 2Q profits drop to RM988,000

KUALA LUMPUR: Magna Prima Bhd saw its profits for the second quarter (2Q) ended June 30, 2010 drop to RM988,000 compared with RM6.53 million recorded in the same period a year ago. Its 2Q revenue fell to RM30.7 million compared with RM72.9 million a year ago.

In its filing to Bursa Malaysia on Thursday, Aug 19, only its U1 Shah Alam project is on-going in the current quarter, compared with three projects that ran in the preceding quarter.

The group has revenue of RM48.9 million for its current financial period to-date, a drop of 64% compared to RM134 million for the financial period ended June 30, 2009.

On future prospects, Magna Prima is confident of a better performance for the second half of 2010.

“One Sierra, a mixed development project in Bandar Selayang, which was launched early this month has received overwhelming interest with bookings from potential buyers. Five other projects – Jalan Kuching project, D’Sierra project in Selayang, Ibsul project in Section 16 Shah Alam, Jalan Gasing project in Petaling Jaya and One Jalil project in Bukit Jalil – are on target for launching from 3Q onwards,” the company said.
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