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.
Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.