KUALA LUMPUR: MK Land Holdings Bhd more than doubled its net profit to RM3.4 million for its first quarter ended Sept 30, 2010, from RM1.2 million a year ago despite lower revenue.
Turnover fell 23.6% to RM61.7 million from RM80.81 million, it announced to Bursa Malaysia on Thursday, Nov 25.
Basic earnings per share stood at 0.28 sen, up from 0.1 sen while net assets per share stood at 86 sen, up from 83 sen a year ago.
The group said about 80.7% of its revenue, or RM49.8 million, was derived from its property division where sales and construction progress of its projects in the Klang Valley largely contributed to earnings.
Meanwhile, its leisure segment performed more poorly this quarter.
The group expected its projects, namely the Rafflesia semi-detached homes, Armanee Terrace duplex and Metropolitan Square commercial building, along with an improving economy and a strong property market to drive its performance.