MK Land posts lower net profit

PETALING JAYA: MK Land Holdings Bhd posted a lower net profit of RM 3.839 million in its second quarter ended Dec 31, 2009, down 26.22 % against RM 5.203 million recorded in the corresponding quarter last year. Revenue however increased by 1.42% to RM 48.448 million from RM47.770 million.

In a filing to Bursa Malaysia on Jan 29, MK Land said its revenue and profit after tax are mainly contributed from the sales of properties in the Klang Valley as well as from its leisure operations in the country.

The group said it is cautiously optimistic on the prospects moving forward given the rising interest from purchasers towards its property development projects in the Klang Valley.

In addition, the improving global economy and the various stimulus packages being rolled out by the government would augur well for the economy and the group, it added.

“Barring any unforeseen circumstances, the board anticipates a better financial performance for the current financial year ending June 30, 2010,” MK Land said.

The board has declared no interim dividend for the financial period ended Dec 31, 2009.