MK Land’s profit drops 35.3% in 3Q FY2010

KUALA LUMPUR: MK Land Holdings Bhd (MK Land) recorded a 35.5% drop in net profit to RM2.027 million in its third financial quarter ended March 31, 2010 from RM3.131 million in the corresponding quarter a year ago. Turnover dropped 5.1% with RM94.737 million in the current quarter under review versus RM99.781 million in the same period last year.

The Group, in its listing on Bursa Malaysia on May 25, stated that net profit and revenue were contributed mainly from sales and construction progress of development properties in the Klang Valley.

MK Land’s cumulative results in the nine-month period showed net profits dipping by 47% to RM7.07 million compared with RM13.245 million in the preceding year’s corresponding period.

The Group is optimistic on its prospects of moving forward given the continuous interest from purchasers in the Group’s property development projects in the Klang Valley. In addition, the improvement in the global economy together with the various stimulus packages being rolled out by the government will augur well for the economy and the Group.