MMC records higher profit of RM344m

KUALA LUMPUR: MMC Corporation Bhd achieved a net profit of RM344.94 million for its financial year ended Dec 31, 2010 (FYE 2010) compared to a net profit of RM233.62 posted a year ago.

Its net profit for the fourth quarter (4Q 2010) was RM104.60 million, down from the RM108.60 million recorded a year ago.

Higher profit was recorded from its energy and utilities division by RM30.5 million or 4.2%, due to higher volume of gas sold, higher contribution from foreign associates and lower finance cost following repayment of loan during the period.

Meanwhile, lower losses was recorded from its corporate and others division by RM146.5 million or 88.7% which was mainly driven by the gain on disposal of investment in Sime Darby Bhd and Integrated Rubber Corporation Bhd. This was offset by higher finance costs at MMC Company level.

The transport and logistics division recorded a fairly constant performance on par with FYE 2009.

In line with the improvement in its businesses, the company expects financial results for FYE 2011 to be better than those achieved in FYE 2010.