MRCB 1Q net profit more than doubles to RM12m

KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) has more than doubled its net profit to RM12 million for its first quarter ended March 31, 2014 (1QFY14), from RM5.3 million a year ago.

This was despite its revenue for 1QFY14 declining by 22% to RM204.6 million from RM262.0 million.

“The lower revenue recorded for the quarter was mainly due to lower revenue contribution by the engineering and construction division and also the reclassification of rental revenue of Platinum Sentral to discontinuing operations,” said the group in a filing with Bursa Malaysia yesterday.

However, the group stated that its property development division reported improved performance in terms of revenue and pre-tax profit due to ongoing

property development projects — Q Sentral office and The Sentral Residence.

“With the Malaysian economy positively growing by 6.2% and the group’s continuing transformation and land acquisition plans, the board is optimistic that the group is on track to achieve its objective of being a key property player and is upbeat about the prospect of improving its results moving forward,” said MRCB.

This article first appeared in The Edge Financial Daily, on May 20, 2014.


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