MRCB net profit drops 63% to RM3.6m for 3Q

KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) saw its net profit shrink by 63% to RM3.6 million for its third quarter (3Q) ended Sept 30, 2010 from RM10.01 million a year ago, despite slightly higher revenue.

Its revenue increased by 5.3% to RM270.91 million from RM257.11 million, said in a filing to Bursa Malaysia on Monday, Nov 22.

However, its pre-tax profit grew by 25% to RM15 million from RM12 million, due to recognition of progress profit of ongoing developments at KL Sentral which began towards the end of last year.

Year-to-date, its net profit stood at RM25.7 million from RM22.2 million, despite revenue slipping marginally to RM634.5 million from RM639.9 million.

On its prospects, the group said it was pleased with the results of its move to undertake innovative value engineering and benefit from its economies of scale and expected to achieve a healthy growth in profitability for this financial year barring unforeseen circumstances.
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