MRCB posts pre-tax profit of RM33.3mln

KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) recorded revenue of RM363.5 million for the cumulative second quarter (2Q) ended June 30, 2010, a slight drop compared with RM382.8 million revenue recorded in the same quarter last year.

The company said on Tuesday, Aug 24 that the lower revenue is partly contributed by larger inter-group revenue elimination for its construction works.

However, despite the lower revenue, MRCB achieved a higher pre-tax profit of RM33.3 million for the current period compared to RM11.1 million achieved in the preceding corresponding period.

The improved profit is mainly attributed to the progress profit of its ongoing property development driven by its Kuala Lumpur Sentral projects.

The next three years will see the progressive completion of the on-going construction works and property development within KL Sentral such as the KL Sentral Park, the Shell headquarters and NU Sentral Retail Mall and the Eastern Dispersal Link expressway concession project.

These projects are expected to further expand its recurring earnings and cash flow to provide a sustainable growth to its core businesses in the near future.

MRCB has plans to aggressively expand its core activities, particularly in acquiring land bank in order to provide continuous growth to enhance shareholders’ value.
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