MTD Capital 2Q net profit down 15.9% to RM18.9m

KUALA LUMPUR: MTD Capital Bhd's net profit fell 15.9% RM18.9 million for its second quarter (2Q) ended Sept 30, 2010 from RM22.49 million a year ago on absence of gain from disposal of two investment properties, it announced to Bursa Malaysia on Friday, Nov 26.

The group's turnover declined 18.3% to RM203.34 million from RM248.85 million on lower progress billings in the engineering and construction, and property development divisions.

Basic earnings per share stood at 7.49 sen, down from 7.95 sen a year ago while net assets per share stood at RM2.40, up from RM2.31.

The group expected its outlook in the near term to remain challenging underpinned by a number of issues — the delay of the implementation of new toll rates for the South Luzon Expressway project in the Philippines; delay in getting approval from the government to hike the toll rate for the East Coast Expressway Phase 1; its engineering and construction division facing delays in starting projects; and increased receivables that have affected progress billings and lower order book on the back of a very competitive environment and market.
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