OSK's revenue, meanwhile, grew by 15.1% to RM335.54 million from RM291.53 million in 4QFY19, thanks to its property segment, according to its filing with Bursa Malaysia.
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz: This latest settlement is beneficial for the Malaysian people. Resolving this through the court system would have cost a lot of time, money and resources.
Meanwhile, 3,085 more Covid-19 patients have recovered, bringing total recoveries to 266,846
“It is hoped that the national immunization programme which was launched on Feb 24 will have a positive effect and the second half of 2021 will see the beginning of a recovery for the economy,” the group said.
Federal Court rules govt officials can sue for defamation in Guan Eng case against Perkasa's Ibrahim Ali
In a majority decision, the court ruled that former Perkasa president Datuk Ibrahim Ali has to pay RM150,000 in damages to Guan Eng, upholding a prior High Court decision that ruled the same, prior to the appeal.
GDB said revenue for the quarter climbed 17.7% to RM128.11 million from RM108.84 million previously, due mainly to construction progress of ongoing projects as well as maiden contributions from its newly-secured 8 Conlay project.
Apart from the lower revenue, other factors contributing to the lower profit before tax (PBT) included additional project-related and compliance costs arising from the Covid-19 pandemic, the property developer's bourse filing showed.
It expects residential market outlook for the year to remain flattish with recovery likely to be delayed to 2022.
Construction segment for the quarter reported a lower gross profit of RM34.22 million compared with RM39.46 million in 1QFY21.