KUALA LUMPUR: MKH Bhd
’s net profit for its third quarter ended June 30 almost doubled to RM20.88mil from RM11.61mil a year ago as the property, construction and plantation divisions lifted its revenue.
It said on Wednesday recorded a 20% higher topline at RM255.84mil compared with RM212.29mil a year earlier. Earnings per share were 4.98 sen compared with 2.77 a share. Sales of crude palm oil and palm kernel has also increased during for the quarter.
Pre-tax profit excluding the unrealised foreign exchange losses was lower at RM35.7mil compared to RM43mil a year ago was mainly due to lower profit contribution from property and construction division.
MKH said that was a result of higher charged out of sales and marketing expenses for the new projects launched during the year.
The unrealised foreign exchange losses were mainly due to US dollar borrowings from the plantation division.
For the nine months ended June 30, revenue rose 19% to RM693.19mil from RM582.93mil in the previous corresponding period. However, its net profit fell 22% to RM61.92mil from RM79.09mil. Its net assets per share for the quarter stood at RM2.54.
Year-to-date, the property division recorded higher revenue of RM445mil due to higher revenue and profit recognition from the ongoing and new projects, namely Hill Park Shah Alam, Pelangi Heights, Kajang East, MKH Avenue, MKH Boulevard, Saville @ Kajang and Pelangi Semenyih (build-then-sell).
However, pre-tax profit was lower at RM73.5mil mainly due to lower profit contribution from the associated company and higher interest expenses.
As at June 30, MKH had an unbilled sales value of RM854.6mil from which attributed sales revenue and profits would be recognised progressively based on the projects’ development progress.
As for the plantation arm, revenue was 42% higher at RM165.6mil for the first nine months. But pre-tax profit was lower at RM1.9mil compared with RM21.5mil in the previous corresponding period due to the inclusion of unrealised foreign exchange losses of RM19mil.
The unrealised foreign exchange losses were mainly due to weakening of Indonesia Rupiah against its US dollar borrowings, the company said.
Limited time offer:
Just RM5 per month.
