RM53mil Q2 profit for MK Land

  • Business
  • Saturday, 01 Mar 2003

MK Land Holdings Bhd has achieved a group pre-tax profit of RM52.9mil for the second quarter ended Dec 31, 2002 on the back of a revenue of RM215.7mil. 

Net profit for the quarter, after deducting taxation and minority interest, amounted to RM43.4mil, translating into earnings per share (EPs) of 3.7 sen for the 2nd quarter. 

Tan Sri Mustapha Kamal Abu Bakar.

For the six months cumulative period from July 1 to Dec 31, 2002, MK Land recorded group revenue and pre-tax profit of RM402.2mil and RM108.3mil, respectively. 

Its net profit amounted to RM75mil with EPS of 6.4 sen. 

Yearly comparative figures for both the quarterly and cumulative periods are unavailable, as M K Land had changed its financial year-end from Dec 31, 2001 to June 30, 2002. 

“The good performance was achieved against the backdrop of significant challenges such as the migrant labour shortage problem and weakened consumer confidence in the wake of the terrorist bombing in Bali,” said executive chairman Tan Sri Mustapha Kamal Abu Bakar in a statement yesterday. 

Despite the tough business environment, MK Land succeeded in expanding its group revenue and profit before tax in the second quarter, which were a commendable 16% and 38% higher, compared with that in the first quarter. 

“We have continued to see final interest in and demand for our property products,” Mustapha said. 

“We believe this is attributable to the innovative, value-added and high quality products that we are known for, as well as our competitive pricing and the strength of our marketing strategy,” he added. 

On its prospects, Mustapha said that the property-based group's current flagship development, Damansara Perdana, would be the key growth driver in the coming years.  

The 700-acre Damansara Perdana, strategically located in Petaling Jaya, is among the largest remaining undeveloped sites in Petaling Jaya. It is surrounded by very established and affluent neighbourhoods. 

New launches featuring unique and exclusive products are in the pipeline for this prestigious development, thus ensuring sustained interest among potential homebuyers in Damansara Perdana. 

Besides Damansara Perdana, MK Land is developing another eight property and resort projects in the Klang Valley, Perak and Pulau Langkawi. 

Its two other Klang Valley-based projects, Damansara Damai in Petaling Jaya and Cyberia in Cyberjaya, are also established developments and major earnings contributors. 

For the first time since the reverse takeover in 1999, the group has declared an interim dividend of two sen gross per share in respect of the financial year ending June 30, 2003. 

“MK Land has a promising future,” said Mustapha, who was recently named as the 10th richest man in Malaysia. 

The after tax interim dividend will be paid to registered shareholders as at March 20.  

MK Land boasts of a total paid-up capital of RM1.17bil and market capitalisation of RM1.8bil. – Bernama 

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