MRCB records earnings of RM27.39m in Q3 (Update)

KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) posted net profit of RM27.39mil in the third quarter ended Sept 30, 2014, which was a turnaround in its financial performance from the large net losses of RM140.68mil a year ago.

It announced on Tuesday its revenue jumped 211% to RM497.26mil from RM159.73mil a year ago. Its earnings per share were 1.56 sen compared with loss per share of 8.23 sen.

“The higher revenue recorded for the current cumulative quarter was mainly due to revenue contribution from the group’s newly acquired property development subsidiaries, that is from the 9 Seputeh and P.J Sentral’s development in addition to the on-going development of Q Sentral Office and The Sentral Residences coupled with revenue generated from the engineering and construction division,” it said. 

MRCB also said the profit before taxation of RM204mil was also due to the recognition of profit from the property development projects on top of the disposal gain from the sale of investment in the Duta-Ulu Kelang Expressway (DUKE) which was recognised in the previous quarter.

It said Q3, 2014 revenue and profit before taxation were RM497.3mil and RM41.3mil when compared with the revenue of RM325.7mil and profit before taxation of RM138.8mil in Q2, 2014 ended June 30, 2014. 

“The higher profit before taxation of RM138.8 million reported in the immediate preceding quarter includes the disposal gain arising from the disposal of investment in DUKE,” it said.

For the nine months, it posted net profit of RM157.91mil, a stark contrast from the net losses of RM111.35mil in the previous corresponding period. Its revenue jumped 69.1% to RM1.027bil from RM607.49mil.

In a separate statement, MRCB announced it accepted a contract from Desaru Peace Holdings Villas Sdn Bhd to undertake a property project in Kota Tinggi valued at RM141mil.
The contract comprised of the building of central facilities, conference centre, carparks, 46 club suites, two prototype villas, a beach club, a recreational club and infrastructure works.

MRCB said the construction period for the works was 87 weeks from the date of site possession.