MMC Corp posts lower earnings in Q3 

KUALA LUMPUR: MMC Corp Bhd posted weaker earnings in the third quarter ended Sept 30, as improved results from its port and logistics operations were offset by lower contributions from its engineering and utilities division.

Net profit fell 8% to RM61mil from RM66mil previously.

Revenue declined 10% to RM1.12bil, the company announced today.

MMC said it benefitted from higher volume handled at Pelabuhan Tanjung Pelepas, coupled with lower operating expenses at Penang Port Sdn Bhd and Northport Malaysia Bhd.

These were offset by lower contribution from KVMRT-SSP Line and Senai Airport, as well as lower share of results of associates, namely Malakoff.

"The Port and Logistics division has been showing improvement in performance, underpinned by economic recovery momentum since the resumption of the global and domestic trade activities," MMC said.

"The division will continue to utilize its assets and resources in the most optimal ways coupled with on-going cost management on the back of a positive container volume outlook for the rest of the year," it added.

The group said its energy and utilities division is expected to contribute steady earnings from its two associated companies, namely Malakoff and Gas Malaysia.

"The Engineering division is expected to provide earnings visibility for the Group from its substantial existing order- book, anchored by KVMRT-SSP Line project," it said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

MMC Corp


Did you find this article insightful?


100% readers found this article insightful

Next In Business News

CMMT sees subdued business, consumer sentiments in 2021�
Paul Wong appointed CIMB Thai president and CEO
Semicon, tech stocks and glove makers rebound
PLS Plantations to place out 19m new shares to Nazir Razak
Bank Negara international reserves rise to US$107.8bil as at Jan 15
UK retail sales recover weakly in Dec, borrowing jumps
GDP forecast maintained at 6.5-7.5% for 2021, says Zafrul
Felda offer of RM1.30 a share for FGV not fair, reject offer
December inflation fell 1.4% on-year, up 0.5% on-month
KLCI snaps six days of losses as bargain-hunting ensues

Stories You'll Enjoy