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.

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