MMC Corp Q2 profit surges on higher contribution from port ops

KUALA LUMPUR: MMC Corp Bhd's earnings more than doubled in the second quarter on higher revenue boosted by higher volume handled across its port operations.

The company made RM173mil in net profit for the three-month ended June 30 compared with RM77mil a year ago.

Revenue was up 16% to RM1.15bil compared with RM990mil previously.

"The port and logistics division is expected to continue the positive momentum in line with the expected economic recovery and growth this year," MMC said in a filing today.

MMC owns Port of Tanjung Pelepas Sdn Bhd, Johor Port Bhd, Northport Malaysia Bhd, Penang Port Sdn Bhd and Tanjung Bruas Port Sdn Bhd, while its logistic businesses includes Red Sea Gateway Terminal, Kontena Nasional Bhd and KTM MMC Cargo Sdn Bhd.

"Over the short to medium terms, the division will focus on prioritizing its investments and capital allocation in the ports’ infrastructures and operational efficiencies as part of strengthening its service capacities to meet the market demand," it said.

Meanwhile, its energy & utilities division under Malakoff Corp Bhd and Gas Malaysia Bhd are expected to contribute steady earnings from its staple services across all economic sectors.

The group's engineering division, however, continued to face challenges due to the Covid-19 restrictions.

"The division remains active in its efforts to secure new mega projects on the back of the economic recovery and Budget 2021 announcement that aims to revive the economic sectors," it said.

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