Mulpha's 3Q net profit rises to RM95.64mil

KUALA LUMPUR: Mulpha International Bhd’s net profit for the third quarter of the financial period ended Sept 30, 2023 (3Q) rose to RM95.64 million from RM20.43 million last year.

Revenue for the quarter under review also increased to RM417.42 million from RM213.01 million, an increase of 96 per cent, due to the stronger performances of the property development, hospitality and leisure and investment and other divisions offset by the underperformance of the property investment and finance division.

For the cumulative nine months (9M 2023), net profit decreased to RM56.99 million from RM84.92 million, while revenue stood at RM818.49 million from RM658.78 million previously.

In a Bursa Malaysia filing today, it said that for 3Q, for the group's hotel portfolio, InterContinental Sydney performed strongly on the back of the return of the corporate market to the central business district for both business travel and conferencing.

"The InterContinental Hayman Island experienced soft trading conditions with increased outbound travel and a softening of domestic demand for luxury travel. However, the occupancy levels are expected to improve in the final quarter,” it said.

The company said that it is actively looking to build its fund management capability to secure attractive real estate equity and debt investments with third-party capital support.

"The group also continues to explore opportunities to expand its interests in operating businesses, particularly where the group has established operational capability.

"As a group, Mulpha is well positioned to continue to grow the business despite increasing macro-economic challenges in Australia and globally,” it added. - Bernama

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