MRCB turns around in Q3 with RM27.4m net profit

PETALING JAYA: Malaysian Resources Corp Bhd posted a net profit of RM27.39 million for the third quarter ended Sept 30, turning around from the RM122.41 million net loss it made in the previous corresponding period, underpinned by contribution from its newly acquired property development subsidiaries.
Revenue for the quarter under review surged 211.32% from RM159.73 million to RM497.26 million.
In a filing with the stock exchange, MRCB said it expects the revenue and profit growth to be satisfactory for the current financial year given that the Malaysian economy is expected to expand at 5.5% to 6% in 2015.
It said the expansion plans and being a transportation hub developer will provide the platform for the group to further grow revenue and profit base for the future.
For the nine-month period, MRCB registered RM157.91 million in net profit against a net loss of RM111.35 million a year ago on the back of higher revenue of RM1.03 billion, a 69.15% increase compared with RM607.49 million in the previous corresponding period.
In a separate announcement yesterday, MRCB said it has bagged a RM141 million contract from Desaru Peace Holdings Villas Sdn Bhd to build a resort in Kota Tinggi, Johor.
The construction will take 87 weeks and is expected to contribute positively to the future earnings of MRCB.