MMC Corp Q1 net profit down 46%

PETALING JAYA: MMC Corp Bhd saw first quarter net profit fall 46% on the deconsolidation of Malakoff Corp Bhd and subsequent reduced interest post-listing, less activities for underground works for the Klang Valley Mass Rapid Transit project and losses from Zelan Bhd due to its Meena Plaza project in Abu Dhabi.
The utilities and infrastructure group made a net profit of RM51.3 million for the quarter ended March 31, 2016, compared with RM95.8 million for the corresponding period in 2015.
This was on 53% lower revenue of RM936.3 million, compared with almost RM2 billion in revenue for the same period in 2015.
The group said it remains positive of its prospects, driven by stable performances of its operating companies together with contribution from on-going mega projects, namely, Langat 2 Water Treatment Plant, Langat Centralised Sewerage Treatment Project, infrastructure works for the Rapid Pengerang co-generation plant and the project delivery partner role for the implementation of the KVMRT Sungai Buloh-Serdang Putrajaya Line.