Magna Prima's Q2 earnings down by 86.2% on absence of fair value gain

PETALING JAYA: Magna Prima Bhd's net profit slumped 86.2% to RM6.05 million for the second quarter ended June 30, 2017 against RM43.89 million in the same quarter last year, due to the absence of fair value gain on investment property of RM49.2 million in the corresponding quarter.
Revenue for the quarter under review rose 42.2% from RM21.88 million to RM31.11 million.
The property developer told Bursa Malaysia that it expects the current financial year to be satisfactory.
For the first half of the year, Magna Prima reported an 83.5% plunge in net profit to RM8.15 million versus RM49.44 million in the same period a year ago, with revenue declining 12.2% from RM46.43 million to RM40.74 million.
Its shares fell one sen to close at RM1.45 on Friday, with some 197,000 shares changing hands. It has a market capitalisation of RM485.62 million.