MMC's shares fall as Q3 earnings plunge

PETALING JAYA: MMC Corp Bhd’s shares fell 0.51% this morning after the group announced a 78.9% drop in earnings for the third quarter ended Sept 30, 2017.
At 10.36am, its share price fell 0.51% or 1 sen to RM1.97 with a total of 17,600 shares traded. The stock closed slightly higher by 0.51% to RM1.98 yesterday with 1.74 million shares done.
During the quarter, MMC’s net profit plunged 78.9% to RM22.29 million, from RM105.89 million in the previous corresponding quarter due to one-off provision for impairment of RM98 million on SMART as a result of lower projected traffic volume and the absence of gain on disposal of land from MMC Tepat Teknik Sdn Bhd.
However, MMC said these were compensated by higher throughput handled at Pelabuhan Tanjung Pelepas Sdn Bhd (PTP) and Johor Port Berhad (JPB) and forfeiture of deposit on land sale transaction at Senai Airport City.
Revenue for the quarter rose 18.8% to RM1.05 billion from RM888.77 million in the same period last year, mainly due to higher work progress from KVMRT-SSP Line and Langat sewerage treatment project, coupled with higher volume handled at PTP and JPB.