MCT earnings surge 70% in Q4

PETALING JAYA: MCT Bhd’s net profit in the fourth quarter (Q4) ended June 30, 2018 surged 70% to RM30.7 million from RM18.1 million in the previous corresponding quarter mainly attributable by an one-off gain on disposal of subsidiaries.
During the quarter, the group recorded revenue of RM184.6 million as compared with the corresponding quarter of previous financial year of RM168.7 million.
Major revenue drivers include property development projects such as Lakefront @ Cyberjaya, Skypark @ Cyberjaya and Cybersouth which have varying stages of completion and take-up rates due to launch schedules, it told the stock exchange yesterday.
For the 12 months period, its net profit increased 23% to RM78.3 million as compared with RM63.7 million a year ago, while revenue dropped 23.6% to RM450.5 million against RM589.7 million previously.
Commenting on its prospects, MCT said the three-month tax holiday effective June 1 with the zero rating of the Goods and Services Tax (GST) is expected to encourage activities in the property segment, especially when coupled with efforts on affordable housing.
“MCT is positive and cautiously optimistic in the recent developments in Malaysia,” it added.
MCT closed one sen or 1.31% lower to 75.5 sen with 53,900 shares being traded.