MRCB's Q2 profit rises 39.1% to RM33.45m

PETALING JAYA: Malaysian Resources Corp Bhd (MRCB) posted a net profit of RM33.45 million for the second quarter ended June 30, 2018, a 39.1% increase compared with the RM24.05 million it made in the previous corresponding period, underpinned by stronger contribution from the engineering, construction & environment division as well as no operating losses being recorded from the cessation of the Eastern Dispersal Link's (EDL) toll collection.
Its revenue, however, declined 44.1% to RM405.25 million from RM725.27 million.
MRCB's first-half net profit soared 68.2% to RM54.98 million from RM32.69 million, while revenue dropped 33.1% to RM832.85 million from RM1.25 billion.
The group told Bursa Malaysia that it remains confident of the long-term prospects given the sound strategies put in place to enhance the sustainability of its property development & investment as well as engineering, construction & environment divisions.
MRCB noted that its balance sheet has been significantly strengthened and the net gearing will be substantially reduced when the group settles its Bukit Jalil and EDL project loans.
Its shares fell 4 sen or 5.4% to close at 70 sen with 20.61 million shares changing hands.