MRCB Q4 net profit jumps seven fold on one-off gains

PETALING JAYA: Malaysian Resources Corp Bhd's (MRCB) net profit for the fourth quarter ended Dec 31, 2016 rose over seven folds to RM188.08 million from RM26.79 million a year ago due to the gain of RM144.9 million derived from the sale of Menara Shell and RM56.1 million generated from the sale of a leasehold land to Mass Rapid Transit Corporation Sdn Bhd for RM180 million cash.
Its revenue also more than doubled to RM1.03 billion compared with RM388.20 million in the previous year's corresponding quarter.
MRCB's however, net profit fell 19% to RM267.36 million from RM300.39 million a year ago.
Its revenue increased 42% to RM2.41 billion RM1.70 billion due to property development & investment division, which included a total gain of RM186.5 million arising from the disposal of Menara Shell and Sooka Sentral as well as the profit of RM56.1 million
generated from the sale of a leasehold land to Mass Rapid Transit Corp.