Malaysian Resources Corporation Bhd net profit for Q3 slides 79% to RM5.64 million

Malaysian Resources Corporation Bhd net profit for Q3 slides 79% to RM5.64 million

PETALING JAYA: Malaysian Resources Corp Bhd’s (MRCB) net profit for the third quarter ended Sept 30, 2015 (Q3) plunged almost 79.4% to RM5.64 million from RM27.39 million a year ago due to lower contribution from other operating income and higher tax expenses.

Other operating income in Q3 fell 64.68% to RM11.61 million from RM32.86 million a year ago while income tax expense was higher at RM18.75 million compared with RM9.30 million a year ago.

Revenue for the quarter fell 24.78% to RM374.06 million from RM497.26 million a year ago.

However, for the nine months ended Sept 30, 2015, net profit almost doubled to RM303.60 million from RM157.91 million a year ago while revenue rose 27.34% to RM1.31 billion from RM1.03 billion a year ago.

In a filing with Bursa Malaysia yesterday, the group said the strong performance for the nine months was due to the completion of the Q Sentral development and the sale of Platinum Sentral, as well as other on-going development projects in Kuala Lumpur, including the Sentral Residences and 9 Seputeh.

“The strong performance and value creation through monetisation and crystallisation of the group’s assets, including the REITs (real estate investment trusts) platform, was the result of the transformation plan embarked by the group since the previous financial year,” the group said in a separae announcement.

“The group’s recent announcements on purchase of new landbank and winning several new construction contracts are in line with its growth strategy. The group will continue to focus on its property development activities and actively participate in tendering for more construction contracts to build its order book.

“With all these in place, the board is comfortable with its immediate prospects,” it added.