Flag­ship projects boost MRCB earn­ings

New Straits Times - - Business -

KUALA LUMPUR: Malaysian Re­sources Corp Bhd (MRCB) more than dou­bled its net profit to RM10.46 mil­lion in the first quar­ter ended March 31, from RM4.38 mil­lion a year ago.

This was due to im­proved earn­ings recog­ni­tion from its flag­ship prop­erty de­vel­op­ment projects, said MRCB.

Group rev­enue rose 20.4 per cent to RM524.9 mil­lion.

Group man­ag­ing di­rec­tor Tan Sri Mo­hamad Salim Fateh Din said the im­proved per­for­mance was driven by stronger rev­enue from its prop­erty de­vel­op­ment, which was buoyed by its award­win­ning Sen­tral Res­i­dences de­vel­op­ment in KL Sen­tral and the Eas­ton Bur­wood de­vel­op­ment in Mel­bourne.

“This is a good set of re­sults,” he said.

Salim also at­trib­uted the bet­ter per­for­mance to lower fi­nance costs and higher in­ter­est in­come.

Its on­go­ing prop­erty de­vel­op­ment projects, namely the 9 Se­puteh mixed de­vel­op­ment in Jalan Klang Lama, the of­fice tow­ers at PJ Sen­tral Gar­den City and Me­nara MRCB in Pu­tra­jaya, also helped im­prove the com­pany’s fi­nan­cial per­for­mance in the first quar­ter, said MRCB.

MRCB said its en­gi­neer­ing, con­struc­tion and en­vi­ron­ment divi­sion’s rev­enue was mainly con­trib­uted by the re­fur­bish­ment and up­grad­ing of fa­cil­i­ties at the Na­tional Sports Com­plex in Bukit Jalil and the on­go­ing con­struc­tion of MRCB Land’s prop­erty-de­vel­op­ment projects.

Rev­enue was also recog­nised from the con­struc­tion of sev­eral com­mer­cial build­ings for clients in Jo­hor, power trans­mis­sion-re­lated con­struc­tion projects across Penin­su­lar Malaysia and other civil-en­gi­neer­ing projects in the Klang Val­ley, it added.

MRCB’s ex­ter­nal con­struc­tion or­der book cur­rently stands at RM7 bil­lion.

MRCB man­ag­ing di­rec­tor Tan Sri Mo­hamad Salim Fateh Din

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