Flagship projects boost MRCB earnings
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