Higher top-line growth boosts MMC’s third quar­ter earn­ings

The Sun (Malaysia) - - MEDIA & MARKETING -

PETALING JAYA: MMC Corp Bhd’s net profit more than dou­bled to RM105.89 mil­lion for the third quar­ter ended Sept 30, 2016 from RM47.81 mil­lion in the pre­vi­ous cor­re­spond­ing pe­riod, driven by higher top-line growth.

Rev­enue for the quar­ter un­der re­view rose 31.8% to RM888.77 mil­lion from RM674.54 mil­lion.

In a fil­ing with the stock ex­change, the group said it re­mains pos­i­tive on its prospects on sta­ble per­for­mance of its op­er­at­ing com­pa­nies and con­tri­bu­tions from on­go­ing con­struc­tion projects.

The ports and lo­gis­tics divi­sion is ex­pected to regis­ter higher rev­enue on im­proved per­for­mances at North­port and Johor Port with higher con­tainer vol­ume.

MMC said the en­ergy and util­i­ties divi­sion will con­tinue to ac­count for pos­i­tive con­tri­bu­tion from its two as­so­ci­ates, Malakoff Bhd and Gas Malaysia Bhd.

For the en­gi­neer­ing and con­struc­tion divi­sion, the group said it will be sup­ported by sub­stan­tial ex­ist­ing order book, which is an­chored by the MRT 2 un­der­ground work and the pro­ject delivery part­ner (PDP) role for the el­e­vated por­tion. It will also be boosted by higher progress of the on-go­ing projects namely Lan­gat 2 wa­ter treat­ment plant, Lan­gat cen­tralised sew­er­age treat­ment pro­ject and its in­volve­ment in the PDP role for the Pan Bor­neo High­way por­tion in Sabah.

“Mov­ing for­ward, we will re­main pru­dent with our fi­nan­cial man­age­ment and con­tinue to re­duce our op­er­at­ing ex­penses in order to max­imise prof­itabil­ity and in­crease long-term value for our share­hold­ers”, said MMC group man­ag­ing di­rec­tor Datuk Seri Che Khalib Mo­hamad Noh.

For the first nine months of the year, MMC’s net profit, plunged 81.1% to RM282.25 mil­lion from RM1.49 bil­lion, due to the ab­sence of ex­cep­tional gains of RM1.34 bil­lion from Malakoff’s list­ing in May 2015. Rev­enue came in at RM2.78 bil­lion, 32.3% lower than RM4.1 bil­lion in the same pe­riod a year ago.

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