KUALA LUMPUR (Nov 25): MALAYSIAN RESOURCES CORP []oration Bhd's net profit for the third quarter ended Sept 30, 2011 jumped 191% to RM10.72 million from RM3.68 million a year ago, due mainly to higher contribution from its revenue recognition of ongoing and encouraging strata office sales of property development projects at Kuala Lumpur Sentral.
The company said on Friday that its revenue for the quarter grew 5.7% to RM286.35 million from RM270.91 million in 2010. Earnings per share rose to 0.77 sen from 0.27 sen, while net assets per share were 96 sen.
For the nine months ended Sept 30, MRCB’s net profit doubled to RM51.35 million from RM25.77 million in the previous corresponding period. Revenue jumped 107% to RM742.69 million from RM634.46 million.
It said KL Sentral Park was closing in 80% tenancy on total lettable area of about 515,000 sq. ft. and Q Sentral net floor area of approximately 1.0 million sq. ft. had achieved sales of over 60%.
The recent soft launch of the high-end residential condominium in Kuala Lumpur Sentral which is known as the Sentral Residences, received encouraging response with over 60% sale commitments, it said.
MRCB said the award of the over RM1.3 billion Ampang LRT extension line in August 2011 which was secured under competitive open tender bidding, provided a major boost to the group’s CONSTRUCTION [] order book.
“Accordingly, the Group hopes to secure more new works on the progressive roll-out of new works under the Economic Transformation Programme.
“Despite the strong momentum for the group’s property and construction projects, due to unforeseen delays in the progress and completion of certain construction projects, the board expects the group’s revenue and profitability growth are unlikely to meet the KPI targets set out in the beginning of the year,” it said.
The company said on Friday that its revenue for the quarter grew 5.7% to RM286.35 million from RM270.91 million in 2010. Earnings per share rose to 0.77 sen from 0.27 sen, while net assets per share were 96 sen.
For the nine months ended Sept 30, MRCB’s net profit doubled to RM51.35 million from RM25.77 million in the previous corresponding period. Revenue jumped 107% to RM742.69 million from RM634.46 million.
It said KL Sentral Park was closing in 80% tenancy on total lettable area of about 515,000 sq. ft. and Q Sentral net floor area of approximately 1.0 million sq. ft. had achieved sales of over 60%.
The recent soft launch of the high-end residential condominium in Kuala Lumpur Sentral which is known as the Sentral Residences, received encouraging response with over 60% sale commitments, it said.
MRCB said the award of the over RM1.3 billion Ampang LRT extension line in August 2011 which was secured under competitive open tender bidding, provided a major boost to the group’s CONSTRUCTION [] order book.
“Accordingly, the Group hopes to secure more new works on the progressive roll-out of new works under the Economic Transformation Programme.
“Despite the strong momentum for the group’s property and construction projects, due to unforeseen delays in the progress and completion of certain construction projects, the board expects the group’s revenue and profitability growth are unlikely to meet the KPI targets set out in the beginning of the year,” it said.
