KUALA LUMPUR (Feb 8): MALAYSIAN RESOURCES CORPORATION BHD’s (MRCB) net profit fell 37% to RM26.11 million in the fourth quarter ended Dec 31, 2011 (4Q 2011) from RM41.50 million a year ago.
It said on Wednesday the group recorded a slightly lower profit before taxation amounting to RM42.5 million for 4Q 2011 compared to RM49.3 million in 4Q 2010.
“The lower profit reported was due to recognition of full cost for variation order claims of which recovery of the same are pending clients’ approval,” it said.
Its revenue rose 8.6% to RM470.38 million from RM433.12 million. Its earnings per share were 1.88 sen compared with 3.01 sen. It proposed dividend of 2.0 sen a share compared with 1.50 sen a year ago.
For the financial year ended Dec 31, 2011, its net profit rose 15.1% to RM77.46 million from RM67.27 million. Its revenue increased by 13.6% to RM1.213 billion from RM1.067 billion.
“The improved performance in revenue and profitability in the current financial year was due to higher contribution from the group’s on-going and encouraging strata offices sales from property development projects at Kuala Lumpur Sentral.
“However, this was offset by lower revenue from the infrastructure and environmental segment due to completion of existing environmental projects,” it said.
On the outlook for 2012, MRCB expected to deliver another year of revenue growth, driven by on-going property development projects in Kuala Lumpur Sentral, outstanding CONSTRUCTION [] order book and the opening of the Eastern Dispersal Link Expressway (EDL).
“However, given the intense competition within the construction industry and the anticipated start up losses from the EDL, the board expects the profitability growth for the group to be challenging,” it said.
It said on Wednesday the group recorded a slightly lower profit before taxation amounting to RM42.5 million for 4Q 2011 compared to RM49.3 million in 4Q 2010.
“The lower profit reported was due to recognition of full cost for variation order claims of which recovery of the same are pending clients’ approval,” it said.
Its revenue rose 8.6% to RM470.38 million from RM433.12 million. Its earnings per share were 1.88 sen compared with 3.01 sen. It proposed dividend of 2.0 sen a share compared with 1.50 sen a year ago.
For the financial year ended Dec 31, 2011, its net profit rose 15.1% to RM77.46 million from RM67.27 million. Its revenue increased by 13.6% to RM1.213 billion from RM1.067 billion.
“The improved performance in revenue and profitability in the current financial year was due to higher contribution from the group’s on-going and encouraging strata offices sales from property development projects at Kuala Lumpur Sentral.
“However, this was offset by lower revenue from the infrastructure and environmental segment due to completion of existing environmental projects,” it said.
On the outlook for 2012, MRCB expected to deliver another year of revenue growth, driven by on-going property development projects in Kuala Lumpur Sentral, outstanding CONSTRUCTION [] order book and the opening of the Eastern Dispersal Link Expressway (EDL).
“However, given the intense competition within the construction industry and the anticipated start up losses from the EDL, the board expects the profitability growth for the group to be challenging,” it said.
