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Update MRCB incurs 3Q loss of RM122m, sees loss for full year

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Update MRCB incurs 3Q loss of RM122m, sees loss for full year Empty Update MRCB incurs 3Q loss of RM122m, sees loss for full year

Post by Cals Fri 29 Nov 2013, 18:39

Update MRCB incurs 3Q loss of RM122m, sees loss for full year
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com   
Friday, 29 November 2013 17:50
KUALA LUMPUR (Nov 29): Malaysian Resources Corporation Bhd (MRCB) incurred a huge loss of RM122.4 million for the third quarter to September 2013, compared to a net profit of RM35.8 million in similar quarter a year ago.

Revenue generated was RM159.7 million against RMRM299.8 million.

Explaining its third quarter loss, MRCB said in its filing with Bursa Malaysia: “The loss for the current financial quarter was mainly due to the recognition of higher construction costs for certain Kuala Lumpur Sentral development and construction projects without recognition of the same for potential variation orders claims to its clients.

“The group also recorded one-off loss due to the exceptional financial impact arising from the fair value adjustment on the extended credit period for the settlement for Lot G office towers sale coupled with the provision of additional rental guarantee resulting in further losses to the current financial quarter.”

For the nine months to September 2013, MRCB incurred total loss of RM111.3 million versus a net profit of RM63.1 million in the first nine months of last year. Revenue totalled RM607.5 million versus RM969.9 million.

Looking ahead, MRCB said it does not expect to meet the group’s KPI and to report profit for the current financial year (2013).
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