Update MPHB 1Q profit surges 78% y-o-y to RM149m

Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Monday, 27 May 2013 18:57
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KUALA LUMPUR (May 27): MULTI-PURPOSE HOLDINGS BHD []
(MPHB) saw improvements in all of its business divisions and made a
one-off gain from divesting its stockbroking subsidiary.
These factors helped the diversified group’s bottom line for its first
quarter to grow by 78.5% year-on-year.
In a filing with Bursa Malaysia, MPHB reported that its net profit for the
first quarter ended March 31, 2013 (1QFY13) came to RM149.45
million on revenue of RM920.23 million.
Last year, the group made a net profit of RM83.72 million on the back
of RM905.89 million in revenue.
MPHB said all of its divisions, namely gaming, financial services and
corporate and others saw improvements in their respective bottom line.
However, its corporate and others division’s earnings were propped up
by the disposal of its stockbroking subsidiary and lower finance costs.
MPHB sold off AA Anthony Securities on January 18 this year at the
price of RM169.26 million.
Looking ahead, the group said its demerger exercise will improve the
operational and financial efficiency of its businesses.
MPHB has proposed to demerge its gaming and non-gaming businesses more than a year ago. Its non-gaming assets will be
housed under MPHB Capital Bhd, which is slated to go public this June 25.
MPHB, meanwhile, will be renamed to Magnum Corp Bhd, taking after its gaming brand.