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NewsMRCB suffers pre-tax loss of RM110.37 mln in FY2013
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MRCB suffers pre-tax loss of RM110.37 mln in FY2013
by Cals Tue 25 Feb 2014, 21:28
| MRCB suffers pre-tax loss of RM110.37 mln in FY2013 |
| Business & Markets 2014 |
| Written by Bernama |
| Tuesday, 25 February 2014 18:33 |
KUALA LUMPUR (Feb 25): Malaysian Resources Corp Bhd (MRCB) suffers a pre-tax loss of RM110.37 million, for financial year ended Dec 31, 2013 (FY13), compared to a pre-tax profit of RM134 million, a year before.
Revenue slipped to RM940.91 million, from RM1.28 billion previously.
For the fourth quarter ended Dec 31, 2012, its pre-tax profit fell to RM19.32 million, from RM32.42 million in the same quarter of 2012.
Revenue rose to RM369 million, from RM303.08 million previously.
In a filing to Bursa Malaysia today, MRCB said that lower revenue for FY13, was mainly due to the revenue recognition from the Kuala Lumpur Sentral Lot G office towers and hotel development, which was sold en-bloc in the preceding financial year.
"The construction of the office towers and hotel, was duly completed in December 2012 and January 2013 respectively, while the current on-going development on Lot B (Q Sentral office) and Lot D (The Sentral Residences), which are on strata sales, are still at their early stage of construction," it said.
On the loss recorded for the current financial year, MRCB said that it was mainly due to a one-off loss, 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 and construction costs.
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