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MMC Corp 2Q net profit more than triples
by Cals Wed 27 Aug 2014, 23:21
| MMC Corp 2Q net profit more than triples |
| Business & Markets 2014 |
| Written by Adrian Wong of theedgemalaysia.com |
| Wednesday, 27 August 2014 20:50 KUALA LUMPUR (Aug 27): Conglomerate MMC Corp Bhd’s net profit more than tripled to RM165.45 million for the second financial quarter ended June 30, 2014 (2QFY14), from RM43.86 million a year ago, primarily due to higher contribution from its 51%-owned subsidiary Malakoff Corp Bhd and the Klang Valley Mass Rapid Transit (KVMRT) project. Revenue rose 51% to RM2.87 billion, compared with RM1.9 billion in 2QFY13, on higher work progress performed from the KVMRT Sungai Buloh-Kajang line, higher contribution from Malakoff’s energy and utilities segment, and a sale of land by its subsidiary as part of the Senai Airport City development plan. In a filing with Bursa Malaysia today, MMC Corp said net profit for the six months ended June 30, 2014 (6MFY14) also more than tripled to RM189.03 million, from RM52.68 million a year ago. Revenue was 30% higher at RM4.73 billion, against RM3.64 billion in 6MFY14. MMC Corp's share price closed unchanged at RM2.35 today, bringing a market capitalisation of RM7.16 billion. |
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