Menang Corp's 3Q profit soars 82% to RM20.8 mil

by **Cals** Thu 21 May 2015, 22:40

Menang Corp's 3Q profit soars 82% to RM20.8 mil

KUALA LUMPUR (May 21): Menang Corp (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)’s net profit soared 82% to RM20.79 million or 7.78 sen per share for its third quarter ended March 31, 2015, from RM11.39 million or 4.27 sen per share, a year earlier.
This was on the back of a 44% increase in revenue to RM107.78 million, from RM74.54 million in the previous year’s corresponding quarter.
For the nine months, net profit spiked 143% to RM52.11 million, from RM21.46 million in the year before; while revenue climbed 2% to RM208.04 million, from RM203.89 million.
In its filing with Bursa Malaysia, the increase in its revenue for the cumulative period was attributed to the ongoing Private Finance Initiative (PFI) projects, while the improvement in profit was due to contributions from its property segment.
Based on its financial statements, its property development division contributed to approximately 16% of its revenue, while its concession arrangements contributed to 83% of its topline.
Going forward, the group expects a challenging year ahead, due to the current economic environment.
Menang Corp (fundamental: 1.3; valuation: 2.1) rose four sen or 4.71% to 89 sen, bringing its market capitalisation to RM227.04 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)