Magna Prima's 3Q profit hits RM85m on property development contribution

by **Cals** Wed 18 Nov 2015, 01:05

Magna Prima's 3Q profit hits RM85m on property development contribution

By Ahmad Naqib Idris / theedgemarkets.com | November 17, 2015 : 7:18 PM MYT

KUALA LUMPUR (Nov 17): [size=16]Magna Prima Bhd ([You must be registered and logged in to see this image.] Valuation: 2.00, Fundamental: 1.10) continues its strong performance this year by chalking a net profit of RM85.35 million in its third quarter ended Sept 30, 2015 (3QFY15), due to improvements in its property development segment.

This was mostly due to the completion and sale of six blocks of shop office at Jalan Kuching Commercial Centre andThe Istana project in Melbourne, Australia, its filing to Bursa Malaysia today showed.

After slipping into the red in 3QFY14 with a net loss of RM21.07 million, the group, which is principally involved in property development although it is also in construction and civil engineering works and manufacturing of ready-mix concrete, got back into the black in 4QFY14 and has been posting consecutive earnings since.

Its latest quarterly earnings brought its total cumulative nine months' (9MFY15) earnings to RM173.04 million, compared with 9MFY14's RM1.39 million.

Meanwhile, its latest quarterly revenue jumped 425-times to RM248.49 million, from a mere RM668,000 in 3QFY14, bringing its 9MFY15 revenue up fivefold to RM710.7 million from RM140.61 million previously.

Overall, the group said it is optimistic of its financial performance for the remainder of its current financial year.

Magna Prima closed 5 sen or 5.26% higher at RM1, bringing its market capitalisation to RM316.2 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.)

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