MRCB says on target to achieve RM1.3b revenue this year

KUALA LUMPUR: MALAYSIAN RESOURCES CORP []oration Bhd (MRCB) said it was track to achieve revenue of RM1.3 billion for the year after its turnover for the six months ended June 30, 2011 rose to RM456.34 million from RM363.55 a year earlier.

For the six months ended June 30, MRCB’s net profit rose to RM40.63 million from RM22.09 million.

Its net profit for the second quarter ended June 30, 2011 jumped 55.5% to RM19.03 million from RM12.24 million a year earlier,

Revenue for the quarter rose to RM234.84 million from RM173.87 million. Earnings per share was 1.37 sen, while net assets per share was 95.2 sen.

Reviewing its performance, MRCB said on Thursday, Aug 11 that the increase in revenue in the current period was due to higher contribution from the group’s revenue recognition of ongoing and encouraging strata office sales of property development projects at Kuala Lumpur Sentral and the progressive works of the CONSTRUCTION [] and engineering activities.

Lower revenue was noted from the infrastructure and environmental segment due to completion of existing environmental projects, with continuation of new phases pending relevant authority approval, it said.

On its prospects, MRCB said that sales of the Q Sentral office block had surpassed the halfway mark whilst KL Sentral Park which would be completed in the second half of the year continued to attract strong rental interest.

Shortly to launch is the condominium known as Sentral Residences, it said.

“Based on the strong demand momentum for the group’s property projects and the active progressive works of the construction and engineering activities, the board is confident that, barring any unforeseen circumstances, the group is on track to achieve the target revenue recognition of RM1.3 billion for the financial year,” it said.