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Friday, August 22, 2008

Magna Prima H1 net leaps 103pc

MALAYSIAN property development and construction company Magna Prima Bhd (MPB) has reported a 77.16 per cent increase in pre-tax profit to RM19.17 million for its second quarter ended June 30, 2008.

In a statement yesterday, it said the creditable performance was driven largely by its ongoing projects in the Klang Valley, namely Dataran Otomobil in Shah Alam, U1 Shah Alam and Magna Ville in Selayang.

The group also posted a 48.68 per cent year-on-year increase in revenue amounting to RM133.8 million from RM90.02 million in the corresponding period last year.

Net profit for the first half of this year also leapt by 103 per cent to RM13.8 million while basic earnings per share increased to 25.78 sen from 12.04 sen.

The company’s outstanding financial performance saw it emerge the overall winner of the KPMG Shareholder Value Award 2007 for the general construction sector.

For the financial year ended December 2007, MPB declared a final dividend of seven sen per share, and recorded a return on equity of 30 per cent.

“Going forward, we are determined to move full steam ahead in our endeavours as a progressive lifestyle property developer and construction company,” said Lim Ching Choy, the MPB executive director and chief executive officer.

By Bernama

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