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Saturday, November 29, 2008

MK Land reveals turnaround plan

DEVELOPER MK Land Holdings Bhd yesterday revealed its turnaround plan, which included the appointment of two chief operating officers and the sale of non-core assets.

Chief executive officer Tan Sri Mustapha Kamal Abu Bakar said the plan, called the Renaissance, will be done in three phases over three years.

MUSTAPHA KAMAL: MK LAND will look into exporting its expertise

MK Land made losses in 2007 and 2008, prompting Mustapha Kamal to assume the top post in June after relinquishing the position more than a year ago.

The company posted a RM4.9 million net profit in its first quarter to September 30 2008. Revenue more than doubled to RM77 million.

"We are bullish of achieving a good performance in the current financial year with a target sales worth more than RM350 million," Mustapha Kamal said.
The turnaround plan will turn the group into a more structured and focused entity managed by skilled and experienced professional team.

"The new management line-up comprises both new and old faces that we believe could steer MK Land into greater heights," he told reporters at a briefing in Petaling Jaya, Selangor, yesterday.

Under Phase 1, it will reorganise the company's structure into two operating regions, namely central and northern region whilst setting up a strategy and planning think tank at the head office.

There are COOs for both regions.

It also plans to sell non-core assets, vacant land and reduce stockpile of completed units.

MK Land will develop premium products in Phase 2. It will expand abroad in the third phase.

"We will also be looking at exporting our core expertise to less developed countries looking for quality housing in the lower to medium category," Mustapha Kamal said.

By Business Times (by Azlan Abu Bakar)

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