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Wednesday, February 24, 2010

MRCB swings into profit in Q4 helped by construction business

Malaysian Resources Corp Bhd, a construction and property group, has swung to a fourth quarter profit as it made more money from its operations.

The group, a unit of the Employees Provident Fund, also turned profitable for the full year to December 31 2009, thanks to better margins from its engineering and construction businesses.

It expects to grow profits and revenue further in 2010 and it plans to invest in strategic new land to continue growing its business.

"2010 will see the group recognising a full year works of its massive ongoing construction projects and property development of more than 6 million square feet of hotel, retail and office space within Kuala Lumpur Sentral," MRCB said in a statement to Bursa Malaysia.

MRCB made a net profit of RM12.4 million for the quarter to December 31 2009. It made a loss of RM39.3 million in the same period last year.
Revenue was up 38 per cent to RM281.7 million.

For the full year, MRCB made a net profit of RM34.6 million as against a loss of RM56.6 million in 2008. The loss was mainly due to a big finance charge due to the early payment on a bond.

Revenue for the full year was up 17 per cent to RM921.6 million.

MRCB is also paying a gross dividend of one sen per share, which amounts to RM10.3 million based on the enlarged share capital after its rights issue.

This is about 30 per cent of its full year net profit, which is higher than its dividend policy of 20 per cent, MRCB said in a separate release.

"With the ongoing active progress works and order book, MRCB is confident the group's revenue will cross the RM1 billion mark for the first time with significant improvement in profitability in 2010," it said.

Shares of MRCB closed two sen lower to RM1.37 yesterday.

The group's flagship development is the Kuala Lumpur Sentral.

It is now constructing new buildings like the Shell headquarters at 348 Sentral, Nu Sentral mall and KL Sentral Park. All of them are being developed under the certification of Malaysia's Green Building Index, LEEDS and BCA Greenmark.

By Business Times

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