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Tuesday, April 5, 2011

MRCB expects to land more govt jobs

KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) is expecting more government jobs under the Economic Transformation Programme (ETP), having bid for projects worth over RM2 billion.

Chief executive officer Datuk Mohd Razeek Hussain said one of its key performance indicators for 2011 is to grow the company's revenue by 20 per cent to RM1.3 billion and achieve RM150 million in profit before tax (PBT).

For fiscal 2010, MRCB posted a PBT of RM97.6 million on revenues of RM1.1 billion.

Among the projects MRCB is bidding for are package A and B of the LRT extension project, worth some RM1 billion and RM600 million respectively.

"If we can get one of the two packages, we would have achieved 40 per cent of our target," he said yesterday after the company's shareholders meeting.
MRCB has secured two projects under the ETP - the development of the 6-star St Regis Hotel at Kuala Lumpur Sentral in Brickfields, and the River of Life project.

Razeek said MRCB is negotiating with the government on the scope of works for the project, where it holds the letter of intent with its joint-venture partner, Ekovest Bhd.

The project includes cleaning and beautifying the Klang and Gombak river, and planning some developments along it. He declined to reveal the project cost.

OSK Research estimates the project to be worth RM8 billion to RM10 billion.

Meanwhile, MRCB, which has RM4.2 billion worth of ongoing property projects, plan to launch three new developments valued at RM2.6 billion between May and December this year.

These include an office tower and residences at KL Sentral and a high-end condominium project at Jalan Kia Peng, Kuala Lumpur.

MRCB is also aiming to launch Penang Sentral soon, Razeek said.

"We are looking at substantial growth this year, majority of that will be contributed by our existing projects," he said.

By Business Times

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