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Friday, August 12, 2011

MRCB profit boosted by property

PETALING JAYA: Malaysian Resources Corporation Berhad (MRCB) posted a 55.4% year-on-year jump in net profit to RM19mil for the second quarter ended June 30, 2011.

In a Bursa Malaysia filing yesterday, MRCB said the higher profit for the quarter under review was mainly contributed by recognition of progress profit from the ongoing property development projects at Kuala Lumpur Sentral, including the recent sales launch of its Q Sentral strata office.

Profit was also boosted by its construction activities in Johor, such as the Permai Hospital, Eastern Dispersal Link Expressway and Marlborough College.

The group's revenue increased 25% year-on-year to RM456mil.

In a statement yesterday, MRCB chief executive officer Datuk Mohamed Razeek Hussain said more than 50% of the Q Sentral office block had been sold at record prices averaging RM1,200 per sq ft.

“Also, Kuala Lumpur Sentral, known as KL Sentral Park, which is due to be completed in the second half of the year, continues to attract strong rental interest with occupancy reaching 80%. A condominium development within Kuala Lumpur Sentral, known as The Sentral Residences, is due to be launched within the immediate month.”

MRCB said with the strong demand momentum for the group's property projects, and the active progressive works from its construction and engineering activities, it was on track to achieve the targeted revenue recognition of RM1.3bil for the current financial year.

By The Star

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