MRCB managed to turn around in 3Q 2009 with a credible RM10 million profit on the back of higher revenue.This compares favourably against a net loss of RM26.8mil in the corresponding quarter last year.Revenue for the period jumped 43.3% to RM257.1mil. Accordingly, net asset per share increased to 72.7 sen as at Sept 30 against 70 sen as at Dec 31 last year.
According to MRCB, the group’s higher profitability was mainly contributed by better profit margins from the completion of existing projects and the consistent recognition of profit from its ongoing work progress.
“The higher revenue was a result of higher contribution from all business segments except property development, which enjoyed relatively higher revenue recognition in the preceding period from a one-off land sale,” it said.
MRCB expects to be continually engaged fully with its ongoing construction projects and property development of more than six million sq ft of hotel, retail and office space.
The spokesman added that MRCB was leveraging on economies of scale and innovative value engineering to improve future performance.
“Additionally, the group is investing resources into design and development of sustainable buildings complying with international and Malaysian standards.
“Our on-going landmark office developments within KL Sentral that includes 348 Sentral, NU Sentral and KL Sentral Park will meet the Leadership in Energy and Environment Design, BCA GreenMark and Green Building Index standards.
“Barring unforeseen circumstances, the board is confident the group will continue to post growth in revenue and profit this year,” he said.
Will this whet the appetite of investors to buy into MRCB?
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