Author : Editor
Malaysian Resources Corporation Bhd's (MRCB) net profit for the year ended December 31 2011 rose to RM91.92 million from RM73.79 million recorded previously.
Group revenue edged up to RM1.21 billion from RM1.07 billion a year ago.
MRCB said the improved performance was due to higher contribution from its ongoing and encouraging strata office sales of property development projects at Kuala Lumpur Sentral.
The group recorded a slightly lower net profit of RM31.95 million in the fourth quarter compared with RM39.2 million previously.
The lower profit was due mainly to recognition of full cost for variation order claims of which recovery of the same is pending clients' approval.
Group net asset per share increased to 98.1 sen as at December 31 last year from 93 sen recorded as at end-2010.
MRCB chief executive officer Datuk Mohamed Razeek Hussain said the group expects to deliver another year of revenue growth in 2012. This will be driven by ongoing property development projects in Kuala Lumpur Sentral, outstanding construction order book and the opening of the Eastern Dispersal Link Expressway (EDL).
"However, given the intense competition within the construction industry and the anticipated start-up losses from the EDL, the board expects the profitability growth for the group to be challenging," he said in a statement yesterday.
Source : btimes.com.my
