Tuesday, June 22, 2010

MPHB targets RM48m net profit from insurance biz

KUALA LUMPUR: MULTI-PURPOSE HOLDINGS BHD [] (MPHB), an investment holding company, is targeting to increase the net profit of its insurance business to RM48 million next year, director T. Vijeyaratnam said.

"At the moment, Multi-Purpose Insurans Bhd is doing about RM30 million to RM40 million and is targeting about RM48 million net profit next time," he said at a media briefing after the company's AGM on Tuesday, June 22.

The group is involved in five core businesses comprising gaming, financial services, stockbroking, property and hospitality, with gaming as the major contributor.

"Gaming contributes about 80 per cent to the group's revenue and 20 per cent coming in from the other four core business," Vijeyaratnam said.

The gaming division posted a 5.2 per cent growth in 2009 as a result of the extra draws conducted for the Classic 4D game and the introduction of the 4D Jackpot in September last year.

For 2009, the group recorded a revenue of RM3.3 billion and pre-tax profit of RM519.8 million.

Going forward, MPHB will strive to enhance the value of its landbank through professional asset management to increase the yield of existing completed assets such as hotels and office blocks, Vijeyaratnam said.

"Development of the landbanks is in the planning stage whereby the management is considering developing them on its own or through joint ventures," he said. - Bernama

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