Wednesday, February 9, 2011

MRCB 4Q earnings surge 230pct to RM41.5m

KUALA LUMPUR: MALAYSIAN RESOURCES CORP [] Bhd's earnings surged 230% to RM41.50 million for the fourth quarter ended Dec 31, 2010 from RM12.41 million a year ago, boosted by improved profit margin and property development projects.

The company said on Wednesday, Feb 9 revenue rose 53.7% to RM433.12 million from RM281.67 million. It proposed a dividend of 1.5 sen per share.

For the financial year ended Dec 31, 2010, its earnings jumped 94% to RM67.27 million from RM34.62 million. Revenue rose to RM1.967 billion from RM921.62 million.

Its cash and cash equivalents rose to RM487.27 million from RM232.57 million.

'The commendable result for the current quarter was mainly contributed by improved profit margin coupled with advanced stage of activities of its engineering and CONSTRUCTION [] ongoing works and property development projects at Kuala Lumpur Sentral,' it said.

MRCB said the higher operational margin was achieved on the back of crystallization of its ongoing value engineering and efficient project supervision and cost saving initiatives.

Commenting on the FY10 results, it said the higher revenue was contributed mainly from its construction and engineering division with ongoing work progress reaching maturity stage at relatively higher percentage of recognition compared to previous year.

The same impact was also contributed by the group's ongoing property development projects at Kuala Lumpur Sentral.

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