Tuesday, May 31, 2011

MMC Corp 1Q net profit up 29.5% to RM43.04m

KUALA LUMPUR: MMC CORPORATION BHD [] net profit for the first quarter ended March 31, 2011 rose 29.5% to RM43.04 million from RM33.23 million a year earlier, due mainly to higher contributions from most of its divisions.

Revenue for the quarter increased to RM2.23 billion from RM2.06 billion in 2010. Earnings per share was 1.41 sen while net assets per share was RM2.19.

Reviewing its performance on Tuesday, May 31, MMC Corp said its energy and utilities division's profit rose by 39.1% or RM85.1 million due to higher volume of gas sold, lower other operating expenses, improved associates performance and lower finance cost following repayment of loan during the period.

The transport and logistics division's higher earnings were higher driven by the increase in throughput volume, it said.

Meanwhile, the engineering and CONSTRUCTION [] division earnings were higher mainly due to the absence of profit revisions for the double track project despite the project losses of Zelan Berhad, an associate company of the group, it said.

However, its corporate division's contribution was lower was due to no gain on disposal of investment recorded as in the corresponding financial period, it said.

On its prospects, MMC Corp said that in line with the improvement in its businesses, the company expects its current year results to be better than that for the year ended Dec 31, 2010.

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