KUALA LUMPUR, May 30 — Malaysian Resources Corporation Berhad (MRCB) posted a revenue of RM427.6 million and profit before tax (PBT) of RM30.6 million in the first quarter of 2018.
In a statement today, it said despite a 17.7 per cent decline in revenue, MRCB recorded a 13.3 per cent growth in PBT on the back of a stronger performance from the engineering, construction and environment division.
MRCB Group Managing Director Tan Sri Mohamad Salim Fateh Din said the results represent a good start to 2018.
“The better profit performance was driven by continued growth in our engineering, construction and environment division, which should be a contributor to group profits this year, where we still have a significant unbilled order book of RM4.9 billion, and our strategy of targeting fee-based construction projects is now bearing fruit,” he said.
The engineering, construction and environment division saw its operating profits increase twelve-fold to RM16 million during the period due to the progress of its ongoing projects and other value engineering initiatives implemented to manage the construction costs.
Accompanying the division’s stronger performance was RM8.9 million profit after tax earned from its 50 per cent-owned LRT3 Project Delivery Partner joint venture company.
MRCB’s external client construction order book currently stands at RM6.2 billion.
For property development and investment division, it recorded a 7.2 per cent decrease in revenue to RM222.4 million, and saw operating profit fall to RM24.1 million from RM47.9 million in the corresponding period in 2017.
The main revenue contributors in the first quarter of 2018 were from MRCB’s ongoing property development projects, including 9 Seputeh in Jalan Klang Lama, PJ Sentral Garden City, Sentral Suites and Kalista Park Homes, as well as the sales of completed units from Sentral Residences, Q Sentral and Easton Burwood.
Additionally, the recurring income from MRCB-Quill REIT and MRCB Quill Management Sdn Bhd contributed RM4.3 million.
The group also recorded RM1.6 billion for its unbilled property sales at the end of the first quarter of this year.
