KUALA LUMPUR, Feb 25 — MMC Corporation Bhd’s net profit rose to RM255.17 million in the financial year ended December 31, 2019 (FY19) from RM220.08 million recorded a year ago.
Revenue, however, declined to RM4.72 billion from RM4.98 billion previously due to lower work progress from the Klang Valley Mass Rapid Transit Sungai Buloh-Serdang-Putrajaya Line (KVMRT-SSP Line) following revision of contract in November 2018 and the Langat Sewerage project.
These were cushioned by the consolidation of Penang Port Sdn Bhd’s revenue, higher passenger volume at Senai International Airport and higher volume handled at Port of Tanjung Pelepas and Johor Port, MMC said in a statement.
The company also saw higher share of results of associates, namely Malakoff Corporation Bhd, reversal of provision no longer required at Double Track project, and gain on disposal of assets held for sale and lower administrative cost across the group.
As for the fourth quarter of FY19, net profit decreased to RM68.09 million from RM119.72 million previously, while revenue fell to RM1.1 billion from RM1.56 billion recorded in the fourth quarter of 2018.
MMC group managing director Datuk Seri Che Khalib Mohamad Noh said the group believed its continuous investments into the ports’ infrastructure, capacities and capabilities along with execution of operational plans would deliver positive results.
“Operational and cost synergies driven by MMC would further improve the performance of its ports and logistics division.
“The energy and utilities division is expected to contribute positively from the group’s associated companies, namely Malakoff and Gas Malaysia Bhd,” he said, adding that substantial existing order book provided earnings visibility for the engineering division anchored by the KVMRT-SSP Line. — Bernama
