MRCB to sustain growth with 4 key projects this year

Property developer Malaysian Resources Corp Bhd (MRCB), which recorded its highest revenue and dividend payout since 2009, is expecting four key projects to sustain growth this year.

They are the 9 Seputeh project along the Old Klang Road, PJ Sentral and Q Sentral office block project in Petaling Jaya and The Sentral Residences at Kuala Lumpur Sentral.

These projects would affirm steady growth for the property division and translate into an order book of RM3bil, the company said in a statement yesterday.

The next biggest contributor after the property division is the engineering and construction division that is currently undertaking the construction of the extension of the Ampang and Kelana Jaya light rail transit lines, the rehabilitation of Klang River project and laying of electricity transmission lines.

The group’s net profit for the financial year ended Dec, 31, 2014 was RM189.19mil compared with a net loss of RM108.15mil a year ago. The profit was on the back of its revenue that increased 61% to RM1.51bil for the financial year 2014 from RM940.9mil in the corresponding period in 2013. The strong growth was due to the performance of the group’s property development division.

However, for the fourth quarter, the group recorded a net loss of RM5.28mil from a net profit of RM2.22mil in 2013 due to group’s share of losses from a joint venture. But its revenue jumped 32% to 487.17mil from RM369mil a year earlier.

MRCB said its prospects included the completion of the real estate investment trust exercise for Platinum Sentral and obtaining funding for its portion of the Kwasa Damansara township. - By The Star