Matrix Concepts Q1 earnings 16% lower at RM38.6mil


PETALING JAYA: Negri Sembilan-based property developer Matrix Concepts Holding Bhd saw its first quarter earnings ended March 31, 2014 declined by 16.2% year-on-year to RM38.6mil from RM46mil, as revenue came in lower by 13.4% to RM134.7mil from RM155.6mil.

The company said the decline in financial results in the quarter was partly because its Hijayu 1A (Phase 1) development project had yet to reach a particular stage of completion for the recognition of revenue.

This was in contrast to the corresponding quarter last year when the company managed to complete and recognise revenue from its Nusari Bayu 3 – Phase 2 development project, and various other on-going development projects.

Profit before tax was down 12.2% to RM53.9mil from RM61.5mil, and earning per share came to just 12.8 sen compared to 63.7 sen previously.

Matrix Concept, which is declaring an interim dividend of 5 sen to be paid on July 10, said it remained confident that profitability would be sustained with various projects being launched in Seremban, Negri Sembilan and Kluang in Johor. -- The star
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