Property sale boost for MRCB



PETALING JAYA: Malaysian Resources Corp Bhd (MRCB) posted a 433% jump in net profit to RM19.2mil for the first quarter ended March 31, from RM3.6mil a year earlier.

Revenue came in at RM204.6mil, a 22% dip from RM262mil in the previous corresponding period.

Profit before tax for the period, however, rose to RM23.9mil compared with RM5mil last year.

In a filing with Bursa Malaysia, MRCB ascribed the higher profit before tax to proceeds derived from the property development division, which generated higher profit margin than other sectors.

Among the happenings in the property division was the sale of MRCB’s Platinum Sentral for RM750mil as well as the acquisition of three parcels of land measuring 617,452 sq ft in Bukit Rahman Putra and Sungai Buloh from Gapurna Sdn Bhd for RM83mil.

On Feb 25, MRCB declared a first and final single-tier dividend of 1%, or 1 sen per share, totalling RM16.51mil.

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