MRCB posts higher FY2012 pre-tax profit

Malaysian Resources Corp Bhd (MRCB) posted higher pre-tax profit of RM134.002 million for financial year ended December 31, 2012
as compared to RM123.313 million recorded in the same period a year ago.

Its revenue rose to RM1.283 billion from RM1.226 billion.

In a statement today, MRCB said the improved performance was due to higher contribution from the group’s ongoing property development projects in Kuala Lumpur Sentral.

The group also attributed the strong performance to its property investment activities, notably a full-year rental income from Platinum Sentral, which was completed at the end of last year.

The group’s property division’s healthy growth is further boosted by the successful launch and revenue recognition of The Sentral Residences which commenced on the third quarter of the financial year.

The environmental division also contributed positively to the group’s results for the year under review after awards were received for work done under the two environmental projects.

Moving forward, the sroup said it has strategised to further increase its landbank in strategic locations within the Klang Valley for its future development by entering into various share sale agreements with Nusa Gapurna Development Sdn Bhd.

The proposed strategic deal will further boost the group’s prime landbank, all located strategically in the Klang Valley, with the key development being the PJ Sentral Garden City Development, it said.

With the group’s proven track record at urban regeneration in the like of the Kuala Lumpur Sentral development, coupled with the newly acquired land banks that are development-ready, the board expects the group to be poised for further growth in terms of revenue and profitability.-- Bernama