PETALING JAYA: Malaysian Resources Corp Bhd’s (MRCB) growth prospects will continue to be supported by its unbilled sales and new launches from its property development and investment division as well as its long-term order book within its engineering, construction and environment segment.
For the third quarter ended Sept 30, 2023 (3Q23), MRCB’s revenue however fell by 41% year-on-year (y-o-y) to RM503.7mil due to lower contributions from both its property development and investment division, as well as engineering, construction and environment division.
Net profit declined by 94% y-o-y to RM1.5mil or a basic earnings per share of 0.03 sen.
In a filing with Bursa Malaysia, MRCB stated under its property development and investment division sold RM459.4mil worth of properties from its completed and ongoing developments as of Sept 30.
The group’s completed residential developments such as TRIA in 9 Seputeh achieved a sales rate of 74%, Sentral Suites in KL Sentral 88%, Vivo Residences in 9 Seputeh 87% and Kalista in Bukit Rahman Putra 91%.
It has a sustainable supply of long-term land for future projects, with interests in 1,153 acres of land with a gross development value of RM33bil.
MRCB’s cumulative unbilled sales stood at RM33.6mil as of Sept 30. Moreover, the group expects to continue earning a relatively stable income stream from its remaining investment properties, as well as its 27.94% equity interest in Sentral-REIT.
