KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) said it continues to prioritise enhancing its cash low by monetising its unsold completed stock of RM352.8mil gross development value in Malaysia.
In a filing with Bursa Malaysia, it said it had interest in 1,163 acres of land with a GDV Of RM38bil, which provides it with a sustainable supply of long-term land for future projects.
Additionally, the division had cumulative unbilled sales of RM630.5mil as of Sept 30, 2024, which will be recognised progressively over the construction period of the projects, such as Alstonia and Residensi Tujuh.
In the third quarter ended Sept 30, 2024, MRCB recorded a net profit of RM8.86mil, up from RM1.46mil in the year-ago quarter. Its earnings per share rose to 0.2 sen from 0.03 sen previously.
Its revenue was reported at RM426.34mil, down from RM503.74mil in the comparative quarter.
Over the three cumulative quarters, the group's net profit came to RM63.04mil, up from RM20.8mil in 9MFY23, while revenue dropped to RM1.27bil from RM1.85bil previously.
It said the 31% drop in revenue was owing to lower contributions from the property development and investment division after the completion of two major property development projects in 2023.
In addition, the group’s new projects were still in their initial development phases, when there is still no revenue to recognise, while there was lower revenue recognition from the Light Rail Transit 3 (LRT3) construction project as it nears completion.
However, pre-tax profit jumped 28% due to the engineering, construction and environment division, with contributions from the LRT3 project, and the Muara Sg Pahang Phase 3 flood mitigation project.
