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KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) posted a net loss of RM2.97mil in the fourth quarter ended Dec 31, 2012 compared with a net profit of RM30.13mil a year ago on provision for higher construction costs.
"Moving forward, the group has strategised to further increase its land bank 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 land bank, all located strategically in the Klang Valley, with the key development being the PJ Sentral Garden City Development," it said on Tuesday.
MRCB explained it had made provision for higher construction cost on certain construction and engineering projects without recognition of the corresponding potential variation order claims from its respective clients.
MRCB's revenue for Q4 fell 36% to RM303.07mil from RM473.88mil a year ago. Loss per share was 0.21 sen compared with earnings per share of 2.17 sen.
The lower revenue recognised was mainly due to certain development projects in Kuala Lumpur Sentral which were at the tail end of their development in the current quarter.
MRCB proposed a first and final dividend of 0.4% or 0.4 sen per ordinary share less income tax of 25% and single tier dividend of 1.6% or 1.6 sen per ordinary share, totaling approximately RM26.37mil.
For FY12, the company's earnings slumped 35.7% to RM60.12mil from RM93.52mil in FY11. Revenue rose 4.6% to RM1.3bil from RM1.22bil previously.
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Post time 26-2-2013 11:40 PM
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