KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) recorded a net profit of RM8.86 million in the third quarter (Q3) of financial year 2024, up from RM1.46 million in the same quarter last year.
Revenue dropped to RM426.34 million compared to RM503.74 million previously.
In the first nine months, the group's net profit rose to RM63 million from RM20.8 million last year, while revenue fell to RM1.27 billion from RM1.85 billion previously.
MRCB said the revenue was dragged by lower contributions from the property development and investment division after the completion of two major property development projects in 2023.
Its 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, its pre-tax profit jumped 28 per cent due to the engineering, construction and environment division, with contributions from the LRT3 project, and the Muara Sungai Pahang Phase 3 flood mitigation project.
MRCB in a filing with Bursa Malaysia said it continues to prioritise enhancing its cash low by monetising its unsold completed stock of RM352.8 million gross development value (GDV) in Malaysia.
It noted that it had interest in 470 hectares of land with a GDV Of RM38 billion that provides a sustainable supply of long-term land for future projects.
Additionally, the division had cumulative unbilled sales of RM630.5 million as of Sept 30, which will be recognised progressively over the construction period of the projects, such as Alstonia and Residensi Tujuh.