Property developer MK Land Holdings Bhd (8893) will announce plans to return to profitability on November 28 as it seeks to pull itself out of two straight years of losses.
Mustapha Kamal owns and controls the Emkay group of companies. He has a 47 per cent stake in MK Land.
MK Land made a loss of about RM61 million in 2007, and another RM56 million loss in the financial year to June 30 2008.
About one and a half years ago, Mustapha Kamal relinquished his executive position in MK Land to focus on his privately-held Emkay group of companies.
However, he assumed the chief executive post in June this year to help the company regain its footing.
Sources said that ever since Mustapha Kamal assumed the post, the company has begun to return to profitability. It sold RM60 million worth of properties which had been languishing all this while.
The sources added that Mustapha Kamal now wants to cut red tape to speed up decisions and encourage the company's sales team to show more improvement.
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