Malaysian Resources Corporation Bhd (MRCB) swung back into the black in the first quarter ended March 31, 2009 with net profit RM153,000 compared to its net loss of RM39.3 million in 4Q2008.
Year-on-year, however, the RM153,000 net profit was significantly lower than the RM14.71 million net profit it posted a year ago. Revenue fell to RM152.6 million from RM177.1 million a year ago.
MRCB said on May 15, the higher profit last year was mainly due to a one-off profit on land sale at the KL Sentral development and the group's divestment in some of its investments.
The company said it recorded higher revenue in all its business segments except for property development, which enjoyed relatively higher revenue recognition in the 2008 arising from the land sale in KL Sentral development.
On its outlook, MRCB said that in spite of the various uncertainties and challenges in the global and local economic environment, its business plans remain intact.
"The easing of construction material prices has provided much relief to the group as it is moving into full swing to implement the ongoing construction projects and property development of more than 4 million square feet of commercial space in Kuala Lumpur Sentral."
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