Business

Wednesday November 18, 2009

MRCB appoints new CEO


Razeek succeeds Shahril; Company reverses loss in third quarter on higher revenue

PETALING JAYA: Malaysian Resources Corp Bhd (MRCB) group managing director Shahril Ridza Ridzuan will resign from his current post effective Nov 30.

He will be succeeded by MRCB chief operating officer Mohd Razeek Hussain, who will assume the position of chief executive officer effective Dec 1.

This confirmed a StarBiz report dated Nov 12 that anticipated Shahril Ridza’s resignation following eight years of service and Mohd Razeek’s promotion.

Mohd Razeek Hussain, currently the COO, will be MRCB’s CEO effective Dec 1.

The report also mentioned that Shahril Ridza was likely to assume the position of chief investment officer of the Employees Provident Fund.

MRCB chairman Tan Sri Azlan Zainol said the board was confident that Mohd Razeek would ensure the company’s focus on revenue and profit growth as well as the successful delivery of ongoing projects.

“We would also like to thank Shahril Ridza for his service during a period of great transformation of the group and glad that he will continue to serve as a board member,” he said in a statement yesterday.

MRCB also announced its third quarter results ended Sept 30 yesterday, posting a net profit of RM10mil against a net loss of RM26.8mil in the corresponding quarter last year.

Revenue for the period jumped 43.3% to RM257.1mil. Accordingly, net asset per share increased to 72.7 sen as at Sept 30 against 70 sen as at Dec 31 last year.

According to MRCB, the group’s higher profitability was mainly contributed by better profit margins from the completion of existing projects and the consistent recognition of profit from its ongoing work progress.

“The higher revenue was a result of higher contribution from all business segments except property development, which enjoyed relatively higher revenue recognition in the preceding period from a one-off land sale,” it said.

Shahril Ridza said the group expected to be fully engaged with its ongoing construction projects and property development of more than six million sq ft of hotel, retail and office space.

“We are also leveraging on economies of scale and innovative value engineering to improve our future performance.

“Additionally, the group is investing resources into design and development of sustainable buildings complying with international and Malaysian standards.

“Our on-going landmark office developments within KL Sentral that includes 348 Sentral, NU Sentral and KL Sentral Park will meet the Leadership in Energy and Environment Design, BCA GreenMark and Green Building Index standards.

“Barring unforeseen circumstances, the board is confident the group will continue to post growth in revenue and profit this year,” he said.

 
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