Published: Tuesday November 20, 2012 MYT 8:00:00 PM

Malaysian Resources Corp's 3Q earnings up 142%

KUALA LUMPUR: Malaysian Resources Corporation Bhd's (MRCB) earnings jumped 142% to RM35.78mil in the third quarter ended Sept 30, 2012 from RM14.73mil a year ago, boosted by its property division.

It said on Tuesday its higher earnings were despite that finance costs had increased to RM35.19mil from RM8.09mil a year ago.

It said the improved performance of the group's property division contributed to the realisation of a higher operating profit at RM84.0mil in Q3, 2012 from RM29.5mil a year ago. This saw pre-tax profit surging more than 100% to RM47.1mil from RM20.5mil a year ago.

MRCB's revenue rose 4.7% to RM299.81mil from RM286.35mil while earnings per share were 2.58 sen compared with 1.06 sen.

"The higher revenue was contributed mainly from the on-going development projects in Kuala Lumpur Sentral which include the successful launch of The Sentral Residences in the current quarter," it said.

For the nine-months ended Sept 30, 2012, its earnings were marginally lower by 0.47% to RM63.09mil from RM63.39mil in the previous corresponding period. Revenue increased by 30.5% to RM969.94mil from RM742.69mil.

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