KUALA LUMPUR: Multi-Purpose Holdings Bhd's (MPHB) earnings surged 93.1% to RM134.62mil in the second quarter ended June 30, 2012 from RM69.69mil a year ago, boosted by its financial services segment.

MPHB said on Wednesday, at the pre-tax profit level, it declined 2.6% to RM129.48mil from RM132.93mil. Its revenue increased by a marginal 0.7% to RM872.21mil from RM865.57mil a year ago. Its earnings per share were 9.4 sen compared with 6.3 sen.

"The gaming and stockbroking divisions recorded lower profit before tax mainly due to higher payout ratio in gaming sivision as well as lower brokerage, margin interest income and earning from proprietary trading in the stockbroking division.

"However, this is mitigated by improved performance in financial services division as a result of higher underwriting income, gain on fair value adjustment and sale of shares in an associated company in corporate and others division," it said.

On the gaming operations, MPHB said pre-tax profit fell 31.4% from RM99.9mil a year ago "due to stiff competition from competitors and higher payout ratio recorded in current quarter which is mitigated by lower finance cost due to consistent loan repayment".

However, the financial services division fared better with higher profit before tax of RM20.6mil versus RM14.5mil a year ago. It attributed this mainly due to the better underwriting results and lower fair value loss on investment securities.

MPHB's corporate and others division contributed a profit before tax of RM88.1mil versus RM66.3mil a year ago, mainly derived from gain on fair value adjustment and sale of shares in an associated company.

In the first half ended June 30, 2012, its earnings showed a 38.3% increase to RM218.35mil from RM157.78mil in the previous corresponding period.

However, profit before tax fell 16.3% to RM251.0mil from RM300mil due to lower contributions from gaming, stockbroking and financial services divisions were recorded. Revenue slipped 1.4% to RM1.784bil from RM1.811bil.

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