Published: Thursday February 28, 2013 MYT 7:28:00 PM
MMC Corp FY12 earnings up 177% to RM921.7m, boost from Gas Malaysia stake sale
By Joseph Chin
KUALA LUMPUR: MMC Corporation Bhd's earnings jumped 177% to RM921.78mil in the financial year ended Dec 31, 2012 from RM332.57mil in FY11, boosted by gains from the disposal of a 10.9% stake in Gas Malaysia Bhd.
It said on Thursday that FY12 revenue fell 11.1% to RM8.29bil from RM9.33bil a year ago.
"The decrease in the group's revenue is mainly due to the lower contribution from the energy and utilities sector arising from the listing of Gas Malaysia," it said.
For the fourth quarter ended Dec 31, 2012, its earnings fell 58.2% to RM79.47mil from RM191.76mil a year ago. Its revenue also declined, down 28.9% to RM1.71bil from RM2.41bil. Earnings per share were 2.61 sen compared with 6.30 sen.
Its earnings were impacted by higher tax expenses of RM56.14mil compared with RM4.52mil a year ago.
On the energy & utilities segment, MMC said revenue for Q4, 2012 and FY12 were RM1.3bil and RM6.8bil respectively compared with RM2.0bil and RM7.9bil in the corresponding period in 2011, representing a decrease of 35.0% and 13.9% respectively.
As for its ports & logistics segment, the revenue for Q4, 2012 and FY12 were RM364.6mil and RM1.47bil respectively compared with RM363mil and RM1.38bil in the corresponding period in 2011, up 0.4% and 7.1% respectively.
MMC said the higher revenue was mainly contributed by higher throughput from Port of Tanjung Pelepas' mainliners of 7.7 million twenty-foot equivalents (TEU) (2011: 7.5 million TEU).