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- Net profit for the six-month period ended June 30, 2025 jumped to RM 266.8 million, compared with RM36.2 million for the same period a year ago.
KUALA LUMPUR (Aug 28): Mulpha International Bhd’s (KL:MULPHA) net profit surged to RM270.9 million in the second quarter ended June 30, 2025 (2QFY2025), up over six times from RM43.4 million a year earlier, mainly due to the sale of its 15.8% stake in Aveo Group’s parent company, Hydra RL TopCo Pty Ltd, for A$339.3 million (RM936.5 million).
However, revenue dropped 21.8% to RM201.6 million, down from RM257.9 million, as several key divisions underperformed, a bourse filing showed.
No dividend was declared.
Property development revenue fell by RM25.96 million due to slower sales for projects in Australia and Johor. Hospitality revenue declined by RM15.7 million, hurt by currency fluctuations, despite stronger performance of major hotels. Property investment revenue also dropped RM6.53 million due to the sale of a property in Australia.
Net profit for the six-month period ended June 30, 2025 jumped to RM 266.8 million, compared with RM36.2 million for the same period a year ago. Revenue was 18% lower at almost RM413 million, compared with RM503.7 million previously.
For the second half of 2025, Mulpha expects its InterContinental Sydney hotel, which recorded an occupancy of 87% in the second quarter, to stay strong, while Hayman Island may see lower bookings in off-peak times. Sanctuary Cove is expected to maintain demand from conferences.
Commenting on its hospitality business, the group said cost controls are in focus due to tighter consumer spending. Venues like Swing City and wedding/events at Bimbadgen are helping offset pressures.
For the property division, Mulpha expects higher prices to slow sales, but demand is expected to rise as two big projects finish in the second half of 2025. Supply constraints and recent interest rate cuts should support prices and improve affordability.
Mulpha’s share price was down 1.29% or four sen to RM3.05 at the time of writing on Thursday, valuing it at RM949.09 million. Year to date, the stock is up 22.49%.
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