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PETALING JAYA (Aug 26): Magna Prima Bhd posted a net loss attributable to shareholders of RM1.82 million for the second quarter ended June 30, 2026 (2QFY2026), compared with a net profit of RM1.30 million a year earlier, as a RM3.30 million tax expense exceeded its RM1.50 million pre-tax profit.
Quarterly revenue rose 68% to RM18.65 million from RM11.10 million, while gross profit increased to RM1.27 million from RM165,000. Pre-tax profit, however, edged down 8% from RM1.63 million, which the group attributed mainly to higher operating and other expenses.
The tax expense comprised RM132,000 in current tax, RM1.51 million for an under-provision of income tax in the previous financial year, and RM1.65 million of real property gains tax paid, according to its unaudited interim financial report filed with Bursa Malaysia on Wednesday (Aug 26).
Loss per share was 0.45 sen, compared with earnings per share of 0.32 sen a year earlier. No dividend was proposed.
For the first half, Magna Prima recorded a profit attributable to shareholders of RM12.57 million, compared with a RM1.93 million loss a year earlier, while revenue rose to RM146.77 million from RM16.20 million.
The group said first-half revenue and gross profit were predominantly generated by property-development activities at Kepong Phase 2D and recognition of the landowner entitlement for its Jalan Ampang project.
Its RM17.38 million first-half pre-tax profit, versus a RM705,000 loss previously, reflected contributions from property-development activities, recognition of the landowner entitlement, late-payment interest and extension charges, the group said.
On a quarter-on-quarter basis, 2Q revenue fell 85% from RM128.12 million in 1QFY2026, while pre-tax profit declined 91% from RM15.88 million. Magna Prima attributed the declines primarily to lower recognition of the landowner entitlement for the Jalan Ampang project.
RM700 million 8 Conlay rehabilitation agreement
Separately, Magna Prima said its wholly owned Permata Juang (M) Sdn Bhd entered into a rehabilitation agreement on Aug 13 with Damai City Sdn Bhd — which is in liquidation and has receivers and managers appointed — and Delta 8 Sdn Bhd in relation to the proposed restructuring and rehabilitation of the 8 Conlay mixed-use development in Kuala Lumpur.
The agreement is for a consideration of RM700 million and is conditional upon, among other things, Magna Prima shareholders’ approval. No financial impact from the proposed transaction was recognised in the interim financial statements as at June 30.
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