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KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) reported a 4Q net profit of RM41.5 million for the financial year ended Dec 31, 2010 an increase of 234% from RM12.4 million reported in the preceding year corresponding quarter due to improved profit margin.
In a filling to Bursa Malaysia on Wednesday, Feb 9, MRCB reported revenue of RM433 million, an increase of 53% from RM281 million recorded in 4Q FY2009. Basic earnings per share in 4Q2010 stood at 3.01 sen compared to 1.37 sen a year earlier.
For the whole financial year 2010 under review, the company posted a net profit of RM67 million, compared to RM34.6 million reported in FY2009 due to improved operational margin of its engineering and construction and property divisions.
Revenue for FY2010 was higher at RM1 billion compared to RM921 million in FY2009 contributed mainly from its construction and engineering division with ongoing work progress reaching maturity stage at relatively higher percentage of recognition compared to previous year.
"The same impact was also contributed by the group's ongoing property development projects at Kuala Lumpur Sentral," the company said.
MRCB said that its proactive moves to improve operational margin by leveraging on economies of scale has borne positive results as there is a 16% growth in FY2010 revenue to break the RM1 billion mark, whereas profitability has increased over 100%.
On future prospect, MRCB expects to continue growth in its revenue and profit.
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