MCT's net profit surges nearly six times in Q3

May 8, 2018 | By | Reply More

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PETALING JAYA: MCT Bhd saw its net profit for the third quarter ended March 31, 2017 jump almost six fold to RM30.78 million from RM5.21 million a year ago on the back of savings from its Lakefront and Cybersouth projects and lower effective tax rate.

However, revenue for the period declined 5.8% to RM126.31 million from RM134.09 million, mainly due to its property development projects such as Lakefront @ Cyberjaya, Skypark @Cyberjaya and Cybersouth which are in varying stages of completion and take-up rates due to launch schedules.

Despite the mixed emotions, MCT said it remains optimistic on the upswing of the property development and construction businesses.

While acknowledging the issue of unsold units in the affordable market segment, the group has significantly disposed of its existing ageing inventories.

MCT is also in the midst of planning the future phases for its existing available land bank in Subang Jaya, Cyberjaya and Dengkil while being steadfast in scouting for opportunities to expand existing land bank in anticipation for market upswing.

The group’s net profit for the cumulative period of nine months inched up slightly by 4.5% to RM47.62 million from RM45.56 million. Revenue came in RM279.50 million, 33.6% lower than the RM420.93 million reported a year ago.

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