Blog yOur Mind

Magna Prima Bhd records good performance despite global slowdown

Posted on: February 20, 2009


By Reputation Mercatus Malaysia on behalf of Magna Prima Berhad Bernama – Friday, February 20

ATTENTION EDITOR,

BUSINESS DESK

Reports 10.6 Fold Increase In Net Profit Of RM12.32 Million For Q4

Kuala Lumpur, February 20, 2009 – Magna Prima Berhad today released its financial results for the fourth quarter ended 31 December 2008 to Bursa Malaysia Securities Berhad.

Compared to the previous financial year, the Group recorded a 1.53% increase in net profit to RM27.28 million on the back of revenue of RM280.63 million which was driven largely by contributions from its Dataran Otomobil project.

Revenue for 2008 was primarily attributed to its Magna Ville project in Selayang and The Avare project in KLCC. The improvement in gross margins was due to lower loss margins on Metro Prima Kepong project, higher margins for Magna Ville, The Avare and the turnkey project of Dataran Otomobil in Shah Alam.

The 19% drop in revenue from RM344.44 million for the financial year ended December 2008 was because of the substantial completion of both sales and construction works for The Avare.

With improved gross margins, net profit correspondingly improved by 1.53% from RM26.87 for financial year ended December 2007 to RM27.28 for the current financial year under review.

Compared to the previous year’s corresponding quarter, net profit for the current quarter was up by 1.97% to RM12.32 million despite a 52.28% drop in revenue to RM 80.61 million. The drop in revenue is a result of lower revenue earned for The Avare and slower construction works at Dataran Otomobil.

The current quarter’s higher net profit is due to higher margins for the Magna Ville project during the current quarter.

Compared to the immediate preceding quarter, net profit for the current quarter of RM12.32 million is up 10.6-fold while revenue is up by 21.82% to RM80.61 million. The higher revenue was largely due to The Avare and Magna Ville projects while the higher net profit was due to downward revision of construction cost as a result of reduction in prices of major building materials in Q4 2008.

Year end net profit of RM27.28million represents earnings per share of 50.72 sen and a Return on Equity of 24%. The company proposed a final single tier dividend of 5 sen per share for the financial year ended 2008.

Lim Ching Choy, Executive Director and Chief Executive Officer of MPB, said, “We are very pleased with the results. Regardless of the current economic situation, we have achieved another strong set of results and this is certainly a commendable achievement.”

“We look forward to another fruitful financial year, as we continue to fulfill the demand for niche lifestyle-themed development.” Lim added.

ABOUT MAGNA PRIMA

Magna Prima Berhad (MPB) was incorporated on December 5, 1995, specialising in civil engineering, infrastructure construction, property development, building construction and management services. It was listed on the Second Board of Bursa Malaysia (formerly known as the KLSE) on January 16, 1997. MPB has successfully completed an impressive list of property development projects consisting of 5,000 units of quality apartments. It has also played an active role in the construction of some major highways, the construction works of Kuala Lumpur International Airport (KLIA) and the wetlands at Putrajaya (the first constructed wetlands in Malaysia and the largest manmade wetlands in the world). Projects currently in the pipeline are The Avare, Dataran Otomobil and Magna Ville Condominium.

Issued By: Reputation Mercatus Malaysia on behalf of Magna Prima Berhad

For more information, please contact: Aziz Laikar / Desiree Kaur Telephone: +603 620.35.800 Fax: + 603 620.32.900 Mobile: (+6012) 366 9745 / (+6012) 924 9958 Email: aziz.laikar@mercatus.com.my / desiree.kaur@mercatus.com.my

DATE OF RELEASE : 20 FEBRUARY 2009 RELEASEDBY BERNAMA MEDIA RELATIONS & EVENT MANAGEMENT

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

WHEN NOTHING GOES RIGHT, go left

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 56 other followers

DISH MENU

PREVIOUS MENU

CASHIER COUNTER

  • 268,947 UFOs
%d bloggers like this: