MRCB reported that it had recorded a revenue of RM1.84 billion and profit before tax of RM54.5 million in the nine months ended 30 September 2023, a reduction of 22% and 53% respectively, compared to the corresponding period in 2022.
For the current quarter, revenue dropped significantly from RM860 million achieved in Q3FY2022 to RM503 million, and profit after tax plummeted to RM1.46 million versus RM23 million generated in the preceding year’s quarter.
The decline in revenue, MRCB said was due to much lower contributions from both the Property Development & Investment Division and Engineering, Construction & Environment Division, after the completion of three major infrastructure construction projects in 2022, and the completion of two major property development projects by the Property Development & Investment Division in the first half of 2023.
The profit contribution from the Engineering, Construction & Environment Division however rose 43% in the nine months ended 30 September 2023 compared to the corresponding period in 2022, largely due to the LRT3 rail project, which achieved physical construction progress of 89% and financial progress of 85% as of 30 September 2023.
The Group’s 27.94% equity-owned Sentral REIT and associated company, Sentral REIT Management Sdn Bhd, contributed a combined profit after tax of RM11.7 million in the nine months ended 30 September 2023 compared with RM11.5 million in the corresponding period in 2022.
