KUALA LUMPUR: MMC Corp Bhd’s net profit soared to RM1.35 billion in the second quarter ended June 30, 2015 from RM165.45 million a year ago, boosted by an exceptional gain from the relisting of independent power producer Malakoff Bhd in May.
Group revenue, however, was lower at RM1.44 billion compared to RM2.86 billion a year ago due to the deconsolidation of Malakoff’s results following its relisting.
For the six months, MMC Corp recorded a decrease of 27.6 per cent in revenue to RM3.42 billion from RM4.73 billion in the corresponding period in 2014.
Besides the deconsolidation of Malakoff’s results, it was also due to lower work progress from the Klang Valley Mass Rapid Transit (KVMRT) Sungai Buloh-Kajang (SBK) following the completion of the tunnelling drive works in April this year.
Its ports and logistics segment recorded pre-tax profit of RM168.9 million, up 40 per cent from RM120.6 million a year ago in line with the increase in throughput handled at Pelabuhan Tanjung Pelepas Sdn Bhd coupled with lower operating costs incurred as a result of lower fuel costs and on-going cost reduction.
Despite the reduction of 25.2 per cent in revenue, the energy and utilities segment recorded a significant increase in pre-tax to RM1.63 billion compared with RM254.0 million a year ago primarily due to gains arising from Malakoff’s relisting.
Its engineering and construction recorded lower pre-tax of RM112.1 million compared to RM165.3 million a year ago, mainly attributed to lower contribution from KVMRT-SBK project following completion of tunnelling drive works as scheduled and completion of double track project in November last year.
MMC Group is confident on its prospects, driven by stable performance of its operating companies together with contribution from on-going construction projects.
The projects include Langat 2 water treatment plant, Langat centralised sewerage project, infrastructure works for the RAPID Pengerang co-generation plant and the appointment as project delivery partner for the implementation of the Klang Valley mass rapid transit Sungai BulohSerdang-Putrajaya line (MRT line 2) project.