,Revenue was mainly contributed by the construction of the EPF Headquarters at Kwasa Sentral, and the Damansara-Shah Alam Elevated Highway Package CB2, among others.
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PETALING JAYA: Malaysian Resources Corp Bhd’s (MRCB) losses narrowed sharply by 83% year-on-year (y-o-y) in the first half (H1) of financial year 2021 (FY21) as a result of lower impairments, despite a drop in revenue.
The group said in a statement that its pre-tax loss reduced to RM32.5mil in H1 ended June 30, compared to a loss before tax of RM196mil in the previous corresponding period.
In H1 of FY20, MRCB recorded a RM197.4mil provision made for the impairment of contract assets, trade and other receivables as a result of the pandemic last year.
Revenue in H1 of FY21, on the other hand, fell 24% y-o-y to RM452.5mil from RM592.94mil a year earlier. “The lower revenue in H1 of FY21 was largely due to the movement control order (MCO) 3.0 and full MCO lockdowns and other restrictions, resulting in construction site closures in May and June 2021.
“This impacted the construction progress that was already limited by ongoing Covid-19 restrictions, effectively making April 2021 the only productive month for all the group’s project sites in the second quarter of 2021.
“Productivity overall was also impacted by disruptions in the building materials supply chain due to lockdowns, as well as an ongoing shortage of workers,” it said.
MRCB said its property development and investment division recorded an 18% decline in revenue to RM274.9mil and a 42% decline in profit to RM16.5mil in H1 of FY21, compared to RM336.4mil and RM28.6mil respectively in the corresponding period in FY20.
“The lower revenue and profit was largely due to only 42 units of the 1060 Carnegie development in Melbourne achieving financial settlement in the period under review compared to 79 units in the corresponding period in 2020.
“While sales rates for 1060 Carnegie remain high, with 158 units sold of the 176 units available for sale, financial settlements were impeded by new lockdowns in Victoria State.
“In Malaysia, revenue recognition was further hampered by the slow progress at construction sites due to the lockdowns and restrictions, affecting contributions from ongoing property development projects, namely, Sentral Suites in KL Sentral, the 9 Seputeh mixed residential development in Jalan Klang Lama and Alstonia in Bukit Rahman Putra,” it said.
Meanwhile, MRCB’s engineering, construction and environment division recorded a revenue of RM156.4mil and a loss of RM33mil in H1 of FY21.
Revenue was mainly contributed by the construction of the EPF Headquarters at Kwasa Sentral, and the Damansara-Shah Alam Elevated Highway Package CB2, among others.
“The loss, while a marked improvement compared to the corresponding period in 2020, was largely due to site closures and supply chain disruptions and generally low productivity as a result of site restrictions. The group’s 50%-owned Light Rail Transit 3 project joint-venture company contributed a profit after tax of RM13.2mil compared with RM1.4mil in the corresponding period in 2020,” said MRCB.