MCT returns to the black with 1Q net profit of RM136k

KUALA LUMPUR (May 25): MCT Bhd returned to profitability in the first quarter ended March 31, 2023 (1QFY2023) with net profit RM136,000, versus net loss RM12.19 million a year earlier, on the back of higher property sales.

In a bourse filing on Wednesday (May 24), the developer said revenue for the quarter jumped by almost twofold to RM76.6 million, from RM38.6 million.

Earnings per share was 0.01 sen, versus loss per share of 0.84 sen previously.

In a separate statement, MCT chief executive officer Teh Heng Chong said the developer plans to launch two new projects soon.

“The first will be our upcoming Alora Residences’ service apartments, which are designed to meet the own-stay homeowners or upgraders’ housing demand of owning a property in a strategic location with direct access to public transportation.

“The launch will be the first phase of our highly anticipated 2Fifth Avenue, a 13-acre mixed development in Subang Jaya. It is strategically located close to the USJ21 LRT station and is well connected to various highways, making it an ideal choice for urban living,” said Teh.

On MCT's land banking activities, Teh said following completion of the acquisition of a 4.0-acre commercial land in Bangi for RM31.5 million, the company continued to acquire more land with the purchase of a 1.6-acre residential land in Seputeh, Kuala Lumpur for RM58.0 million in February 2023, and a 3.9-acre residential land at Taman Desa, Kuala Lumpur for RM64.6 million in March 2023.

“With a combined GDV (gross development value) of approximately RM1.3 billion, these new landbanks will contribute positively to the group’s future growth plans and earnings prospects,” he said.