KUALA LUMPUR (Nov 27): Malaysian Resources Corp Bhd (MRCB) reported a net profit of RM1.46 million or 0.03 sen in the third quarter ended Sept 30, 2023 (3QFY2023), down 93.84% year-on-year from RM23.70 million or 0.53 sen a year ago.

Quarterly revenue declined 41.43% to RM503.74 million in 3QFY2023 from RM860.02 million in 3QFY2022, according to the property and infrastructure company’s filing to Bursa Malaysia on Monday.

MRCB said the decline in revenue was due to much lower contributions from the property development and investment division, as well as the engineering, construction and environment division, following the completion of three major infrastructure construction projects last year and two major property development projects in the first half of 2023 (1HFY2023).

For the cumulative nine months ended Sept 30, 2023 (9MFY2023), the group’s net profit came in lower at RM20.80 million, a 59.87% drop from RM51.83 million in 9MFY2022, as revenue fell 22.17% to RM1.85 billion versus RM2.37 billion a year earlier.

On prospects, the group said that it has about RM4 billion worth of properties earmarked for launch in 2024 under its property development and investment division, which will underpin a new growth cycle for the group.

“The company’s immediate priorities moving forward remain on enhancing cashflow by monetising its unsold completed stock, which stood at RM550 million on Sept 30, 2023,” it noted.