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| MMC records 34% growth in PBT Malaysia's MMC Corp announced a nine-month profit before tax (PBT) of RM898 million, 34% higher than its PBT of RM668 million for the same period last year. Revenue for the period grew by 58% from RM3.9 billion to RM6.1 billion. MMC's earnings remained resilient despite having to make a substantial provision for the windfall profit levy (WPL). PBT for the third quarter of 2008 of RM252 million saw a marginal impact from WPL compared to RM259 million in the previous corresponding period, while net profit was higher by 5% to RM116 million from RM110 million last year. Revenue for the third quarter showed an impressive 30% year-on-year increase to RM2.3 billion. MMC's stronger results were driven by the consolidation of Malakoff Corporation Berhad's ("Malakoff") results for nine months (compared to five months in 2007), higher volume of gas sold by Gas Malaysia Sdn Bhd, and increased throughputs and efficiency at Johor Port and the Port of Tanjung Pelepas. There was also strong contribution from the double tracking railway project, which has achieved 15.5% completion to-date, 2% ahead of schedule. MMC Corporation Bhd (MMC) is a utilities and infrastructure group with interests in Transport & Logistics, Energy & Utilities, and Engineering & Construction. write your comments about the article :: © 2008 Construction News :: home page |