Mitrajaya 1Q net profit up 22.58% on construction, South Africa investment contributions

KUALA LUMPUR (May 25): Mitrajaya Holdings Bhd's net profit for the first quarter ended March 31, 2015 (1QFY15) came in at RM13.4 million or 3.4 sen per share, up 22.58% from RM10.93 million or 2.77 sen per share a year ago, on the better performance of its construction division and improved returns from its South Africa investment.

Mitrajaya's revenue was up 55.13% to RM161.59 million against RM104.17 million in 1QFY14.

In a filing to the local bourse, Mitrajaya said its construction division recorded a profit before tax (PBT) of RM13.02 million, up 88.81% from RM6.90 million last year. This accounted for 70% of the group's PBT.
 
Meanwhile, its South Africa investment increased 58.71% to RM2.51 million against RM1.58 million last year.
 
The group expects the financial performance for FY15 to be strong, with the construction division contributing a significant high revenue and PBT as works of its existing on-going projects progress well from the current outstanding order book of RM1.75 billion.
 
The property division will also potentially contribute higher turnover from its newly launched project Wangsa 9 Residency, which has a satisfactory take up for Phase 1 and Phase 2 launched July and November last year respectively, it added.
 
Its investment in South Africa is also expected to record significant growth in revenue and profit; unbilled sales currently stand at Rand 98.75 million (RM29.86 million) which will be recognised progressively by end of this year.
 
Separately, the board said is in the midst of identifying a purchaser for its 51% shareholdings in Optimax Eye Specialist Centre Sdn Bhd.
 
Mitrajaya's share closed 5 sen or 2.59% lower at RM1.88, giving it a market capitalisation of RM757.1 million.