News by Syafiqah Salim

The joint venture (JV) of Sime Darby Property Bhd and LOGOS SE Asia Pte Ltd (LOGOS Property), SDPLOG, on Friday announced the first close of its first US$250 million industrial development fund, which will go towards the development of sustainable and integrated modern logistics facilities with green building certification at its E-Metro Logistics Park in Bandar Bukit Raja, Klang.

The proposed by-pass Perak alternative expressway from Gopeng to Kuala Kangsar has been approved in principle by the Cabinet, according to a news report.

The property belonging to Sime Darby Property (Nilai) Sdn Bhd in Setul district consists of a single-storey factory building with a two-storey office building, Dynaciate said in a stock exchange filing.

The contract, which was awarded by Daksina Harta Sdn Bhd, involves the construction of two blocks of serviced apartments (1,605 units) and two-storey retail shop lots (20 units), as well as one block of car park podium and related facilities at Lot 100961 Seksyen 9, Jalan Cheras in Kajang.

Malaysian Resources Corp Bhd (MRCB) said its first quarter (1Q) net profit soared 170% to RM14.03 million from RM5.2 million a year ago, helped by the full consolidation of the Light Rail Transit 3 (LRT3) project.

Ekovest Bhd reported a net loss of RM7.96 million for its third quarter ended March 31, 2022 (3QFY22), versus a net profit of RM27.54 million a year earlier, amid lesser contribution from its construction segment.

Malaysian Resources Corp Bhd clarified on Tuesday (May 31) that no proposal or offer has been received by the group so far regarding any potential restructuring of the group.

Despite the net loss, revenue for the quarter under review jumped 90.39% to RM72.43 million from RM38.04 million, driven by increased sales from all divisions particularly its property division.

Its property segment saw a 55% drop in pre-tax profit to RM26.5 million, as revenue fell 21% to RM175.1 million, mainly because projects launched in 2021 are at their initial stages of construction and have not reached the revenue and profit recognition threshold.

Sunway’s property development segment reported a 13.2% year-on-year (yoy) increase in profit before tax (PBT) to RM23.41 million, due to higher progressive profit recognition from its Singapore private condominium projects, which offset lower profit contribution from local development projects.