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).
As of end 3Q2023, line-wide progress of the LRT3 construction stood at 86.
PIVB recommended to non-interested shareholders of MRCB to vote in favour of the resolution pertaining to the proposed acquisition at the extraordinary general meeting on Oct 24.
Tujuh Residences will be a 29-storey apartment tower, comprising 573 units.
MRCB said the lower earnings were due to much lower revenue contribution from its engineering, construction and environment division due to the completion of three major infrastructure construction projects last year, and the completion of two major property development projects from its property development and investment division in the first half of 2023.
In a note on Thursday (Aug 3), analyst Edwin Woo said rough calculations show that net gearing levels could rise to 0.
Sentral REIT said its management company, Sentral REIT Management Sdn Bhd, has accepted a letter of intent issued by MRCB to commence negotiations for the proposed acquisition.
The lower contribution from the engineering, construction and environment division was partially offset by the property development and investment division, which recorded an operating profit of RM33.
Quarterly revenue, however, fell marginally by 2.
Post election, it noted, there are uncertainties over the timing of mega infrastructure rerating catalysts.
The only property app you need. More than 200,000
sale/rent listings and daily property news.
