KUALA LUMPUR: Magna Prima Bhd is confident of clear earnings visibility at least over the next four years, thanks mainly to its newest project, Magna City.
Executive director and chief executive officer Lim Ching Choy said the company was targeting revenue of about RM1.6bil over the four-year period.
“The projected revenue will be largely driven by Magna City, our latest 5-in-1 integrated lifestyle project in Jalan Kuching,” he said after the company AGM yesterday.
The integrated development project will comprise shop lots, signature offices, serviced apartments, a hotel and a retail mall.
Construction on the 10.23-acre freehold site will be undertaken in four phases, with the first phase to start in July. The final phase is targeted for completion by the third quarter of 2011.
Magna Prima currently has a gross development value (GDV) of RM2.13bil.
On coping with challenges, Lim said Magna Prima had a policy of mitigating the effects of rising raw material prices by opting for bulk purchasing and hedging the purchase of building materials where possible.
“We have also ventured upstream into the ready-mixed concrete business to ensure a regular supply of materials to our projects besides also sourcing globally for materials to reduce building costs,” he said.
For the first quarter ended March 31, Magna Prima posted a net profit of RM5mil on sales of RM48.3mil from a net profit of RM1mil on revenue of RM25.4mil for the same quarter in 2007.
Among the company's newly launched projects is the U1 Shah Alam, a 3-in-1 integrated lifestyle development venture with GDV of RM135mil.
By The Star
Posts
No comments:
Post a Comment