MK Land profit down, sees better year ahead

PETALING JAYA: Property developer MK Land Bhd reported a lower net profit of RM3.8mil in the second quarter ended Dec 31 from RM5.2mil a year earlier, but sees a better year ahead on expectation of higher sales and tighter cost control.

Revenue was flat at RM48mil.

Executive chairman Tan Sri Mustapha Kamal said in a statement yesterday that the company was working to “improve its performance in the coming quarters, and with concerted effort of everyone, we aim to overcome the odds.’’

It was also confirmed that three of four chief operating officers of MK Land had left recently.

A top company executive was quoted by StarBiz on Wednesday as saying that internal management changes were an ongoing process to strengthen the group.

“With the continued confidence and mandate accorded to me by the board of directors and the support of the existing management team, we have managed to establish good relationship among our stakeholders, all of which have translated into the performance of the company,’’ Mustapha said in yesterday’s statement.

MK Land is also in the midst of raising fresh funds with the proposed rights issue to raise at least RM150mil.

Mustapha said the group was cautiously optimistic about its prospects moving forward given the increased interest of buyers of MK Land’s property projects in the Klang Valley.

By The Star