MK Land's Q2 profit hurt by higher expenses

PROPERTY developer MK Land Holdings Bhd's second quarter net profit dropped by almost a third because of lower operating income and higher marketing and selling expenses.

It registered a net profit of RM3.8 million in the quarter ended December 31 2009 compared with RM5.2 million in the previous corresponding period.

This was despite an increase in revenue to RM48.4 million from RM47.8 million previously.

The group is cautiously optimistic on its future prospects given increased interest from purchasers in its property projects in the Klang Valley.

"In addition, the improvement in the global economy together with the stimulus packages rolled out by the government will augur well for the economy and the group," it said in a statement yesterday.

Second quarter net profit more than doubled, however, when compared with the RM1.2 million made in the first quarter.

By Business Times