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MAGNA PRIMA BERHAD POSTS RECORD NET PROFIT OF RM26.6M - FINAL DIVIDEND OF 7 SEN PER SHARE PROPOSED
Thursday 28/02/2008
Kuala Lumpur, February 28, 2008 – Magna Prima Berhad Today Released Its Financial Results For The Fourth Quarter Ended 31 December 2007 To Bursa Malaysia Securities Berhad.
For the whole of 2007, Magna Prima posted a 9.5-fold year-on-year increase in profit before taxation from RM3.60 million to RM37.63 million. For the last quarter of 2007 MPB registered a pre-tax profit of RM17.59m compared to RM6.59m in the same quarter of 2006.
After tax and minority interest MPB registered a profit of RM26.58 million compared to only RM0.12 million the previous year.
Net profit of RM26.58 million represents earnings per share of 52 sen and a Return on Equity of 30%. The company proposed a final dividend of 7 sen per share for the financial year ended 2007.
The sterling performance for 2007 was achieved on the back of higher revenue of RM344.44 million, or a 326% increase from the previous year. Revenue was driven largely by its “Dataran Otomobil” project in Shah Alam and “The Avare”, a 6-star luxury condominium project in KLCC area, which has been 100% sold by December 2007.
Listed on the 2nd Board of Bursa Malaysia under construction sector, Magna Prima Berhad whose principal activities include both property development and construction, underwent a change of major shareholders in 2005 followed by a change of top management in 2006. The year 2006 was the watershed year which saw the group turning around in its financial performance.
Magna Prima currently has 4 ongoing projects in Klang Valley, namely “The Avare”, a high-end luxury condominium project in KLCC area, “Metro Prima” project in Kepong, a mixed commercial development project in S15 of Shah Alam and “Magnaville” condominium project in Selayang.
Projects slated for launch soon are:
U1 SHAH ALAM
A 3-in-1 mixed development project in S13 of Shah Alam comprising:
· 13 units of shops,
· 53 units of SOHOs
· 378 units of service apartments
Target soft launching: April 2008
JALAN KUCHING
A 5-in-1 integrated development project featuring:
· 24 units 3-storey shops,
· 8-storey signature offices-192 units
· 2 apartment blocks -800 units
· 1 block 250-room hotel/SOHO
· 3-storey shopping mall
· 3 levels of basement & 3 levels of upper car park with total 6,000 bays
Target soft launching: June 2008
Lim Ching Choy, Executive Director and Chief Executive Officer of MPB, said, “Throughout 2007, the group has persevered in it’s unrelentless efforts to achieve this remarkable result. The announcement has set a new benchmark for Magna Prima Berhad and with two new development projects namely U1 Shah Alam & Jalan Kuching to be launched soon, we look forward to an even better year”.
With unbilled sales of RM250 million and estimated future Gross Development Value of RM1.7 billion from its ongoing and upcoming projects, prospects for the 2008 financial year is expected to improve further.
ISSUED BY REPUTATION MERCATUS MALAYSIA ON BEHALF OF MAGNA PRIMA BERHAD
FOR MORE INFORMATION, PLEASE CONTACT:
AZIZ LAIKAR / DESIREE KAUR
TELEPHONE: +603 620.35.800
FAX: + 603 620.32.900
MOBILE: (+6012) 366 9745
EMAIL: AZIZ.LAIKAR@MERCATUS.COM.MY
DATE OF RELEASE : 28 FEBRUARY 2008
RELEASED BY BERNAMA MEDIA RELATIONS & EVENT MANAGEMENT |
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