Analyst Research Report Snapshot

Title:

Results Note - MRCB (BUY, maintain) - Better than forecast if not for cost provision

Price:

$35.00

Provider:

Affin Investment Bank

Date:

26 Feb 2013

Pages:

4

Type:

AcrobatPDF

Companies referenced:

MYRS.KL

Available for Immediate Download
Summary:

Net loss of RM3.0m in 4QFY12 due to cost provision MRCB recorded a net loss of RM3.0m in 4QFY12 (versus net profits of RM24.1m in 4QFY11 and RM35.8m in 3QFY12) due to an undisclosed provision for higher construction cost on certain E&C projects without recognition of the corresponding potential variation order claims from its respective clients. Without the cost provision, which we estimate at RM30m, the group would have made a net profit of RM27.0m on the good performance of its property division. Effective tax rate for the quarter is substantially higher than the statutory rate due to the non-availability of tax losses and certain expenses not tax deductible (including the cost provision).

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