KUALA LUMPUR (May 21): Property and construction group Malaysian Resources Corp Bhd (MRCB) saw its net profit surge 1,885% to RM237.86 million or 13.34 sen per share for the first quarter ended March 31, 2015 (1QFY15) from RM11.99 million or 0.72 sen per share a year earlier, following the completion of the sale of Platinum Sentral here.

Its revenue almost doubled to RM404.19 million from RM204.65 million in 1QFY14, on higher contribution from all of its business units.

In a filing with Bursa Malaysia today, the group said its net profit was boosted by the disposal of Platinum Sentral to Quill Capita Trust for RM750 million, which had resulted in a RM220.5 million gain. This was on top of profit contribution from its ongoing property development projects.

On its prospects, MRCB (fundamental: 0.6; valuation: 0.8) said it will continue to focus on acquiring strategic and prime land banks that fit its development profile.

“Simultaneously, the group will also continue to embark on monetizing its investment properties and non-core assets and investments as part of its business strategies to generate continuous income stream,” it added.

The group said it is confident to register improved performance, moving forward.

MRCB shares closed unchanged at RM1.32 today, with a market capitalisation of RM2.36 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)