MMC Corporation Berhad (MMC), a premier utilities and infrastructure group recorded a higher Profit Before Zakat and Taxation (PBZT) of RM120 million compared to RM89 million in the corresponding quarter of the preceding year.
This is mainly due to higher work progress from Klang Valley Mass Rapid Transit Sungai Buloh-Serdang-Putrajaya Line (KVMRT-SSP Line), higher contribution from Malakoff Corporation Berhad (Malakoff), gain on disposal of an asset held for sale, lower administrative cost across the Group and oil spill compensation at Pelabuhan Tanjung Pelepas (PTP).
These were achieved even without the one-off recognition of negative goodwill which was recorded in 2018 upon finalisation of Penang Port Sdn Bhd’s (Penang Port) Purchase Price Allocation (PPA) exercise which was offset by higher finance cost and depreciation due to the adoption of Malaysian Financial Reporting Standards (MFRS) 16 “Leases”.
For the quarter ended 30 September 2019, the Group recorded RM1.25 billion in revenue, a 32.0% increase from RM944 million reported in the corresponding quarter of the preceding year, due to higher work progress from KVMRT-SSP Line, offset with lower progress from Langat Sewerage project.
For the financial period ended 30 September 2019, the Group’s PBZT increased to RM341 million compared to RM193 million, mainly due to higher contributions from port entities and KVMRT-SSP Line, gain on disposal of assets held for sale and lower administrative costs.
These were achieved even without the one-off recognition of negative goodwill in 2018 as explained above which was offset by higher finance cost and depreciation due to the adoption of MFRS 16 “Leases”.
The Group recorded RM3.62 billion in revenue, a 5.8% increase from RM3.42 billion due to higher work progress from KVMRT-SSP Line, consolidation of Penang Port’s revenue and higher volume handled at PTP. These were offset by lower progress from Langat Sewerage project.