KUALA LUMPUR: MMC Corp Bhd saw its net profit jump 52% to RM267.41 million or 8.78 sen per share for the fourth quarter ended Dec 31, 2016 (4QFY16), from RM176.01 million or 5.78 sen per share in 4QFY15.
Revenue soared 93% to RM 1.85 billion from RM958.49 million in 4QFY15, the group said in a filing with the stock exchange.
Net profit for the full financial year plunged 67% to RM549.66 million from RM1.67 billion in FY15, while revenue fell 8% to RM4.63 billion from RM5.06 billion.
The group said the reduction in revenue was primarily due to the deconsolidation of Malakoff Corp Bhd following its listing in May 2015.
Meanwhile, the decline in profit was due to the highbase effect, as the group recorded exceptional gains in 2015 following Malakoff's listing.
"Excluding the exceptional gains of RM1.35 billion from Malakoff's May 2015 listing and gain on fair value remeasurement of RM130.5 million from additional acquisition of interest in NCB [Holdings Bhd], the group's profit before zakat and taxation increased to RM672.7 million compared with RM494.5 million reported in the preceding financial year" said MMC.
The group said its performance for FY16 was supported by consolidated revenue of NCB Holdings following the acquisition of additional shares in December 2015, a substantial sale of land and contribution from the Klang Valley mass rapid transit Sungai BulohKajang line, which is at its tail end.
Going forward, MMC said it remains positive about its prospects, driven by the stable performance of its operating companies and contribution from ongoing construction projects.