KUALA LUMPUR, Nov 21 — Malaysian Resources Corporation Bhd (MRCB) recorded lower revenue of RM847.8 million in the first nine months of 2019 compared to RM1.5 billion in the corresponding period last year.
During the period, net profit also declined to RM11.37 million from RM76.34 million previously, it said in a filing with Bursa Malaysia today.
In a separate statement, MRCB attributed its performance to the significant high-rise residential property projects still being in their early phase of construction when revenue recognition is very minimal.
It added that a majority of the completed residential units sold during the period have yet to be recognised due to the pending completion of sales and purchase.
Group managing director Imran Salim said that it has been a challenging year in terms of the timing of revenue and profit recognition.