Monday, 6 August 2018

(NST) MCT Bhd's FY18 net profit rises 23pct to RM78.33 million

KUALA LUMPUR: MCT Bhd’s net profit for the financial year ended June 30, 2018 (FY18) rose 23 per cent to RM78.33 million from RM63.66 million in the same period a year ago due to one-off gain and higher take-up rates.

In an exchange filing today, MCT’s FY18 revenue decreased 23.64 per cent to RM450.30 million from RM589.71 million previously.

Meanwhile, net profit in the fourth-quarter (Q4) jumped 69.67 per cent to RM30.71 million from RM18.10 million over a year ago, while revenue increased 9.0 per cent to RM184.63 million from RM168.78 million.

The company said the effectivity of the three-month tax holiday effective June 1 with the zero rating of the Goods and Services Tax (GST) is expected to encourage activities in the property segment.

“Commercial sub-sector buyers will take advantage of the zero per cent GST. While the residential sector is already exempt from GST, certain costs will be expected to be exempt from GST.

“Efforts on consolidated efforts on affordable housing strengthens key initiatives introduced by the government. These developments boost consumer confidence which is expected to positively affect the market.”