MMC doubles Q1 net profit as ports see surge 


KUALA LUMPUR: MMC Corp Bhd more than doubled its earnings in the first quarter propelled by busy container movement at its ports in Tanjung Pelepas, Johor and Northport Klang in Selangor.

Net profit in the three-month ended March 31surged 115% to RM124.7mil from RM57.9mil made a year ago.

Revenue rose 5.2% RM1.14bil from RM1.08bil previously.

MMC Corp said its strong results in the first quarter were driven by higher volume handled at Pelabuhan Tanjung Pelepas Sdn Bhd and Northport Malaysia Bhd.

“These were offset by lower work progress from KVMRT-SSP Line, lower passenger and cargo volumes at Senai Airport, and lower volume handled at Penang Port Sdn Bhd,” it said.

The group expects its port and logistics division to maintain strong momentum in line with economic recovery and growth.

“The division will continue to optimise the utilisation of its assets and resources coupled with the continuous introduction and adoption of stringent cost management. Over the short to medium term, the division will prioritise its investments and capital allocation in order to elevate and further strengthen the ports’ capacities and infrastructures and operational efficiencies,” it added.

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