The Malaysian Reserve

MB World’s 2Q net profit up on property business

by TMR

MB World Group Bhd’s net profit for the second quarter (2Q) ended June 30, 2018 surged more than three times to RM22.08 million from RM6.24 million a year ago on the back of higher revenue from its property development division.Revenue for the quarter rose to RM91.27 million from RM38.42 million recorded in 2Q17, its exchange filing yesterday noted.
 
The group has launched new phases of its Taman Sri Penawar project in Desaru comprised of 166 units of single storey terrace house and 228 units of double storey terrace house.
 
On Aug 5, 2018, the group officially launched its maiden project in Melaka called NOVO 8 Residence which has received positive response from the public due to its strategic location and versatility of layout space designs the company stated.
 
Moving forward, MB World expects its performance for the remaining quarters of the financial year to be satisfactory driven by the contributions from the above projects.