By TMR

MGB Bhd posted a higher revenue of RM204.5 million for the third quarter ended Sept 30, 2018 (3Q18), versus RM185.2 million recorded in 3Q17, due to better performance from its property development segment.

Its property development division recorded an increase in revenue of RM28.78 million from a higher take-up rate in its Zenopy Residences.

In an exchange filing last Friday, the construction company noted the increase was mitigated by the reduction of revenue recorded in its construction and trading segment of RM24.77 million.

“The higher construction revenue in the immediate preceding quarter was principally due to the completion of a few main projects, namely Bandar Saujana Putra, Desiran Bayu and Genting Midhill,” the group said.

The group registered a lower profit of RM8.01 million in 3Q18 compared to RM10 million in the preceding quarter due to the revision of sales incentive packages with greater discounts offered to boost property sales.

Meanwhile, MGB announced that its wholly owned subsidiary, MITC Engineering Sdn Bhd, has accepted a letter of award from Arqhitectnia on behalf of Seloka Sinaran Sdn Bhd.

The contract is to build a gated and guarded housing development in Sepang, Selangor, worth RM174.8 million.

The development will be structured in four phases beginning November 2018 and is slated for completion in February 2020.

The group said the contract will enhance its existing orderbook to RM2.03 billion.