MRCB - huge loss occured

It incurred a huge loss of rm122.4 million for the third quarter to Sept 2013 compared to a net profit of rm35.8 million in a similar quarter a year ago.

Revenue generated was rm159.7 million against rm299.8 million.

The loss of the current financial quarter was mainly due to the recognition of higher construction costs for certain KL Sentral development and construction projects without recognition of the same for the potential variation orders claims to its clients.

For the nine months to Sept 2013, MRCB incurred total loss of rm111.3 million versus a net profit of rm63.1 million in the first nine months of last year. Revenue totaled rm607.5 million versus rm969.9 million.