MRCB Net Profit Rises to RM91.9M???

On Business Times this morning:

• MRCB net profit rises to RM91.9m
  
  Published: 2012/02/09
  
  KUALA LUMPUR: Malaysian Resources Corporation Bhd's (MRCB) net profit for the year ended December 31 2011 rose to RM91.92 million from RM73.79 million recorded previously.
  
  Group revenue edged up to RM1.21 billion from RM1.07 billion a year ago.
  
  MRCB said the improved performance was due to higher contribution from its ongoing and encouraging strata office sales of property development projects at Kuala Lumpur Sentral.
  
  The group recorded a slightly lower net profit of RM31.95 million in the fourth quarter compared with RM39.2 million previously.
  
  The lower profit was due mainly to recognition of full cost for variation order claims of which recovery of the same is pending clients' approval.
  
  Group net asset per share increased to 98.1 sen as at December 31 last year from 93 sen recorded as at end-2010.
  
  MRCB chief executive officer Datuk Mohamed Razeek Hussain said the group expects to deliver another year of revenue growth in 2012. This will be driven by ongoing property development projects in Kuala Lumpur Sentral, outstanding construction order book and the opening of the Eastern Dispersal Link Expressway (EDL).
  
  "However, given the intense competition within the construction industry and the anticipated start-up losses from the EDL, the board expects the profitability growth for the group to be challenging," he said in a statement yesterday.

All sounds so rosy except for that statement highlighted in red...

• The group recorded a slightly lower net profit of RM31.95 million in the fourth quarter compared with RM39.2 million previously.

rm 31.95 million compared with rm 39.2 million equals to 'SLIGHTLY LOWER'??

!!!

Here's the VERSION from the EdgeMalaysia... which is rather ......

• MRCB 4Q earnings down 37% to RM26.1m from RM41.50m yr ago
  Written by Joseph Chin of theedgemalaysia.com
  Wednesday, 08 February 2012 18:55
  
  KUALA LUMPUR (Feb 8): MALAYSIAN RESOURCES CORP []oration Bhd’s (MRCB) net profit fell 37% to RM26.11 million in the fourth quarter ended Dec 31, 2011 (4Q 2011) from RM41.50 million a year ago.
  
  It said on Wednesday the group recorded a slightly lower profit before taxation amounting to RM42.5 million for 4Q 2011 compared to RM49.3 million in 4Q 2010.
  
  “The lower profit reported was due to recognition of full cost for variation order claims of which recovery of the same are pending clients’ approval,” it said.
  
  Its revenue rose 8.6% to RM470.38 million from RM433.12 million. Its earnings per share were 1.88 sen compared with 3.01 sen. It proposed dividend of 2.0 sen a share compared with 1.50 sen a year ago.
  
  For the financial year ended Dec 31, 2011, its net profit rose 15.1% to RM77.46 million from RM67.27 million. Its revenue increased by 13.6% to RM1.213 billion from RM1.067 billion.
  
  “The improved performance in revenue and profitability in the current financial year was due to higher contribution from the group’s on-going and encouraging strata offices sales from property development projects at Kuala Lumpur Sentral.
  
  “However, this was offset by lower revenue from the infrastructure and environmental segment due to completion of existing environmental projects,” it said.
  
  On the outlook for 2012, MRCB expected to deliver another year of revenue growth, driven by on-going property development projects in Kuala Lumpur Sentral, outstanding CONSTRUCTION [] order book and the opening of the Eastern Dispersal Link Expressway (EDL).
  
  “However, given the intense competition within the construction industry and the anticipated start up losses from the EDL, the board expects the profitability growth for the group to be challenging,” it said.

Shall we say... dare to be different!!?

Well for what it's worth, here's the numbers highlighted by Dow Jones Newswire...