MRCB: Which Financial News Version Would You Want?

The plain version:



The Business Times version: MRCB Q1 net profit falls by almost 99pc

• CONGLOMERATE Malaysian Resources Corp Bhd’s (MRCB) net profit in the first quarter ended March 2009 fell by almost 99 per cent to RM153,000 compared to RM14.7 million in the comparable quarter a year ago.
  
  The company did not say why net profit dropped in the current quarter, but higher profit in the preceding quarter was mainly due to one-off profit on a land sale at KL Sentral development and the group’s divestment in some of its investments.
  
  The company also turned in a lower revenue of RM152.5 million compared to RM177 million before.

The Edge Malaysia version MRCB swings back into black in 1Q

• MRCB swings back into black in 1Q
  Written by Surin Murugiah
  Friday, 15 May 2009 19:01
  
  KUALA LUMPUR: Malaysian Resources Corporation Bhd (MRCB) swung back into the black in the first quarter ended March 31, 2009 with net profit RM153,000 compared to its net loss of RM39.3 million in 4Q2008.
  
  Year-on-year, however, the RM153,000 net profit was significantly lower than the RM14.71 million net profit it posted a year ago. Revenue fell to RM152.6 million from RM177.1 million a year ago.
  
  MRCB said on May 15, the higher profit last year was mainly due to a one-off profit on land sale at the KL Sentral development and the group's divestment in some of its investments.
  
  The company said it recorded higher revenue in all its business segments except for property development, which enjoyed relatively higher revenue recognition in the 2008 arising from the land sale in KL Sentral development.
  
  On its outlook, MRCB said that in spite of the various uncertainties and challenges in the global and local economic environment, its business plans remain intact.
  
  "The easing of construction material prices has provided much relief to the group as it is moving into full swing to implement the ongoing construction projects and property development of more than 4 million square feet of commercial space in Kuala Lumpur Sentral."
  
  "The group will remain vigilant on costs control and to find ways for innovative value engineering in its attempt to achieve overall lower project and administration costs," it said.
  
  “MRCB said concurrently, investment in human resource development was on course with its long term goal of pursuing operational excellence and performance.
  
  "Barring any unforeseen circumstances, the board is confident the group will be able to navigate through the difficult and challenging times to show growth in revenue and return to profitability in 2009," it said.

How now my dearest Brown Cow?

Nice?

:p2

As expected MrCB's Denial

The followwing post, MrCB, was posted early this morning. MrCB just made the following announcement, ARTICLE ENTITLED: "MRCB may lead RM1b Penang road job".

• We refer to your letter dated 3 May 2007 and to the article which appeared in the New Straits Times, page 39 of even date.
  
  After due and diligent enquiry with all the directors, major shareholders and all such other persons reasonably familiar with the matters, we confirm that we have not at this present time entered into any agreements in relation to the matters set out in the article.
  
  MRCB constantly seeks new opportunities to expand our core businesses and will make the appropriate and timely announcement to Bursa Securities as and when there are matters which require immediate announcement in accordance with the Bursa Securities' Corporate Disclosure Policy.

So who is the sources that said the following?

• Sources said the Government is keen to have a government-linked company helm the RM1.02 billion ring road, one of three projects for the state under the Ninth Malaysia Plan
  
  "The Government is keen to have a player with a proven track record undertake this project," a source said.
  
  It is learnt that MRCB is likely to be issued a letter from the Government soon, offering it a stake in the company.
  
  When contacted by Business Times yesterday, MRCB group managing director Shahril Ridza Ridzuan declined to comment.

MrCB

My dearest Moo Moo Cow,

Saw this headline news posted on Business Times, MRCB may leadRM1b Penang road job.

• Business Times learns that Malaysian Resources Corp Bhd (MRCB) is likely to be the lead shareholder in Peninsular Metroworks Sdn Bhd (PMW), the project's concessionaire.
  
  Sources said the Government is keen to have a government-linked company helm the RM1.02 billion ring road, one of three projects for the state under the Ninth Malaysia Plan.

Sources said again!

• "The Government is keen to have a player with a proven track record undertake this project," a source said.
  
  It is learnt that MRCB is likely to be issued a letter from the Government soon, offering it a stake in the company.
  
  When contacted by Business Times yesterday, MRCB group managing director Shahril Ridza Ridzuan declined to comment.

Now, this is certainly puzzling. First, I wonder which yesterday the article is referring to. Now get this, my dearest Moo Moo Cow, if the group MD declines to comment on this issue, then why should they publish this news since the group MD failed to verify this news?

Are these sources more knowledgeable than the group MD itself?