Good Profit also uselesssssssssssss, this type of lousy market
MMC Corporation Bhd's profit before zakat and taxation increased to RM855.7 million for the financial year ended Dec 31, 2010 from RM681.6 million in the previous year. Its revenue went up 4.9 per cent to RM8.86 billion from RM8.44 billion a year ago. In a filing to Bursa Malaysia today, MMC said profit from the energy and utilities division rose by RM30.5 million or 4.2 per cent due to the higher volume of gas sold, higher contribution from foreign associates and lower finance cost following repayment of loan. Lower losses were recorded by its Corporate and Others divisions by RM146.5 million or 88.7 per cent mainly due to gain on disposal of investment in Sime Darby Bhd and Integrated Rubber Corporation Bhd. However, for the fourth quarter ended Dec 31, 2010, MMC's profit before zakat and taxation was RM121.9 million as compared to RM348.2 million in the preceding quarter. This was mainly due to lower contribution from the energy and utilities division as a result of the provision for impairment loss on intangible assets of an associate, it said. Its revenue rose to RM2.25 billion from RM2.2 billion previously. -- Bernama