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| MK Land confident of maintaining RM1b revenue [ 30/11/2002 ] |
MK LAND Holdings Bhd is confident of maintaining a revenue of RM1 billion for its financial year ending June 2003.
The property developer saw a 184 per cent growth in turnover to RM1.08 billion for the year ended June 2002 from RM539.3 million in financial year ended December 2000.
The RM1 billion turnover is a first for the company since its establishment in 1999.
MK Land pre-tax profit of RM265.8 million for the financial year ended June has also surpassed the RM93.6 million it made in financial year ended December 2000.
MK Land chairman Tan Sri Mustapha Kamal Abu Bakar said the company is also in talks to acquire properties and land for future development projects.
“It is timely to buy more land and we are considering taking advantage of the depressed property market and cheap land prices at the moment,” Mustapha told reporters in Selangor yesterday.
Mustapha who has 19 years of experience as a property developer was met after the company’s annual and extraordinary general meetings.
He, however, declined to identify the companies and the hectarage involved, as it was inappropriate to do so until negotiations are completed.
“Increasing the landbank is important for MK Land because the property market is always changing and we need to adjust our products to what customers want,” said Mustapha, adding that the company has no plans yet to expand overseas and will focus on development projects in the country and also work together with the state governments to meet their housing requirements.
MK Land currently has a landbank of 2,654ha approved for development and has a gross development value of RM19.7 billion over the next 15 years.
MK Land to date has built 104,000 commercial and residential units, of which 31,777 units are already sold.
MK Land has a total of nine projects in Selangor, Perak and Kedah, from low-cost housing for as low as RM25,000 to bungalows catering to niche market costing millions of ringgit.
The company is part of the Emkay Group and also operates resort projects in Bukit Merah Laketown Resort and the Langkawi Lagoon Resort.
Previously known as Perfect Food Industries Sdn Bhd, MK Land was listed on the Kuala Lumpur Stock Exchange Main Board in 1999 with a paid-up capital of RM1.1 billion.
Among the major projects undertaken by MK Land is the RM3 billion Bukit Merah Laketown project in Perak; the RM1 billion Damansara Damai project in Sungai Buloh, Selangor; and the RM840 million Taman Bunga Raya in the Bukit Beruntung district.
MK Land is also involved in the manufacturing and distribution of biscuits and other foodstuff from its factory in Malacca.
Source : NST 30/11/2002 |
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