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Tuesday, February 23, 2016

MPHB's 4Q net profit up 43% on year

KUALA LUMPUR (Feb 22): MPHB Capital Bhd's net profit increased 43% to RM28.97 million in the fourth quarter ended Dec 31, 2015 (4QFY15) from RM20.21 million a year earlier. Profit rise was due to financial asset gains and lower business expenses.

In a filing with Bursa Malaysia today, MPHB, which has insurance and hotel businesses, said revenue fell to RM87.43 million from RM100.69 million.

MPHB said its profit before tax rose to RM45.39 million from a year earlier due to net gain in the fair value of financial assets and "reduced expenses incurred in the current quarter".

Full-year (FY15) net profit dropped to RM63.37 million from RM245.42 million, although revenue climbed to RM380.78 million from RM370.08 million.

Going forward, MPHB said its insurance division was expected to be stronger with the entrance of Assicurazioni Generali as its strategic partner.

The group also said it planned to unlock the value of its land via joint ventures or disposals.

At 5pm, MPHB shares gained one sen or 0.7% to close at RM1.52, giving the company a market capitalisation of RM1.09 billion. The stock saw 69,600 shares done.

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