MTQ’s net profit up by 148% YoY to $9.4m in FY24

The group’s earnings were boosted by a gain from property sale.

MTQ Corporation Limited’s net profit reported a 148% year-on-year (YoY) increase to $9.4m for the twelve months ended on 31 March (FY24).

According to the group, its earnings were boosted by a $5.4m gain on the disposal of one of its properties, particularly Pandan Property.

However, the group’s revenue for the six months ended (2HFY24) went down by 23% YoY to $37.1m.

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The group attributed the decrease to an absence of extraordinary circumstances compared to last year’s period, such as the rapid expansion of drilling rigs in the Middle East.

Moreover, the group stated that it has delivered stable growth amidst the circumstances, whilst also improving profitability.