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SECOND board construction player Magna Prima Bhd is on a much better footing from three years ago when it was making losses. With a turnaround plan in place after a reshuffling of the top management and the board of directors, the company turned in a net profit of RM26.58mil for the financial year ended Dec 31, 2007 (FY07) compared to a net profit of RM119,000 the previous year. Revenue increased by 326% to RM344.44mil. Magna Prima has three current projects: the 88-acre leasehold Metro Prima in Kepong, a joint venture with landowner Kuala Lumpur City Hall that is almost completed; The Avare, a freehold 41-storey luxury condominium project located in the vicinity of KLCC; and the three-acre leasehold MagnaVille in Selayang comprising three blocks of 22-storey condominiums. Read more
(The Star 17-3-2008)
