Malaysian Resources Corporation Bhd (MRCB) aims to achieve RM150 million in pre-tax profit on a revenue of RM1.3 billion this year, backed by steady performance of its property and construction operations.

Its chief executive officer, Datuk Mohamed Razeek Hussain, said the company expected to launch property projects, comprising office buildings and condominiums, totalling over RM1.7 billion in gross development value.

Its order book for the property sector, now standing at RM1 billion, and RM600 million for the construction sector would sustain the company's growth for the next two to three years, he told reporters after MRCB's annual general meeting today.

For the financial year ended Dec 31, 2010, the company posted a higher pre-tax profit of RM97.58 million from RM46.49 million previously while its revenue rose to RM1.07 billion from RM921.62 million.

'The Economic Transformation Programme (ETP) projects are rolling out which is really helping the economy and boosting confidence. We hope MRCB will be a successful participant in these projects,' Mohamed Razeek said.

Under the ETP, he said, MRCB was undertaking the St Regis Hotel and Residences in Kuala Lumpur Sentral and the River of Live project which involves the clean-up and rehabilitation of Gombak river.

'At the moment, we are working with the government on the scope of works,' he said.

Mohamed Razeek said MRCB had also submitted tenders worth almost RM2 billion for general construction works including those related to the LRT extension projects.

The company was also one of the bidders to develop the former Pudu Jail site which is managed by UDA Holdings Bhd, he said.

Asked on the cancellation of its merger with IJM Land, he said: 'We could not agree on the definitive terms of agreement.'

The disagreement was on the issue of cash and share distribution, he added. -- Bernama