MDV revenue surges 177% to RM33mil
MALAYSIA Debt Ventures Bhd (MDV) has recorded a 177% increase in revenue to RM32.8mil in its second financial year to March 2004 from RM11.8mil previously.
Its audited net profit improved to RM1.8mil compared with a net loss of RM12mil posted in its first year of operation.
Chief executive officer and managing director Jiro Suzuki said the net loss in the first year of operation was due to infrastructure expenses.
MDV was launched in 2002 to manage the revolving RM1.6bil fund sponsored by the Government of Japan through the Japan Bank for International Cooperation.
By the end of its second financial year, MDV had approved 44 loan applications worth some RM835mil, of which RM625mil had been disbursed.
“Currently, 10 of them have already fully repaid their loans, with the rest also on track,” Suzuki told a media briefing on MDV’s financial performance in Kuala Lumpur yesterday.
He said interest income from loans disbursed contributed up to 70% of MDV revenue.
“The company also owes its profits to its ability of maintaining lean operating cost structure,” he said.
Suzuki said MDV aimed at disbursing RM400mil in loans in the current financial year.
In the coming year, Suzuki said MDV hoped to further balance its loan portfolio by seeking lower risk lending opportunities and continuing its diligent collection monitoring process.
He said MDV would raise an additional RM1.4bil once it had disbursed RM1.2bil worth of loans.
Suzuki said for a healthy cashflow, MDV targeted to handle a fund of RM3bil.