METRO Kajang Holdings Bhd (6114)is buying more land to beef up its core plantation and property development divisions to drive earnings- Executive chairman Datuk Alex Chen said it is buying more land in Kalimantan, Indonesia and in the Klang Valley- "We believe there will be continuous growth in these two sectors and it would help us improve our net profit," he said after the company's shareholders' meeting in Kajang, Selangor, yesterday- For the first quarter ended December 31 2010, Metro Kajang posted RM6-9 million in net profit, almost half what it had achieved in the same period last year- Metro Kajang has RM3 billion worth of properties in its bag, which are being launched in phases until 2015- They comprise high-end landed residential, apartments and shops in Kajang, Semenyih, Desa Melawati and Bangsar- The developer is beefing up its plantation business so that it could contribute some 30 per cent to its net profit by 2013, from zero now- Currently, the bulk of its earnings come from property development- The rest is from property investment, integrated livestock processing, manufacturing and trading of building materials- At a media briefing last month, Chen said Metro Kajang was looking to buy 20,000ha of plantation land from a local landowner in east Kalimantan for an undisclosed amount- Metro Kajang now owns 15,942ha of plantation land in east Kalimantan, via its 95 per cent-owned PT Khaleda Agroprima Malindo Plantation- ...

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