MPC Capital recorded an 86% y-o-y increase in pre-tax profit to €2.3m and a €1.6m net profit ex minorities in H121 against a €0.5m loss in H120. This was assisted by the focus on high-margin business, cost efficiencies and synergies, coupled with a favourable market environment for real assets. At the same time, MPC’s year-on-year decline in revenues and operating expenses in H121 reflects the proportionate consolidation of joint ventures (JVs) in technical and commercial management. Consequently, management guides to a higher FY21 pre-tax profit versus FY20, despite lower revenues.