Post date: Aug 27, 2010 9:28:58 PM
27th August, 2010
PROPERTY developer Mah Sing Group Bhd (8583) says its second-quarter net profit rose by more than a quarter and it has met its RM1 billion full-year sales target in just seven months.
The group has now set a new sales target of RM1.5 billion as it prepares for new launches for the rest of the year.
"The group is confident it will be able to achieve satisfactory results for the current financial year.
" This is in view of the strong sales already locked in from its balanced and diversified property portfolio," Mah Sing said in a statement to Bursa Malaysia yesterday.
Mah Sing reported a net profit of RM29.2 million for the quarter to June 30 2010, which was 27 per cent higher than RM23 million recorded in the same quarter of last year.
For the quarter under review, the group's revenue almost doubled to RM289.1 million.
On a six-month basis, Mah Sing's net profit rose by a quarter to RM57 million on the back of RM527.4 million revenue, a two-thirds jump.
The better revenue and profit were contributed by several of the group's new projects such as Southgate Commercial Centre, StarParc Point, i-Parc@Bukit Jelutong, Perdana Residence 2, Aman Perdana, Hijauan Residence and Kemuning Residence in Klang Valley.
Its plastics division also reported improved revenue and profit.
Mah Sing is now planning some 10 new projects. Among the launches and previews are One Legenda designer bungalows which prices start from RM3.5 million, Kinrara Residence Link Homes (from RM718,800) and Garden Plaza serviced suites in Cyberjaya (from RM228,800).
"Our launches have always been eagerly awaited. Over the weekend we've already had people queuing up for our Kinrara Residence," said managing director Tan Sri Leong Hoy Kum.
On Bursa Malaysia yesterday, shares of Mah Sing closed 1.1 per cent higher to RM1.84.