Flash Mah Sing 2Q net profit rises 16% y-o-y to RM70m

Flash Mah Sing 2Q net profit rises 16% y-o-y to RM70m
Business & Markets 2013
Written by theedgemalaysia.com
Tuesday, 27 August 2013 12:43

Flash : Mah Sing 2Q net profit rises 16% y-o-y to RM70m

KUALA LUMPUR (August 27): Property developer MAH SING GROUP BHD [] recorded a 16% rise in its net profit to RM69.8 million for the second quarter ended June 30, 2013 (2QFY13). This compares with RM60.1 million in the previous corresponding quarter.

Revenue also increased to RM475.7 million in 2QFY13 from RM455.2 million, Mah Sing said in a filing with Bursa Malaysia today.

For the six months (1HFY13), Mah Sing posted a higher net profit of RM139.3 million from RM120 million a year earlier.

This was on the back of RM898.9 million in revenue, a dip from 1HFY12's revenue of RM913 million.

The lower revenue was caused by "year-to-date contributions from high-rise projects that were at early stages of CONSTRUCTION []", according to Mah Sing.

Mah Sing said its 1HFY13 operating profit margin improved to 22.2% from 20.1% due to product mix and higher profit recognition from PROPERTIES [] delivered to customers.

The group said it achieved RM1.5 billion in real estate sales for 1HFY13, hence, on track to meet its full-year sales target of RM3 billion.

Looking ahead, the group which also manufacturers plastic products, said it is well positioned to achieve a strong set of results for FY13.