Mah Sing chalks up RM1.24b H1 sales

by **hlk** Wed 17 Aug 2011, 18:16

For the first six months of 2011, Mah Sing Group Bhd racked up RM1.24 billion in sales, meeting above 60 per cent of its full year target of more than RM2 billion.

Unbilled sales were approximately RM1.9 billion which is more than twice the revenue recognised from the property division in 2010, giving the company a significant earnings visibility.

In a statement today, the Group said it recorded strong revenue and net profit of RM727.9 million and RM84.3 million respectively for the first half of 2011.

This represents a 38 per cent improvement in revenue and 48 per cent improvement for net profit over the corresponding period of the previous year.

For the second quarter ended June 30,2011 the company recorded revenue of RM416.1 million and net profit of RM43.1 million, representing a 44 per cent and 48 per cent improvement respectively over the same quarter of last year.

"Revenue and profit for the quarter is attributable to property development activities carried out in Kuala Lumpur, the Klang Valley, Penang Island and Johor Bahru.

"Ongoing projects that contributed to revenue and profit include the Garden Residence in Cyberjaya, Kinrara Residence in Puchong, Perdana Residence 2 in Selayang, M-Suites in Jalan Ampang, One Legenda and Hijauan Residence in Cheras, Kemuning Residence in Shah Alam and Aman Perdana in Meru - Shah Alam," the company said.

It also said that commercial projects such as Southgate Commercial Centre in Sungai Besi, StarParc Point in Setapak and industrial projects, i-Parc 1 and i-Parc 3 in Bukit Jelutong, as well as i-Parc 2 in Shah Alam also contributed.

The plastics division, the company said, continued to contribute positively to the Group's performance.

Mah Sing’s Group Managing Director cum Group Chief Executive, Tan Sri Leong Hoy Kum said moving forward, with unbilled locked in sales and a remaining gross development value estimated at more than RM14.5 billion to last the group for another five to seven years, the company is confident of a strong performance for the immediate year and beyond. -- Bernama