by winston » Sat Aug 30, 2014 6:58 am
Mah Sing Q2 net profit rises to RM84.7mil
KUALA LUMPUR: Mah Sing Group Bhd’s second quarter ended June 30, 2014 net profit was up 21.4% to RM84.73mil from RM69.82mil a year ago.
In a filing to Bursa Malaysia on Friday, the property group said its revenue for the period was up 48% to RM705mil from RM475.74mil a year earlier.
Earnings per share stood at 5.93 sen against 5.16 sen the same period last year.
For its first half year, its net profit rose 21.1% to RM168.76mil from RM139.3mil while revenue was up 50% to RM1.34bil from RM898.89mil a year ago.
Commenting on its six months performance, the group said revenue from property development is about RM1.2bil, marking near to 57.3% improvement as compared to about RM758.8mil achieved last same period last year.
Its said the improved revenue is attributable to the higher work progress from the group's ongoing development projects.
“The group has announced acquisition of three lands to-date in 2014, namely 85 acres in KGSSAAS Golf Course Shah Alam, 960 acres in Seremban for its biggest township in the central region, and 88.7 acres behind IOI Mall in Puchong, with the right for an additional 170.58 acres next to the land.
“Arising from the proposed land acquisitions, thegGroup's landbank would increase to 3,720 acres,” it said.
Meanwhile, its plastics segment continued to contribute positively to the revenue and operating profit of the group.
“Revenue grew by 4.8% from about RM119.3mil to RM125mil over the corresponding quarter last year as a result of higher pallet sales,” it said.
Moving forward, the group expects property sales momentum to be strong ahead of GST implementation.
“With projects in multiple growth corridors offering the right product mix that appeal to a wide market, coupled with strong financial discipline, the group is well placed to benefit from the market opportunities.
“Additionally, backed by the group's experienced entrepreneurial approach and excellent track record in execution, the group is and remains responsive to developments in the market environment,” it noted.
Source: The Star
It's all about "how much you made when you were right" & "how little you lost when you were wrong"