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Friday, May 30, 2008

Mah Sing Q1 net profit rises 25% to RM22.3mil

PETALING JAYA: Mah Sing Group Bhd reported 25% jump in net profit to RM22.31mil for the first quarter ended March 31 compared with RM17.9mil in the previous corresponding period.

In a statement, the company attributed the higher net profit on revenue of RM140.7mil to contribution from nine projects in first quarter compared with seven projects in the previous corresponding quarter.

Group managing director and group chief executive Datuk Seri Leong Hoy Kum said growth markets this year were medium- to high-end residential and commercial projects in good locations.

He said the company expected another good year underpinned by its unbilled sales of about RM1bil as at March 31, which was twice its revenue last year.

The company also had a remaining gross development value of RM2.98bil, which would ensure earnings visibility for seven years, Leong added.

By The Star

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