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Wednesday, July 30, 2008

Mah Sing Q2 net profit surges

Mah Sing Group Bhd has reported an 82 per cent increase in net profit to RM37.3 million for its second quarter ended June 30, 2008, compared with RM20.4 million in the previous corresponding period.

In a statement today, the company attributed the improvement in net profit on revenue of RM195.4 million to contribution from both residential and commercial projects.

Among the projects are the Grade A office of The Icon Jalan Tun Razak and residential projects included Hijauan Residence, Aman Perdana, Kemuning Residence and Perdana Residence as well as Sierra Perdana and Austin Perdana.

Mah Sing said having practised financial prudence and steadily charting strong growth, the group is in a good position for acquisitions with a cash pile of RM145.76 million and low gearing of 0.14 times as at June 30, 2008.

The group will be looking into Sabah and Sarawak and any potential growth locations overseas, apart from its established three hotspots in Peninsular Malaysia for more land acquisitions, it said.

Mah Sing has 14 projects in prime locations, of which nine in the Klang Valley, four in Iskandar Malaysia, Johor Baru, and one in Penang.

“We can hunt for good land for our expansion, but we are not in a hurry as we have sufficient locked-in sales to last us for another two years,” said group managing director and chief executive officer Datuk Seri Leong Hoy Kum.

“Our undeveloped land bank of 574 acres worth RM2.9 billion will be developed over the next five to seven years,” he said.

By Bernama

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