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Tuesday, February 24, 2009

Mah Sing net profit rises to RM93.2m

Mah Sing Group Bhd's net profit for the financial year ended Dec 31, 2008, rose to RM93.2 million from RM81.1 million in the same period of 2007 on revenue of RM651.6 million.

For the fourth quarter ended Dec 31, 2008 it posted a net profit of RM17.08 million on revenue of RM152 million.

In a statement here today, Mah Sing said the contributors for the financial year were the group's commercial and housing projects and the plastic division.

Mah Sing said it was conducive for home buyers to invest now due to the current lower interest rate regime, reduction in monthly Employees Provident Fund (EPF) contributions, increased purchasing power afforded by EPF withdrawalsto service housing loans and various mortgage packages by banks and developers.
Group managing director/chief executive, Datuk Seri Leong Hoy Kum, said the company raked up sales of RM395 million in 2008 due to its focus on the niche, medium- to high-end landed properties segment.

"As we have pre-constructed RM256 million worth of properties in certain key projects, we were able to continue launching these projects," he said.

He said the company would be able to sustain its momentum this year by offering medium- to high-end residential- and investment-grade commercial projects.
"We expect the medium- to high-end property segment to continue to yield decent long-term positive capital appreciation going forward," he said.

By Bernama

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