Mah Sing Q4 earnings down

Mah Sing Group Bhd registered a drop in its net profit for the fourth quarter to RM16.54 million compared with RM20.49 million recorded in the same period last year.

Fourth quarter revenue, however, was higher at RM151.66 million from RM120.4 million in the previous corresponding period.

For the full year ended December 31 2008, the lifestyle developer recorded a net profit of RM92.95 million compared with RM82.26 million in 2007, while revenue grew to RM651.64 million in 2008 from RM573.36 million the year before.

In a statement, Mah Sing said the growth was driven by its commercial and residential projects in the Klang Valley and Johor Baru. Its plastic division also continued to reap good earnings.
Managing director Datuk Seri Leong Hoy Kum said the group racked up credible sales of RM395 million in 2008 due to it focus on the needs of each of its niche markets.

He said the group should be able to sustain momentum in 2009 by offering medium- to high-end residential and investment grade commercial projects.

The group will continue with innovative marketing strategies such as tying up with financiers. Its easy home ownership programme has garnered more than 1,500 enquiries contributing to sales of about RM140 million.

New launches in 2009 will include 30 units of garden bungalows in the Klang Valley and will be priced from RM1.2 million per unit.

A first and final dividend of 16 per cent or 8 sen per share for the financial year ended December 31 2008 has been recommended. This represents a minimum payout of about 41 per cent of its net profit.

By Business Times