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Wednesday, March 24, 2010

Mah Sing on track to meet RM1bil sales target

PETALING JAYA: Mah Sing Group Bhd is on track to achieve its RM1bil sales target this year, having hit sales of RM516mil in the first three months.

Managing director Tan Sri Leong Hoy Kum said in a statement the achievement was three times the RM170mil sales registered in the previous corresponding period.

He said the company had gone on an acquisition trail last year to secure prime land and expected to see some results this year.

The group has landbank with a gross development value and unbilled sales of about RM6bil, which provides earnings visibility for about six to eight years.

The group plans to launch about RM1bil worth of properties this year, comprising industrial, commercial and residential projects in the Klang Valley, Penang and Johor.

The group posted a net profit of RM94.3mil last year with total sales of RM727mil.

Shareholders at its EGM yesterday approved its proposed one-for-five bonus issue of up to 151.3 million new shares.

By The Star

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