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Friday, August 17, 2012

Mah Sing on track for full-year RM2.5bil sales target, says MD

PETALING JAYA: Mah Sing Group Bhd is on track to hit its full-year sales target, recording RM1.29bil sales in six months, representing 52% of its target of RM2.5bil.

Unbilled sales were about RM2.69bil or two times the revenue recognised from the property division in 2011.

In a statement, Mah Sing group managing director-cum-group chief executive Tan Sri Leong Hoy Kum said the company had been enjoying a consistent sales trend by rolling out what the market wanted, allowing it to deliver commendable double-digit growth in both revenue and profits.

The group delivered vacant possessions for 780 properties to property owners in the first half of 2012, and looks forward to delivering vacant possessions for another 1,290 units in the second half.

For 2012, deliveries of vacant possessions are estimated to bring in an additional RM315mil.

The group recorded revenue of RM913mil and net profit of RM120mil for the first half ended June 30. This represents an improvement of 25% and 42% respectively over the previous corresponding period.

The current-quarter revenue and net profit of RM455.2mil and RM60.1mil represents 9% and 39% improvement respectively over the previous corresponding quarter.

Revenue from the property segment soared by 29% to RM808mil on the back of strong sales of RM1.29bil as at June 30.

“For the first half of 2012, we have seen very strong sales from Kinrara Residence,” Leong said.

By The Star

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