Monday, November 21, 2011

#Flash* Mah Sing 3Q net profit up 45% to RM43.2m

KUALA LUMPUR (Nov 21): MAH SING GROUP BHD []'s earnings jumped 45.6% to RM43.22 million in the third quarter ended Sept 30, 2011 from RM29.67 million while up to Nov 15, its sales had exceeded RM2 billion.

It said on Monday that the performance was underpinned by strong sales which exceeded the RM2-billion mark as up to Nov 15, due to the strong branding and the flexibility afforded by its comprehensive portfolio of PROPERTIES [].

Mah Sing said revenue also recorded strong growth, up 48.4% to RM420.69 million from RM283.46 million while earnings per shares rose to 5.20 sen from 3.57 sen.

For the nine-month period, its earnings rose 47% to RM127.52 million from RM86.72 million in the previous corresponding period while its revenue increased by 41.6% to RM1.148 billion from RM810.82 million.

It said the revenue was underpinned by development activities in Kuala Lumpur, Klang Valley, Penang and Johor Baru

'Ongoing projects that contributed to revenue and profit include Garden Residence in Cyberjaya, Kinrara Residence in Puchong, Perdana Residence 2 in Selayang, MSuites in Jalan Ampang, One Legenda and Hijauan Residence in Cheras, Icon Residence in Mont' Kiara, Kemuning Residence in Shah Alam and Aman Perdana inMeru Shah Alam.'

Also contributing are commercial projects such as Southgate Commercial Centre in Sungai Besi, Star Parc Point inSetapak and industrial projects, i-Parc1 and i-Parc3 in Bukit Jelutong as well as i-Parc 2 in Shah Alam.

Projects in Penang Island, Residence@Southbay and Legenda@Southbay and in Johor Bahru, Sierra Perdana, Sri Pulai Perdana 2 and Austin Perdana also contributed to revenue and profit. The plastics division continued to contribute positively to the Group's performance,' it said.

'The group's balance sheets remain healthy with net gearing ratio at 0.38 as at Sept 30, 2011,' it said.

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