Mah Sing 1Q net profit up 47.6% to RM41.16m

KUALA LUMPUR: Mah Sing Group Bhd reported a 47.6% increase in its earnings at RM41.16 million in the first quarter ended March 31, 2011 from RM27.88 million a year ago.

It said on Wednesday, May 25 revenue rose 30.8% to RM311.75 million from RM238.31 million while earnings per share were 4.95 sen when compared with 3.35 sen.

It said the improved revenue and profit for the quarter was due to progressive recognition of development revenue and profit contribution from its property development activities in Kuala Lumpur, Klang Valley, Penang Island and Johor Bahru.

Ongoing projects which contributed to the group's profit and revenue include Klang Valley residential projects such as Perdana Residence 2 in Selayang, Garden Residence in Cyberjaya, Hijauan Residence and One Legenda in Cheras, Kemuning Residence in Shah Alam, Aman Perdana in Meru-Shah Alam.