KUALA LUMPUR (May 28): Mah Sing Group Bhd’s net profit for 1Q15 grew 18.04% to RM98.9 million from RM83.78 million in its previous corresponding quarter.

In a filing to the stock exchange today, the property developer said its revenue also saw an increase of 22.1% to RM784.14 million from RM642.2 million.

Mah Sing attributed its growth for the first quarter to higher work progress and sales from the group’s ongoing development projects.

“The improvement in results for the period ended 31 March 2015 compared to the same quarter last year were attributable to the higher work progress and sales from the Group's ongoing development projects such as M City in Jalan Ampang, Icon City in Petaling Jaya, M Residence and M Residence 2@Rawang, Southville City@KL South and Southbay City in Penang,” it said.

It said that other projects in Greater KL, Klang Valley, Penang, Johor Baru and Kota Kinabalu also contributed to its results.

Moving forward, Mah Sing said that it is confident of market prospects in the long run, despite the softening of demand in Malaysia’s property market as buyers are still adjusting to various cooling measures and the implementation of the goods and services tax.

“The Group's strategic positioning in the four property hotspots with greater focus in Klang Valley/Greater Kuala Lumpur and its timely swift to mass market segment favorably position it for significant growth potential. This is due to extensive ongoing and proposed public transportation infrastructure investments in the key corridors where its projects are strategically located.

“With a net cash position and unbilled sales of RM5.12 billion, the Group can build on its strong financial capability and capitalise on suitable land acquisition or joint venture opportunities as they arise, to further strengthen its property portfolio for continued long term growth momentum,” it said.

Mah Sing closed for today’s afternoon break 0.94% or two sen higher at RM2.14 for a market capitalisation of RM4.11 billion.

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