Mah Sing 2Q earnings rises

KUALA LUMPUR: Mah Sing Group Bhd staged a strong set of earnings, with net profit up 47.9% to RM43.13 million in the second quarter ended June 30 from RM29.16 million a year ago, with unbilled locked in sales and remaining gross development value of more than RM14.5 billion.

The property developer said on Wednesday, Aug 17 the revenue rose 43.9% to RM416.12 million from RM289.05 million, while earnings per share (EPS) were 5.19 sen compared with 3.51 sen.

"Revenue and profit for the quarter is attributable to property development activities carried out in Kuala Lumpur, Klang Valley, Penang Island and Johor Bahru," it said.

Its cash pile increased to RM781.02 million from RM292.52 million a year ago. The group recorded strong revenue and net profit of RM727.9 million and RM84.3 million for the first half of 2011, which was a 38% improvement for revenue and 48% improvement in net profit from a year ago.

Mah Sing said the group has achieved property sales of RM1.24 billion as of June 30, representing 62% of its full year 2011 sales target of more than RM2 billion.

"The remarkable sales achieved and timely execution continued to provide steady cashflows and liquidity. The group’s balance sheets remain healthy with net gearing ratio at 0.21 as at June 30," it said.

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