Mah Sing 2Q profit increases to RM69.8 million

KUALA LUMPUR: Mah Sing Group Bhd's net profit for the second quarter ended June 30, 2013 rose to RM69.8 million from RM60.15 million in the same quarter of 2012.

Revenue increased to RM475.75 million from RM455.20 million previously, it said in a statement today.

Managing Director/Chief Executive, Tan Sri Leong Hoy Kum, said the group performed well with RM1.5 billion of sales year-to-date, the halfway mark of the company's full-year sales target of RM3 billion for 2013.

He said the acquisition of 38.68 hectares in Rawang, which has an estimated gross development value (GDV) of RM520 million, has raised the company's remaining GDV and unbilled sales to approximately RM28 billion.

"The stable of projects will give the company an earnings visibility of seven to eight years.

"The Rawang land, worth appproximately RM68.7 million, will be developed as M Residence 3@Rawang, replicating the success of Mah Sing's successful townships of M Residence@Rawang and M Residence 2@Rawang," he said. - Bernama