Mah Sing Group 4Q earnings up 30.8% to RM41m, record FY11

KUALA LUMPUR (Feb 28): Mah Sing Group Bhd posted net profit of RM41.03 million in the fourth quarter ended Dec 31, 2011, up 30.8% from RM31.35 million a year ago, boosted by the property segment.

It announced on Tuesday that its revenue increased by 41% to RM422.12 million from RM299.28 million. Earnings per share were 4.93 sen compared with 3.77 sen. It announced dividend of 11 sen a share.

For FY11, its earnings rose 42.7% to RM168.55 million from RM118.07 million in FY10 while revenue increased by 41.5% to RM1.570 billion from RM1.110 billion.

"The group delivered a solid performance in 2011 with new record highs for revenue, profit and sales. Revenue at RM1.6 billion and net profit at RM168.6 million represents 41% and 43% y-o-y growth compared to the previous year. Property sales were robust in 2011 at RM2.26 billion, more than a 46% improvement from the RM1.5 billion achieved in 2010," it said.

Mah Sing also said despite expanded operations, balance sheets remain strong, with high cash pile at RM665.7 million and net gearing at a low of 0.29 as at Dec 31, 2011. It added the return on equity (ROE) at 16% and asset turnover at 55% were at their highest annual levels since 2007.

"It said that revenue from property segment improved 48% on-year to RM1.4 billion. The group's property sales exceeded internal target of RM2 billion to end at RM2.26 billion. Well located projects coupled with a reputation for delivering high quality properties that meet contemporary demand helped boost sales," it said.

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