Mah Sing posts 27.8% rise in 3Q net profit

KUALA LUMPUR (Nov 19): Mah Sing Group Bhd posted a net profit of RM55.23 million for the third quarter of 2012, up 27.8% from RM43.22 in similar quarter last year.

Revenue, however, was flat at RM420.84 million in the quarter under review compared to RM420.69 million recorded in the third quarter of 2011.

The group, in its filing with Bursa Malaysia, said for the nine months to end-September 2012 its total revenue rose 16% year-on-year to RM1.33 billion and net profit rose 37% to RM175.22 million.

Basic earnings per share were up 37% to 21 sen for the nine months ended September 2012.

Mah Sing said its balance sheet remained strong, with cash pile at RM545.3million and net gearing at 0.30.

On prospects, the company said with RM2.2 billion sales secured as at mid-November 2012, it is well on track to achieve its 2012 full year sales target of RM2.5 billion.

The company said it is well-positioned to record sales target of at least RM3 billion in 2013.