KUALA LUMPUR: Mah Sing Group Bhd recorded a net profit of RM69.5 million for the first quarter ended March 31, 2013, up 16% from the same quarter last year. Revenue for the quarter declined to RM423.14 million from RM457.78 million previously.
In a statement today, the company said it recorded property sales of RM749.6 million as at March 31, 2013 and was on track to achieve its 2013 full-year sales target of RM3 billion, with unbilled sales of some RM3.55 billion as at even date.
Managing Director Tan Sri Leong Hoy Kum said the group was stringent and strategic in the planning and timing of project launches in a systematic manner to ensure smooth cashflow even with multiple active projects.
"This ensures that we can continue growing and tapping on good landbanking opportunities when they arise since we negotiate favourable payment terms for our land acquisitions," he said in the statement.
Mah Sing has made two land acquisitions in Iskandar Malaysia and enhancements to Southville City at Kuala Lumpur South, which is expected to yield a combined gross development value (GDV) of RM7 billion.
"With these new landbank, the group has 43 projects with about RM26.4 billion in remaining GDV and unbilled sales, which will provide significant earnings visibility of seven to eight years," it said.
Leong said the group had started previews for the projects and should be able to lock in significant buyer interest for the projects, making them self funding. - Bernama
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