Mah Sing records RM30m in 3Q profit

KUALA LUMPUR: Mah Sing Group Bhd recorded a 26% year-on-year increase in profit after tax and minority interest (PATMI) for 3Q2010 with nearly RM30 million, the Groups said in a press release on Monday, Nov 29. Revenue earned in the same quarter was about RM283 million.

The first three quarters of 2010 showed the Group achieving 25% increase in PATMI over the previous year. Revenue and PATMI recorded was RM811 million and RM87 million respectively.

"For the first nine months of 2010, we have managed to chalk up sales of approximately RM1.2 billion," said Mah Sing Group, managing director cum group chief executive Tan Sri Leong Hoy Kum. "Sales in the third quarter alone were approximately RM243 million. However, we have conducted a slew of projects previews that have enjoyed encouraging response, and we are confident that we will be able to surpass our RM1.5 billion sales target for this year."

The group said that its residential, commercial, retail and industrial sectors in Kuala Lumpur, Klang Valley, Penang and Johor contributed to the positive results.

In 2010 alone, Mah Sing undertook10 land deals with a combined gross development value of RM4 billion. "Even with the aggressive acquisitions, the group's balance sheets remain healthy with manageable net gearing ratio at 0.22 as at Sept 30, 2010 as some of these land acquisitions have deferred payments of up to 12 months," the group said.

Moving into 2011, the group will preview new projects such as Star Avenue@D'sara. This commercial project of 3-storey shop offices has seen its Phase 1 almost sold out since mid-November. This has prompted the group to bring forward the preview of Phase 2 of the 3-storey shop offices last weekend.

"Mah Sing expects the prevailing low interest rate, buoyant economic prospects, healthy employment market and the fact that property investments have proven to be a reliable asset class will continue to sustain and drive the property sector," the group said.