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Wednesday, February 27, 2013

Mah Sing's pre-tax profit rises to RM315m


Mah Sing Group Bhd's pre-tax profit for the financial year ended December 31, 2012 rose to RM315.52 million from RM238.63 million in 2011.

This was achieved on the back of a higher revenue of RM1.78 billion for the year from RM1.57 billion previously.

Meanwhile its pre-tax profit for the last quarter of the year rose to RM72.28 million from RM57.23 million in the same quarter of 2011.

Revenue for the quarter rose to RM441.44 million from RM422.13 million the previous corresponding quarter.

Mah Sing attributed the better revenue and profit to its residential projects and commercial projects carried out in Puchong, Cyberjaya, Jalan Ampang, Petaling Jaya, Meru-Shah Alam, Rawang, Cheras, Mont' Kiara, Damansara, Sungai Besi, Setapak and Bukit Jelutong.

The developer said it raked in more than RM2.5 billion in sales over its RM2.26 billion sales in 2011.

"The company has set a sales target of RM3 billion for 2013, a 20 per cent increase from 2012, which is in line with their existing scale of operations with 40 projects," Mah Sing said in a statement here today.

It also had an unbilled sales of approximately RM3.16 billion as at December 31, 2012.

Group managing director and Group chief executive Tan Sri Leong Hoy Kum said Mah Sing had been spot-on with market demand in terms of launches, allowing the company to deliver double digit growth in both revenue and profits.

"For 2013, we expect our sales to be boosted by six new projects on top of our existing projects.

"To support the sales target of RM3 billion, the company intends to roll out launches worth RM3.7 billion in 2013," he said.

The developer said Greater KL and Klang Valley will make up the bulk of 2013's sales target at 62 per cent, while Penang island will contribute 13 per cent, Johor Baru 20 per cent and Sabah five per cent.

Besides ongoing projects, the company has six new projects which are the Southville City and M residence in the Klang Valley, Ferringhi Residence in Penang island, Mah Sing iParc at Tanjung Pelepas and The Meridin at Medini which are located in Iskandar Malaysia and Sutera Avenue in Kota Kinabalu.

The board has recommended a first and final dividend of 7.5 sen (net) per ordinary share of RM0.50 each consisting of RM0.4 sen per share less income tax of 25 per cent and a single-tier dividend of 7.2 sen per share for the financial year ended December 31, 2012.

It has at present 34 projects in Greater Kuala Lumpur, Penang and Johor with a combined gross development value and unbilled sales of RM14 billion.-- Bernama

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