Its net profit was at RM28 million, an improvement compared with first-quarter net profit of RM22.6 million during the same period last year.
"The group's residential and commercial projects helped contribute to the good results," Mah Sing said in a statement yesterday.
Revenue for the quarter was at RM238.3 million, up from RM150.3 million a year ago.
Main property project contributors were Southgate, Hijauan Residence, Kemuning Residence and Aman Perdana in Klang Valley, Residence@Southbay in Penang as well as Sierra Perdana and Sri Pulai Perdana 2 in Johor Baru.
The group is confident of achieving its RM1 billion sales target for 2010 as it has met 60 per cent of the target or RM601 million sales in the first quarter of 2010.
"Prospects for the residential, commercial and industrial segments are bright, given a better employment market, strong liquidity, pent-up demand and still-conducive interest rate levels," it said.
As at March 31 2010, the property group has unbilled sales of approximately RM1.1 billion, giving it significant earnings visibility.
To date, it has bought three pieces of prime land with combined gross development value of RM712 million.
Currently, the group has a total of 26 projects in the Klang Valley, Penang and Johor Baru, of which five have been completed, 11 ongoing and ten new projects in the pipeline.
By Business Times
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