Mah Sing 2Q earnings up 26.5% at RM29.6m, ups sales target to RM1.5b

KUALA LUMPUR: Mah Sing Group Bhd posted net profit of RM29.16 million in the second quarter ended June 30, 2010, up 26.5% fromRM23.04 million a year ago.

It said on Thursday, Aug 26 that revenue jumped 72.8% to RM289.05 million from RM157.23 million. Earnings per share were 3.55 sen versus 3.67 sen.

“We have exceeded our full year sales target of RM1 billion within seven months and have revised our sales target to RM1.5 billion for 2010,” it said.

For the first half ended June 30, it said revenue rose 66% to RM527.36 million and net profit 25% to RM57.04 million.

Projects that contribute to solid revenue and profit for the current financial period include Southgate Commercial Centre, StarParc Point , i-Parc@Bukit Jelutong , Perdana Residence 2 , Aman Perdana, Hijauan Residence and Kemuning Residence in Klang Valley; Residence@Southbay in Penang and Sierra Perdana , Sri Pulai Perdana 2 , and Austin Perdana in Johor Bahru.

The plastics division also recorded improved revenue and profit over the corresponding period in the previous year.

“The remarkable property sales recorded in the first half continue to provide steady cash flows and liquidity. The group’s balance sheets remain healthy with low net gearing ratio at 0.05 as at June 30, 2010,” it said.

By The EDGE Malaysia