29 May 2014

Mah Sing’s Q1 net profit up 20.9pc

  29 May 2014

By BUSINESS TIMES

KUALA LUMPUR: Mah Sing Group Bhd chalked up a net profit of RM84.0 million, up 20.9 per cent, for the first quarter ended March 31, 2014 from the RM69.5 million recorded in the same quarter last year.
The group’s revenue increased to RM642.2 million during the period under review, surging 51.8 per cent from RM423.1 million in the same quarter last year, Mah Sing said in a filing to Bursa Malaysia today.

The company said it has strong earnings visibility, with unbilled sales of about RM4.64 billion as at March 31, 2014 or 2.7 times the revenue recognised from its property division in 2013.

This assures the group of near-term revenue visibility and steady streams of cash flow and liquidity, it added.

The group said it expects stronger buying momentum in the second half of the year, with prospective buyers expected to purchase ahead of the implementation
of the Goods and Services Tax (GST) next year.

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