Mah Sing FY2010 profit jumps to RM118.1 mil; targets RM2 bil sales FY2011
Mar 11, 2011
Lifestyle developer Mah Sing Group Berhad saw strong growth in profit after tax
after minority interest (PATMI), registering RM118.1 mil for the financial year
ended 31 Dec 2010 on the back of revenue of RM1.1 bil. This represents a 25%
year-on-year improvement in PATMI, compared to RM94.3million for the previous
financial year 2009. Earnings Per Share (EPS) stood at 14.20sen for 2010.
The improved revenue and profit for the financial period is attributable to
progressive recognition of development revenue and profit contribution from its
property development activities carried out in Kuala Lumpur, Klang Valley, Penang
and Johor Bahru.
“We have set a sales target of more than RM2 billion for 2011 and are confident
of achieving this target as we have achieved RM363million in sales for the first
2 months of this year,” said Mah Sing Group Bhd’s Group Chief Executive and
Group MD Tan Sri Dato’ Sri Leong Hoy Kum.
This year the Group targets land acquisitions which can potentially yield more than
RM7billion in gross development value (GDV) potential, compared to last year’s
RM4 bil GDV. The Group intends to scout for land near new proposed MRT stations.
