Mah Sing posts higher pre-tax profit of RM120.29 mln in 2Q

KUALA LUMPUR: Mah Sing Group Bhd’s pre-tax profit for the second quarter ended June 30, 2016 advanced to RM120.29 million from RM117.18 million recorded in the same period last year.

Revenue, however, slipped to RM773.90 million from RM780.48 million registered previously, the company said in a filing to Bursa Malaysia yesterday.

Meanwhile, the group said it expected revenue and profit contribution from Southville City@ KL South, Lakevil le Residence in Taman Wahyu and D’sara Sentral in Sungai Buloh to pick up momentum as construction work continued to progress, moving forward.

“Affordable houses still sees strong demand, evident by the full take up of 404 units of Cerrado Residential Suites ( Tower A) with a starting price of RM357,000.

“The group also saw a high take up rate of 92 per cent during the launch of 120 units of the Lakeville Residence’s final tower.

Both take up rates were recorded over their respective two- day launches,” it said.

Managing Director Tan Sri Leong Hoy Kum said overall buyers’ sentiment was lifted due to the interest rate cut from 3.25 to 3.0 per cent by Bank Negara and demand was still intact for mass market range properties in well- connected areas.

“We have the right product mix that is catered to the current market’s needs, hence, we believe that we will continue to do well,” he said. — Bernama