Mah Sing 2Q pre-tax profit slips to RM119.96 million

KUALA LUMPUR: Mah Sing Group Bhd’s pre-tax profit eased slightly to RM119.96 million in the second quarter (Q2) ended June 30, 2017 from RM120.28 million in the corresponding period last year.

In a filing to Bursa Malaysia, the company said its revenue declined to RM727.14 million from RM773.89 million previously.

Operating profit decreased by 13.3 per cent mainly due to higher selling, marketing and administrative expenses during the current financial period.

In separate statement, Mah Sing said the group achieved property sales of some RM819.3 million for the six months ended June 30, 2017 and looked forward to launching more properties below RM500,000 in the second half of 2017 (2H17) to meet current market demand.

Upcoming launches in Greater Kuala Lumpur include M Vertica residential suites in Cheras, with built-ups from 850 sq ft and indicatively priced from RM450,000 and M Centura residential suites in Sentul with built-ups from 650 sq ft and priced from RM326,000.

The others are new development in Southville City@ Kuala Lumpur South comprising serviced apartments with built-ups from 888 sq ft and indicatively priced from RM399,000 and M Aruna in Rawang consisting of two- storey link homes with built-ups from 1,680 sq ft and indicatively priced from RM550,000.

“These planned launches in H2 2017 will be part of the projects that will drive sales target of a minimum of RM1.8 billion for 2017.

“The group currently has remaining undeveloped land of some 875.33 hectares with gross development value and unbilled sales of RM29.5 billion, which can support revenue and earnings growth for the next eight years,” it said.

Moving forward, Mah Sing said it would continue to look out for more strategic landbank, especially in the Klang Valley, jointventures and investment opportunities. — Bernama