Mah Sing posts higher net profit of RM40.16m in Q3

KUALA LUMPUR: Mah Sing Group Bhd posted a higher net profit of RM40.16 million in the third quarter (Q3) ended Sept 30, 2021 from RM25.96 million last year.

Revenue however slipped to RM364.57 million from RM388.22 million previously, it said in a filing to Bursa Malaysia.

Mah Sing said property development recorded a higher revenue of RM917.9 million in Q3, mainly driven by higher property sales and revenue recognition of property projects under construction, coupled with the recognition of cost savings arising from the finalisation of certain construction contracts.

The manufacturing segment recorded revenue of RM268.1 million against RM204.7 million in the previous corresponding period, attributed to higher sales of plastic pallets and automotive parts due to pent-up demand from essential and automotive industries.

The group said it remained positive of the prospects of the property market and is wellpositioned for market recovery.

In a separate statement, group CEO Datuk Ho Hon Sang said the company secured property sales of about RM1.28 billion for Q3.

“By achieving 80% of its 2021 sales target in nine months, the group is confident of meeting the full-year sales target of RM1.6 billion.”

In another development, Mah Sing’s wholly owned subsidiary Myvilla Development Sdn Bhd has entered into an agreement with Nation Holdings Sdn Bhd for the proposed acquisition of land in Mukim Batu, Kuala Lumpur, with an estimated gross development value of RM790 million. Mah Sing said the development, called M Nova, on the 3.27ha land worth RM95 million, will comprise serviced residences supported by a retail component. – Bernama