KUALA LUMPUR (May 28): Mah Sing Group Bhd has logged sales of slightly over RM1 billion as at May 15, marking 40% of its RM2.5 billion target for 2012.
The group attributed the sales largely to projects from Greater Kuala Lumpur, Johor Bahru and Penang island, it said in a statement on Monday.
Meanwhile, its unbilled sales stood at RM2.28 billion during the first quarter ended March 31, or 1.8 times the revenue recognised from its property development division last year.
In the first quarter, its net profit rose by 45.7% y-o-y to RM59.9 million from RM41.1 million, on the back of a 47% growth in revenue to RM457.7 million from RM311.7 million.
The property segment saw its contribution rise 55% to RM405.8 million on the back of contributions from residential, commercial and industrial projects across Peninsular Malaysia.
Mah Sing has also achieved 73% of its landbanking target this year, with three significant acquisitions namely a 157-acre tract in Rawang earmarked for its mass-housing township M Residence 2 (GDV RM650 million) and a 412-acre parcel in Bandar Baru Bangi for its Southville City project
Last but not least is its maiden venture into Sabah via the proposed joint development of Sutera Avenue, comprising 4.26 acres with an option for another 4.41 acres of commercial land in along the coastal highway of Kota Kinabalu's central business district.
The group has further plans to add to its undeveloped land bank of about 1,531 acres with its cashpile of RM581 million and a net gearing of 0.33 times.