KUALA LUMPUR (Aug 16): Mah Sing Group Bhd said Thursday its revenue of RM455.2 million and net profit of RM60.1 million for the second quarter ended June 30, 2012, represents 9% and 39% improvement respectively over the same quarter last year.
In the explanatory notes on its financial results to Bursa Malaysia, the property group highlighted that basic earnings per share were up 42% to 14.4 cents for the first half ended 30 June 2012.
The group recorded revenue of RM913.0 million and net profit of RM120.0 million for the first half ended 30 June 2012. This represents improvement of 25% and 42% respectively over the corresponding period in the previous year.
Mah Sing indicated it is optimistic of future outlook.
It said: “Given our quality land-bank, strong balance sheet, healthy unbilled sales balance of RM2.69 billion and quick turnaround expertise in unlocking value, the group is well-positioned to further build on its fundamentals via opportunistic land acquisition/joint venture for long term sustainable returns to shareholders.”
Despite the sterling results, no interim dividend was declared.
Mah Sing said as at 30 June 2012, the group’s remaining undeveloped land was 1,495 acres and there was about RM18 billion in total remaining GDV and unbilled sales.