It will launch RM2.5bil to RM3bil worth of projects in the Klang Valley, Penang and Johor this year to meet its sales target of RM2bil for the current financial year ending Dec 31.
The projects would comprise an array of commercial, residential and industrial properties.
As at April 11, the developer recorded sales of RM738mil, which was about 37% of its sales target for this year. Mah Sing also has unbilled sales of RM1.3bil as at Dec 31, 2010 that will be realised over the next two to three years.
For the financial year ended Dec 31, 2010 (FY10), Mah Sing achieved profit after tax and minority interest of RM118mil, a 25.5% increase over RM94mil in 2009. Group revenue for FY10 was also higher at RM1.1bil against RM702mil previously.
Mah Sing would aggressively expand its land bank and was now looking for suitable prime land in greater Kuala Lumpur, Penang island and Johor Bahru.
In 2010, the group undertook 10 land acquisition exercises. In 2011, it has so far signed one deal.
Besides making outright land purchase, the group is also open to joint ventures with land owners.
We are scouting for land near the proposed MRT stations, as the new transport infrastructure would create higher value for these land.
It reported a 47.6% increase in its earnings at RM41.16 million in the first quarter ended March 31, 2011 from RM27.88 million a year ago.
Revenue rose 30.8% to RM311.75 million from RM238.31 million while earnings per share were 4.95 sen when compared with 3.35 sen.
The improved revenue and profit for the quarter was due to progressive recognition of development revenue and profit contribution from its property development activities in Kuala Lumpur, Klang Valley, Penang Island and Johor Bahru.
Ongoing projects which contributed to the group’s profit and revenue include Klang Valley residential projects such as Perdana Residence 2 in Selayag, Garden Residence in Cyberjaya, Hijauan Residence and One Legenda in Cheras, Kemuning Residence in ShahAlam, Aman Perdana in Meru-Shah Alam.
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