Mahsing Q107 result

There is no surprise from Mahsing for their Q107 result. The recorded revenue is RM141mil and the net profit is RM17.9mil, with EPS of 10.61 for the quarter ended 31 March.

Below is the performance review that found in the announcement to Bursa Malaysia:

The Group recorded profit after tax after minority interest of RM17.9 million for the financial period ended 31 March 2007, a 20% improvement compared to RM14.9 million for the previous corresponding financial period ended 31 March 2006. The
improvement in profit after tax was attributed to contribution from more projects, especially when the Company has grown from 4 launched projects in the 1st quarter of 2006 to 8 launched projects in the 1st quarter of 2007. In the Klang Valley, all the Group’s properties are located within an 18km radius of Petaling Jaya which is the Klang Valley’s growth corridor, whereas all the projects in Johor Bahru are located in the southern tip of the Iskandar Development Region. The good response received by all the projects bears strong testament to the market’s confidence in the promise that the Mah Sing brand name holds.

The Board of Directors is confident that the Group’s focus in the lifestyle medium to high end residential market and commercial segment would result in continued good performance in 2007. This is in view that the property market is expected to enjoy a positive run especially in the medium to high-end segment, with improved sentiments due to several factors, including the spillover from the Ninth Malaysia Plan, a stronger ringgit, flattening interest rates, sustained economic growth momentum, growing income per capita and wealth creation from the stock market. The Group's strong track record, premium branding and innovative offerings will continue to attract good take up with the new projects coming on board in 2007, namely Kemuning Residence in Shah Alam, One Residence and Hijauan Residence in Cheras, Duta Perdana
in Puchong, The Icon@Jalan Tun Razak, The Icon@Mont' Kiara and Sierra Perdana in Tebrau-Plentong, Johor Bahru.