Mah Sing Group Q1 pre-tax profit dips to RM126.38 million

Mah Sing Group Q1 pre-tax profit dips to RM126.38 million

KUALA LUMPUR, May 26 — Mah Sing Group Bhd’s pre-tax profit for the first quarter ended March 31, 2016, declined to RM126.38 million from RM130.45 million recorded in the same period last year.

Revenue slipped to RM709.17 million from RM784.14 million previously, the company said in a filing to Bursa Malaysia today.

In a statement, the company said that revenue from property development for the period ended March 31, 2016 was approximately RM632.4 million and operating profit was RM124.1 million.

“Despite a decrease in revenue from property development, there was no major fluctuation in operating profit (lower by only 0.2 per cent) mainly due to lower expenses during the current quarter.

“The quarterly comparative decrease in revenue was because M City in Jalan Ampang and Icon City in Petaling Jaya were in active construction stage last year, while they are approaching completion in the current period,” it said.

Going forward, the group said it expect revenue and profit contribution from Southville City @ KL South, Lakeville Residence in Taman Wahyu and D’sara Sentral in Sungai Buloh to pick up momentum as construction work progresses.

— BERNAMA

Share