Mah Sing Bhd posted a net profit of RM27.9mil in the first quarter ended March 31, 2010, 23.2% higher compared with the same period last year.
In a filing with Bursa Malaysia, the group said its revenue rose 58.5% to RM238.3 in the quarter under review.
It said the result was mainly driven by better performance of its property and plastic divisions.
“Apart from property development, our plastics division also contributed positively to the quarter’s earnings,” it said.
The group achieved strong sales of RM601mil in the first quarter, which is 60% of the full year target of RM1bil.
It said the group would continue its innovative marketing strategies to promote quality properties with good concepts in prime locations.
As at March 31, the group has unbilled sales of about RM1.1bil, giving them significant earnings visibility.
This may be a stock to watch as it is now a potential boutique developer like SP Setia and Sunrise.
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