Mah Sing Posts Lower Net Profit
Filed Under (Business News) by Webmaster on 25-02-2009
Tagged Under : Mah Sing Group Bhd
Mah Sing Group Bhd (Bursa Stock Code : 8583) has posted a drop of 19.7% in net profit to RM16.45mil for the fourth quarter ended Dec 31, compared with the previous corresponding period.
In a statement, the company said contributors to the financial year included the group’s commercial projects, The Icon Jalan Tun Razak and the Southgate Commercial Centre, and several residential projects in the Klang Valley and Johor Baru.
At the same time, revenue in the quarter grew 26% to RM151.7mil.
Despite the weaker quarter, the company registered 15% growth in after-tax profit after minority interest to RM93.2mil for the full financial year.
It also said it could “hypothetically raise an additional RM500mil to reach an optimal gearing level of 0.5 times,” giving it a war chest of RM900mil, including the existing cash pile, for expansion.
