In line. 1QFY12/10 net profit came in within expectations at 25-26% of our full-year forecast and the full-year market consensus. 1QFY12/10 net profit grew +23.2% yoy driven by progress billings from Southgate (commercial project with GDV of RM458m) as well as landed property projects such as Hijauan Residence (GDV of RM315m), Kemuning Residence (RM136m) and Aman Perdana (RM858m) in Klang Valley,
Residence @ Southbay (RM234m) in Penang island as well as Sierra Perdana (RM526m) and Sri Pulai Perdana 2 (RM225m) in Johor Bahru. For 1QFY12/10, the company chalked up impressive sales of RM600.9m (vs. RM170.2m in 1Q09 and RM727m in FY09), already accounting for 59.6% of its FY10 sales target of RM1bn. Meanwhile, the company’s unbilled sales stood at RM1.1bn as at end-1QFY12/10, or 1.6x of our FY12/10 property
revenue forecast.
Mah Sing Group Berhad : 1QFY12/10 Net Profit Grows 23% YoY - 27/05/2010
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