Group managing director Tan Sri Leong Hoy Kum(filepic) said the group’s net cash position as at June 30, 2017 provided the group with opportunities to expand its land bank, particularly in the Klang Valley.

PETALING JAYA: Mah Sing Group Bhd net profit rose to RM90.39mil in the second quarter ended June 30, 2017 from RM88.82mil a year ago.

It chalked up property sales of about RM819.3mil in the January-June period.

The property developer said it planned to launch more properties priced below RM500,000 in the second half of 2017 to meet market demand.

Mah Sing revenue in the second quarter was at RM727.14mil compared with RM773.89mil a year ago. Earnings per share were 3.75 sen compared with 3.69 sen previously.

Mah Sing said projects in Greater KL and Klang Valley that contributed to the group’s results included Southville City in KL South, Lakeville Residence in Jalan Kuching, D’sara Sentral in Sungai Buloh, M Residence and M Residence 2 in Rawang, M City in Jalan Ampang, Icon City in Petaling Jaya, Garden Residence, Clover@Garden Residence and Garden Plaza in Cyberjaya, Kinrara Residence in Puchong, Icon Residence in Mont’ Kiara and Star Avenue in Sungai Buloh.

Projects from other regions that contributed to the group’s results include Southbay City, Legenda@Southbay and Ferringhi Residence in Penang; The Meridin@Medini, Meridin East, Sierra Perdana, Mah Sing i-Parc@Tanjung Pelepas and Austin Perdana in Johor as well as Sutera Avenue in Kota Kinabalu, Sabah.

On the plastics segment, Mah Sing said it continued to contribute positively to the group. “Revenue grew 19.4% from about RM123.8mil to RM147.9mil while operating profit improved 13.1% from RM7.1mil to RM8.1mil due to higher sales of pallets, electronic parts and waste bins in the first half of 2017,” it said.

Group managing director Tan Sri Leong Hoy Kum said the group’s net cash position as at June 30, 2017 provided the group with opportunities to expand its land bank, particularly in the Klang Valley.

“With our healthy balance sheet, we are in a prime position to acquire more land. Our target is to increase our land bank in the Klang Valley to 75% in the next two years, from 67% now.”