KUALA LUMPUR, May 31 — Mah Sing Group Bhd posted a higher net profit for the first quarter (Q1) ended March 31, 2021 to RM40.28 million from RM28.71 million a year ago.
Revenue increased to RM413.31 million from RM371.12 million. The lower revenue in the preceding year was due to the implementation of movement control order 1.0, it said in a filing with Bursa Malaysia.
“The group’s balance sheet remains healthy with cash and bank balances and investment in short-term funds of approximately RM901.2 million as at March 31, 2021,” it said.
On property development, the group achieved property sales of RM650.5 million for the first five months of 2021 as at end-May 2021, while locking in RM400 million for Q1.
This was driven by strong demand for affordable product offerings in strategic locations.
“Coupled with continuous effort of the group in adapting digital marketing, Mah Sing is well-positioned to meet its 2021 sales target of RM1.6 billion,” it said.
On its glove manufacturing business, it said the business is expected to contribute positively to the group’s earnings for the financial year ending 2021 due to strong global demand for gloves. — Bernama
