PETALING JAYA: Mah Sing Group Bhd has recorded a net profit of RM55.01mil in its first quarter ended March 31 compared with RM64.20mil in the previous corresponding period, while revenue came in at RM450.33mil compared with RM584.76mil a year earlier.

In a filing with Bursa Malaysia yesterday, the property developer said the group’s balance sheet remained healthy, with cash and bank balances of RM1.28bil as at March 31, 2019.

On the performance of its property development division, Mah Sing said revenue in the first quarter stood at RM355.5mil compared with RM501mil in the previous year’s corresponding quarter, while operating profit was RM68.9mil as compared with RM77mil before.

“This is mainly attributable to a higher proportion of new sales secured from new projects, where contribution to revenue is expected to pick up once past the initial stages of construction. The festive season and its traditionally longer holiday breaks also contributed to comparatively slower work progress in the current quarter.

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