Mah Sing Group Berhad recorded profit of RM41.2mil for the 1st quarter of 2011, a 48% improvement compared to the same quarter last year.

The company’s revenue rose by 31% to RM311.8mil.

The improved revenue and profit for the quarter is attributable to progressive recognition of development revenue and profit contribution from its property development activities carried out in Kuala Lumpur, Klang Valley, Penang island and Johor Bahru.

The Plastics division also contributed positively to the current quarter revenue and profit.

The company said it achieved RM975mil in sales as at 13 May 2011, meeting 49% of its full year sales target of more than RM2bil.

As at 31 March 2011, the Group has unbilled sales of approximately RM1.6bil.

“Our sales to date has been good because of strong response to all segments of our properties, as we have established a strong branding based on our track record of offering innovative, niche products after conducting in-depth market research.

“We are confident of equally strong demand for other new projects slated for launch this year,” said group managing director cum group chief executive, Tan Sri Leong Hoy Kum.

Currently the Group has a total of 34 projects in Greater KL (Kuala Lumpur and Klang Valley), Penang island and Johor Bahru.

These yield a combined remaining gross development value and unbilled sales of approximately RM14 billion which can last for 5 to 7 years.