PETALING JAYA: Mah Sing Group Bhd's third quarter results ended September 30, 2018 fell 30.4% to RM64.23 million from RM92.31 million a year ago due to lower real estate development grants.
Revenues decreased by 28.4% to RM504.26 million compared with RM704.26 million compared with the previous year's corresponding quarter.
For the first nine months of the year, Mah Sing's net profit also decreased by 24.7% to RM205.57 million from RM273.12 million a year ago, while revenues were lower by 22.1% to RM1.68 billion from RM2.15 billion.
The Group achieved real estate sales of approximately RM1.22 billion for the nine month period ending September 30, 2018.
Mah Sing said with 74% of targeted housing sales for 2018 to below RM500,000, the Group stands to benefit from various initiatives of the budget 2019, such as the continuation of exemption for stamp duty on transfer agreement (MOT) and loan agreements for first residential properties not worth more than RM500,000 as well as the national household campaign, which excludes stamp duty at MOT for residential properties that cost between RM300,001 and RM1 million as of January 1, 2019.
The group also said that it is in a good position to exploit opportunities that arise to acquire more land-based landing and to explore joint ventures focusing on city-planning, affordable housing projects.