[MAH SING GROUP BHD：房地产开发部门本季度收入和利润下降，这主要是由于农历新年喜庆期间传统上需求疲软以及行动控制令（MCO）导致的建设进度推迟]
James Ng Stock Pick Performance:
Since Recommended Return:
a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.43 (dividend RM0.04) in 1 year 9 months 17 days, total return is 245.5%
b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.76 (dividend RM0.04) in 1 year 10 months 26 days, total return is 126.4%
c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.65 (adjusted)(dividend RM0.055) in 11 months 25 days, total return is 121.9%
d) TOPGLOV (TOP GLOVE CORP BHD), recommended on 1 July 18, initial price was RM12.14, rose to RM26.60 (adjusted)(dividend RM0.32) in 1 Year 10 months 28 days, total return is 121.7%
e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.61 (dividend RM0.148) in 1 Year 7 months 21 days, total return is 73.5%
f) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.88 in 1 year 4 months 9 days, total return is 53%
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[MAH SING GROUP BHD: property development segment reported lower revenue and profit in the current quarter mainly due to traditionally softer demand during the Chinese New Year festive season as well as delayed construction progress due to the Movement Control Order ("MCO")]
For the first quarter ended 31 March 2020, the Group posted profit before tax of RM43.1 million on the back of revenue of RM371.1 million as compared to RM73.9 million profit before tax and RM450.3 million revenue a year ago.
For the period ended 31 March 2020, revenue from property development was RM281.3 million as compared to RM355.5 million a year ago while operating profit was RM36.7 million as compared to RM68.9 million a year ago. The property development segment reported lower revenue and profit in the current quarter mainly due to traditionally softer demand during the Chinese New Year festive season as well as delayed construction progress due to the Movement Control Order ("MCO"). Weaker buyer sentiment and the closures of construction sites and sales offices due to the imposition of MCO in response to Covid-19 pandemic on 18 March 2020 further weighed on sales conversion and rate of works.
The plastics segment continued to contribute positively to Group performance and recorded revenue of RM76.1 million in the current quarter compared to revenue of RM80.4 million in the previous year corresponding period. Lower revenue recorded in the current quarter was mainly due to the imposition of MCO in response to Covid-19 pandemic on 18 March 2020. Despite the decrease in revenue, operating profit grew slightly by 1.2% from approximately RM3.30 million a year ago to RM3.34 million in the current quarter mainly due to the drop in raw material prices.
For the period ended 31 March 2020, revenue from the hotel segment amounted to RM1.9 million compared to RM2.2 million a year ago. Not withstanding the lower revenue reported, the operating loss for the current quarter was lower at RM3 million as compared to RM3.7 million a year ago mainly attributable to lower depreciation charges on the hotel operating assets, in line with the lower carrying value of these assets as a result of certain impairment provisions made in the previous quarter.
The Group’s current quarter profit before tax of RM43.1 million was lower as compared to the immediate preceding quarter of RM58.3 million.
The market environment is expected to remain challenging for the financial year ending 31 December 2020 due to the uncertainties posted by Covid-19 pandemic and the Group has activated its Business Continuity Plan (BCP) which incorporated their digitisation capabilities to mitigate operational disruptions.
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