Year Revenue Net Profit
2005 473,491 48,346
2006 495,625 65,691
2007 573,365 81,126
2008 651,639 93,168
2009 701,562 94,282
Above figure all are in thousand
As we can see, Mahsing revenue and earning was consistent and growing even during financial crisis year 2009. This is a bit surprise because not much of the developer can achieve this result.
From its financial statement, the land & property value remain at low value, but however revenue is still able to grow. What make this happen? There are two possibilities, it is either Mahsing do not update their landbank value or the turnover of its landbank is fast.
What it means of turnover landbank is fast? It means that from the time it buy on the land, then it makes a very fast move into developing the land and sell the properties to other people in a very fast rate. So this make its landbank value always maintain at low value and with a growth in revenue.
According to Mahsing CEO, there are 33 projects are running currently, which 5 projects are completed, 18 projects are in progress, and 10 projects are in planning. Normally, Mahsing will start to develop an acquired landbank in the time of 3 months to 9 months after the time purchased.
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