Thursday, July 14, 2011

Hua Yang 1Q net profit surges to RM11.48m

KUALA LUMPUR: HUA YANG BHD [] net profit for the first quarter ended June 30, 2011 surged 133% to RM11.48 million from RM4.91 million a year ago, due mainly to higher sales achieved.

In a statement Thursday, July 14 it said revenue for the quarter rose 66% to RM61.75 million from RM37.22 million. Earnings per share was 10.63 sen while net assets per share was RM2.15.

Hua Yang chief financial officer May Chan said that in terms of total sales achieved, about 77% was from the Klang Valley and the balance from its developments in Johor, Ipoh and Senawang.

She said a major contributor to sales was One South at Sungai Besi, which is Hua Yang's flagship development in the Klang Valley.

She said Phase 2 of One South, consisting of 2 blocks of serviced apartments with a total gross development value (GDV) of RM150 million had been 100% booked, of which, 50% had been converted into sales with Sale and Purchase Agreement executed and loan approved.

Chan said prospects for Hua Yang augured well in financial year 2012, adding that the company has a sizeable portion of unbilled sales in the pipeline.

'From this quarter alone, we have close to RM372 million in unbilled sales. We expect this to maintain a strong earnings visibility for us as we go forward,' she said.

Chan also pointed out that in May 2011, Hua Yang acquired 1.55 acres of prime land in Desa Pandan Commercial Centre ' just minutes away from Jalan Tun Razak and the proposed KL International Financial District (KLIFD).

Last month, Hua Yang secured another parcel of land by auction, 3.73 acres of leasehold land in the vibrant commercial area of Section 13, Shah Alam, near the Shah Alam stadium and the Laman Seri Business Centre, she said.

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