Friday, July 15, 2011

Hua Yang up on bonus issue plan

KUALA LUMPUR: HUA YANG BHD [] shares rose on Friday, July 15 after it proposed a bonus issue of 36 million shares on a one-for-three basis.

At 9.10, Hua Yang rose four sen to RM1.80 with 905,600 shares done.

The company expects the corporate exercise to be completed in the second half of 2011.

Meanwhile, Hua Yang's net profit for the first quarter ended June 30, 2011 surged 133% to RM11.48 million from RM4.91 million a year earlier, due mainly to higher sales achieved.

Revenue for the quarter rose 66% to RM61.75 million from RM37.22 million. Earnings per share were 10.63 sen while net assets per share were RM2.15.


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