Wednesday, October 19, 2011

Hua Yang 2Q net profit surges to RM13.89 million

KUALA LUMPUR: HUA YANG BHD [] net profit for the second quarter ended Sept 30, 2011 surged to RM13.89 million from RM4.31 million a year earlier, due mainly to steady CONSTRUCTION [] progress and better sales.

The company said on Wednesday, Oct 19 that its revenue for the quarter more than doubled to RM76.13 million from RM35.63 million in 2010.

Earnings per share jumped to 12.87 sen from 3.99 sen in 2010, while net assets per share was RM2.23.

For the six months ended Sept 30, Hua Yang's Net profit rose to RM25.38 million from RM9.22 million in 2010, while revenue surged to RM137.88 million from RM72.85 million.

Reviewing its performance, Hua Yang said the sales achieved during the quarter under revised was 119% higher year-on-year with total unbilled sales of RM395.24 million, giving it improved earnings visibility in the remaining period of FY2012.

On its current year prospects, Hua Yang said that with the steady growth, strong demand and sales for the six months of FY2012, the company was optimistic of posting improved results for the remaining period of the year.


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