Hua Yang registers 25% increase in net profit

KUALA LUMPUR: Hua Yang Bhd recorded a net profit of RM29.9 million for the first quarter June 30, 2015, a 25% increase compared with RM23.9 million achieved in the corresponding quarter last year, mainly contributed by its Klang Valley propoerty projects.
The positive results were achieved on the back of a revenue of RM142.6 million, which marked a 4% increase compared with RM136.5 million achieved last year.
During the quarter under review, the group's Klang Valley projects contributed a revenue of 48% to the group. The developments in the Johor and Perak region contributed a revenue of 29% and 22% respectively. The group now has a total undeveloped land bank of 518 acres with a potential GDV of RM3.3 billion.
Hua Yang CEO Ho Wen Yan said the operating landscape for the property industry in the immediate term will continue to be challenging. The group intends to stay on course with its strategic focus of delivering quality and affordable homes while managing cost effectively and efficiently.
"We expect demand for affordable homes in key urban centres to remain strong and this will augur well for the group.
Moving forward, we will continue to plan for new launches while at the same time, drive sales of recently launched and on-going projects. Our goal is to consistently deliver RM500 million new sales annually," Ho said in a statement yesterday.
For the 2016 financial year, the group will be introducing new developments in its existing regions, with a total gross development value of RM633 million.