Hua Yang's Q1 net profit down 92.8%

14 Jul 2017 / 00:14 H.

    PETALING JAYA: Hua Yang Bhd’s net profit plummeted 92.8% to RM1.72 million for the first quarter ended June 30, 2017 from RM23.91 million in the previous corresponding period, due to due to fewer ongoing projects while newly launched projects are still in the early stage of construction.
    Revenue declined 4.8% from RM127.96 million to RM47.94 million.
    The developer said the outlook for property industry continues to be challenging. However, the board remains positive on the group's prospects for the financial year ending March 31, 2018.
    Hua Yang's unbilled sales at the end of the quarter under review stood at RM204.31 million.
    The stock closed one sen higher at RM1.02 yesterday on some 205,900 shares traded, giving it a market capitalisation of RM359.04 million.

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