Friday 29 Mar 2024
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KUALA LUMPUR (Oct 21): Property developer Hua Yang Bhd saw its net profit for the second financial quarter ended Sept 30, 2014 (2QFY15) double to RM25.98 million or 9.84 sen per share from RM12.33 million or 4.67 sen per share a year ago, driven by the strong uptake of its developments in Kuala Lumpur, Johor and Perak.

Revenue for 2QFY15 jumped 38% to RM139.49 million from RM101.25 million a year ago.

On segmental basis, the group’s property development division continued to be the major revenue contributor, the bulk of it contributed by projects in the Klang Valley (45%), Johor (33%), Perak (20%) and Negri Sembilan (2%).

For the six months ended Sept 30, 2014 (1HFY15), Hua Yang’s net profit doubled to RM49.92 million from RM24.65 million in the same period last year, on higher revenue which surged 52% to RM275.96 million from RM181.74 million in 1HFY14.

Hua Yang chief executive officer Ho Wen Yan said he is “pleased” with the improved quarterly results as it is committed to maintaining its future profitability to create value for both its shareholders and stakeholders.

As at Sept 30, 2014, Hua Yang’s total unbilled sales stood at RM717.86 million.

It also has 543 acres (219.74ha) of undeveloped land-bank, with a total estimated gross development value of RM3.5 billion.

Looking ahead, Hua Yang anticipates further population growth in the northern region and hence, its recent acquisition of four parcels of land worth RM25 million in Ipoh, Perak.

The group also launched three new phases – Ceria 2, D’ecolake, and Lavender 2 – in Bandar Universiti Seri Iskandar in Perak.

In the Klang Valley, Hua Yang launched the final development phase at One South, that include Cube@One South and Zeta Residence. The entire One South project has an estimated total GDV of RM1 billion, which is expected to be completed in 2017.

“We believe that these new products will meet the requirements of discerning buyers, in line with our over-arching mission to provide affordable housing for first time home buyers.

"Banking on our extensive experience in the affordable housing sector, we are confident of meeting the expectations of our customers and will continue to strengthen our position as one of the leading affordable property brands in the market,” Ho said in a statement today.
 

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