Hua Yang’s 2Q net loss widens to RM8.65m, dragged by slower sales and construction progress

Hua Yang’s 2Q net loss widens to RM8.65m, dragged by slower sales and construction progress
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KUALA LUMPUR (Oct 20): Hua Yang Bhd’s net loss widened to RM8.65 million for the second quarter ended Sept 30, 2021 (2QFY22), from RM5.76 million a year ago, dragged by slower sales and construction progress.

Revenue fell 50.39% to RM16.1 million from RM32.45 million, the property developer’s filing with Bursa Malaysia showed.

The group did not declare any dividend for the latest quarter.

Hua Yang said its property development business was hit by slower sales and construction progress due to the restrictions imposed during the National Recovery Plan period.

The group’s total unbilled sales at the end of the quarter stood at RM145.54 million.

It had undeveloped land bank of 424 acres (about 171.59 hectares) across key regions with an estimated gross development value of RM5.3 billion.

For the first half ended Sept 30, 2021, the group’s net loss narrowed to RM7.76 million from RM10.62 million for the same period last year.

Six-month revenue was flat at RM49.21 million against RM49.06 million previously.

Hua Yang said that with the progressive resumption of business activities, the group remains committed to strict compliance with the government's standard operating procedures for all its construction sites, sales gallery and premises of its business operations.

“The board and management remain vigilant and prudent in managing business operations and continue to focus on driving sales for our projects through existing and digital platforms,” the company added.

Hua Yang’s share price closed one sen or 3.33% lower at 29 sen, valuing the group at RM105.6 million.

S Kanagaraju