Hua Yang announces RM1.3mil profit

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PETALING JAYA: Hua Yang Bhd announced profit after tax of RM1.3mil for the first nine months of its 2018 financial year (FY2018), a decrease from the RM51.3mil achieved in the preceding year’s corresponding period.

On a quarter-on-quarter basis, the group recorded a losses after tax of RM957,000, a decrease compared to the RM10.4mil achieved in the preceding year's corresponding quarter. Revenue was also lower at RM50.8mil compared with the RM74mil reported last year.

According to statement, these results came on the back of a turnover of RM144mil compared to RM304.7mil reported a year ago.

Hua Yang’s projects in the Johor  Baru were the largest contributors to the revenue total making up 36%, followed by Klang Valley with 24%, Perak (29%), Penang (8%) and Negeri Sembilan (3%). Total unbilled sales at the end of the quarter under review stood at RM162mil.

Hua Yang Bhd chief executive officer Ho Wen Yan said, “Our financial results are reflective of the soft property market that continues to impact the industry. While we expect the remaining FY2018 to be relatively flat, we are optimistic in remaining profitable. Given the challenging outlook for the property industry, our primary focus will be on evaluating ways to improve our performance.”

“We are also looking forward to launching several products in the upcoming months. We are looking towards developing projects that are not only affordable, but also strategically located with a wide-range of amenities and facilities. A prime example is our upcoming development in Puchong, which we are unveiling very soon.”

The group currently has a total undeveloped land bank of 485 acres with a potential Gross Development Value of RM5.3bil.

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