Hua Yang Berhad, a leading property developer in the affordable housing sector closed the first half of its 2017 financial year (FY2017) with a profit after tax (PAT) of RM40.9 million.
This shows a decrease from the RM58.6 million registered in the same period last year. Revenue for the period was RM230.7 compared with RM293.2 achieved last year.
On a quarter-to-quarter basis, the Group registered a PAT of RM17 million, a decrease from the RM28.7 million recorded in the corresponding quarter last year. Revenue for the quarter under review was also lower at RM102.80 million compared to RM150.6 million recorded in the same quarter a year ago.
Earnings per share for the quarter under review were 6.42 sen while net assets per share were RM2.21 (31 March 2016: RM2.05). Total unbilled sales as at 30 September 2016 were recorded at RM311.1 million.
“Although our results were impacted by the challenging operating landscape, we are looking forward to launching our inaugural property offering in Penang, Meritus Residensi, and our development in Seri Kembangan, Selangor (Astetica Residences),” said Ho Wen Yan, Chief Executive Officer of Hua Yan.
“We expect these projects to be well-received and this should sustain the Group’s performance in the foreseeable future”.
During the quarter under review, Hua Yang’s projects in the Klang Valley were the largest contributors to revenue, making up a total of 43%. This is followed by Johor with 31%, and subsequently Perak and Negeri Sembilan, which contributed 23% and 3% respectively.
“We are also continuously looking at opportunities to replenish and expand our landbank, with a strong emphasis on established and matured areas that possess ready infrastructure and good accessibility with all leading to good potential for sustainable population growth,” Ho concluded.
The Group currently has a total undeveloped land bank of 517 acres with a potential Gross Development Value of RM4.9 billion.
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email email@example.com