Hua Yang Berhad records RM30.2 million in net profit for 3QFY16

Hua Yang Berhad records RM30.2 million in net profit for 3QFY16

KUALA LUMPUR, 20 JANUARY 2016 Hua Yang Berhad (“Hua Yang” or the “Group”), a leading property developer in the affordable housing sector, today announced its financial results for the third quarter ended 31 December 2015 (3QFY16). The Group achieved a profit after tax (PAT) of RM88.7 million for the first nine-months of its 2016 financial year (FY2016), a 10% increase from RM80.9 million achieved in the preceding year’s corresponding period. This results came on the back of a higher turnover of RM448.2 million compared with RM431.5 reported a year ago.

On a quarter-on-quarter basis, the Group recorded a PAT of RM30.2 million, a 3% decrease compared to the preceding year’s corresponding quarter. Revenue was also marginally lower at RM155 million compared with the RM155.5 million reported last year. Total unbilled sales at the end of the quarter under review stood at RM530.5 million.

Hua Yang’s projects in the Klang Valley were the largest contributors to the revenue total making up 47%, followed by Johor with 30%, and Perak and Negeri Sembilan which contributed 21% and 2% respectively.

The Board of Directors has agreed to declare an interim single tier dividend of 5.0 sen per share in respect of the financial year ending 31 March 2016. The dividend entitlement and payment date will be announced in due course.

The Group’s earnings per share (EPS) rose to 33.61 sen (3QFY2015: 30.63 sen) while net assets per share attributable to owners of the company as at 31 December 2015 was RM2.02.

Ho Wen Yan, Chief Executive Officer of Hua Yang said, “Sentiment towards the property sector remains soft mainly due to the current uncertain economic environment. Nevertheless, our projects continue to draw buyer’s interest, underscoring the positive demand for affordable housing, which remains the primary focus of the Group. Our focus in this segment will enable the Group to deliver enhanced value to our shareholders and stakeholders in a sustainable manner.”

“In the immediate term, our focus is ensuring that we continue straightening our presence in the key regions we operate in. We will also continuously seek new opportunities to expand our landbank to deliver tangible value to our shareholders,” Ho concluded.

The Group now has a total undeveloped land bank of 540 acres with a potential Gross Development Value of RM4.0 billion.

For further information, please log onto http://www.huayang.com.my.

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