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Hua Yang Closes 2017 Financial Year with RM60.7 Million Profit


Hua Yang Closes 2017 Financial Year with RM60.7 Million Profit

KUALA LUMPUR, May 17 – Hua Yang Berhad, a leading property developer in the affordable housing market, ended its 2017 financial year (FY2017) with a profit after tax of RM60.7 million, a decrease from RM110.1 million registered a year ago. These results came on the back of a revenue of RM385.3 million compared with RM575.7 million reported a year ago.
For the quarter ended 31 March 2017, the Group recorded a PAT of RM9.5 million, a decrease from the RM21.4 million registered in the preceding year’s corresponding quarter. Revenue was also lower at RM80.7 million compared with RM127.6 million last year. Total unbilled sales at the end of the quarter under review stood at RM213.8 million. Earnings per share (EPS) for the 12-month period was 17.26 sen while net assets per share as at 31 March 2017 stood at RM1.69 compared with RM2.05 last year.
The Groups Board of Directors has proposed a final single tier dividend of 2.0 sen per share, amounting to RM7.04 million, for the financial year ended 31 March 2017. This is subject to the approval of shareholders at the forthcoming Annual General Meeting.
Ho Wen Yan, Chief Executive Officer of Hua Yang, said, Although we registered lower profits, we are satisfied with our financial results given the challenging operating landscape faced by the property industry throughout 2017”.
“Demand for affordable housing remained strong throughout the year, driven by the growing middle income group, urban migration into city centres as well as first jobbers seeking for their own homes. Our strategic focus continues to be in affordable housing, and as a result, our projects garnered positive interest during the year. As we go into the new financial year, we aim to focus on building our reputation within the segment, in line with our vision of becoming the preferred affordable housing developer in Malaysia.”
During the quarter under review, Hua Yangs projects in the Klang Valley were the largest contributors to revenue, making up a total of 42%. This is followed by Johor with 33%, Perak (21%), Negeri Sembilan (3%) and Penang (1%).
Moving forward, we expect the outlook of the property industry to improve, although some, uncertainties may still persist within the sector. In such a climate, we will continue with our focus on pacing our launches, where necessary, and emphasise on improving operational efficiencies and maintaining a healthy balance sheet. All in all, we remain cautious but positive on the Group’s prospect for the financial year ending 31 March 2018, Ho concluded.
The Group currently has a total undeveloped land bank of 475 acres with a potential Gross Development Value of RM4.5 billion.
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