Hua Yang dips 1.85% after 65% plunge in 3Q earnings

KUALA LUMPUR (Jan 18): Hua Yang Bhd fell 1.85% this morning after the company saw its net profit decline 65.5% to RM10.42 million or 2.96 sen a share in its third quarter ended Dec 31, 2016 (3QFY2017) from RM30.16 million or 8.57 sen a share a year ago.

Its quarterly revenue dropped 52.3% to RM73.95 million in 3QFY2017 from RM154.98 million a year ago.

At 9.23am, Hua Yang fell 2 sen to RM1.06 with 203,400 shares traded.

In a filing with Bursa Malaysia yesterday, it said its total unbilled sales as at Dec 31, 2016 under review stood at RM215.63 million.

Its 3QFY2017 revenue for its property development segment stood at RM73.36 million compared with RM154.44 million in 3QFY16.

The group has declared a second interim dividend of two sen per share for the financial year ending March 31, 2017.

Going forward, the group said the outlook for the property industry remains challenging amidst uncertain global economic conditions. — theedgemarkets.com