Hua Yang down 3.20% after slipping into the red in 3QFY18

KUALA LUMPUR (Jan 25): Shares in property developer Hua Yang Bhd fell 3.20% after it slipped into the red in its fiscal third quarter ended Dec 31, 2017 (3QFY18), posting a net loss of RM957,000 compared with a net profit of RM10.42 million a year ago.

At 9.12am, Hua Yang fell 2 sen to 60.5 sen with 172,400 shares done.

It recorded a loss per share of 0.27 sen in 3QFY18 compared with earnings per share of 2.96 sen in 3QFY17. Quarterly revenue was down 31.3% to RM50.8 million from RM73.95 million in 3QFY17.

“Our financial results are reflective of the soft property market that continues to impact the industry. While we expect the remaining FY18 to be relatively flat, we are optimistic of remaining profitable," said Hua Yang chief executive officer Ho Wen Yan.

Total unbilled sales as at Dec 31, 2017 stood at RM161.62 million. — theedgemarkets.com

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