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Hua Yang reports quarterly loss on lower house sales

KUALA LUMPUR (Oct 21): Property developer Hua Yang Bhd slipped into the red in the second quarter ended Sept 30, 2020 on lower sales and because its Meritus Residence development in Penang had been completed at the end of the previous financial year. 

The group told the stock exchange that it posted a net loss of RM5.66 million for the quarter, compared with a net profit of RM944,000 a year ago. 

Revenue for the quarter also slumped 52.28% year-on-year (y-o-y) to RM32.45 million from RM68.0 million. 

For the cumulative six-month period, the group posted a net loss of RM10.52 million, compared with a net profit of RM4.69 million for the previous corresponding period.  

Six-month revenue also plunged 67.33% y-o-y to RM49.06 million from RM150.17 million. 

The group’s total unbilled sales at the end of the quarter under review stood at RM118.11 million. It has an undeveloped landbank of 446 acres across key regions with an estimated gross development value of RM5.2 billion. 

“The housing sector remains sluggish, compounded by the adverse effects of Covid-19 pandemic on group business operations and activities,” the group said. 

“Going forward, the board and management will remain vigilant by taking a cautious approach in launching new projects. In the meantime, the group will continue to focus on driving sales for ongoing projects and clearing inventory units,” it added. 

 

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