Hua Yang 3Q2010 net profit up 179%

KUALA LUMPUR: Hua Yang Bhd saw a significant jump of 179% in its net profit for its third quarter (3Q) ending Dec 31, 2010 to RM7.65 million, compared to RM2.74 million in 2Q2010.

The group also recorded revenue of RM49.3 million and profit before tax of RM10.4 million in 3Q2010.

In a statement released by the group on Friday, Jan 21, the positive 3Q results were due to better sales achieved for phases under development as well as improved profit margin. Among projects that contributed to the strong performances are Symphony Heights, Selayang and Taman Pulai Indah in Johor.

CEO Ho Wen Yan said: "The Klang Valley projects contributed a significant portion to the revenue growth with close to 63% of our billable sales attributed to Symphony Heights, Selayang."

The developer has over RM1.2 billion worth of completed projects nationwide and unbilled sales of RM194 million.