Hua Yang achieves 28.14% increase in 1Q net profit

KUALA LUMPUR: Hua Yang Bhd saw 1Q2010 net profit of RM3.288 million, or a 28.14% increase from RM2.566 million over the same a quarter year ago. The revenue for the group increased by 4.2% for 1Q2010, which is RM27.213 million from RM26.116 million over the same period last year.

The announcement of the group’s 1Q results on Bursa Malaysia on May 21 stated that the improved performance was due to the better sales achieved for the current period and better gross profit margin of certain development projects. Hua Yang’s earning per share for 1Q was 12.86 sen and net assets per share stood at RM2.19 at March 31 compared with RM2.07 a year go.

The group will continue to focus on residential developments and strengthen its presence in the market. Hua Yang’s principal activity is property development. Operations are carried out solely in Malaysia.