Hua Yang aims for RM500 mil sales annually

PETALING JAYA (July 14): Hua Yang Bhd aims to deliver RM500 million of sales annually in spite of challenging times, according to a report in The Edge Financial Daily today.

Chief executive officer Ho Wen Yan said: “The group intends to stay on course with its strategic focus on delivering quality and affordable homes, while managing costs effectively and efficiently.

“We will continue to plan for new launches while at the same time, drive sales of recently launched and ongoing projects. Our goal is to consistently deliver RM500 million new sales annually,” he added.

For FY2016, the group will be introducing new developments in its existing regions with a total gross development value of RM633 million. The group is optimistic of achieving "satisfactory results" for FY2016 based on its pipeline of ongoing and upcoming launches. The total unbilled sales at end-June 2015 stood at RM660.8 million.

Its other operations, which consisted of rental income from the operation of commercial properties under concession with local authorities, experienced a fall in pre-tax profit to RM197,000 from RM218,000, while revenue rose marginally to RM577,000 from RM572,000.

Hua Yang's property development segment’s pre-tax profit increased 24% to RM39.99 million for the first financial quarter ended June 2015 (1QFY2016) from RM32.36 million in 1QFY2015.