Hua Yang Bhd records 48% increase in revenue for 1Q2010

KUALA LUMPUR: Hua Yang Bhd saw an increase of 48%, or RM37.22 million, for its revenue in 1Q2010, compared to RM25.17 million in the same quarter last year. It profit before tax stood at RM6.75 million.

In its filing to Bursa Malaysia on Friday, July 16, the net profit for 1Q2010 was RM4.89 million, or an increase of RM2.1 million, compared to RM2.79 million the same quarter in 2009.

Better financial performance for the current period as compared to the preceding year's corresponding period was due to better sales achieved for the current period, the company said.

The group is confident of achieving better sales for FY2011 compared to the last financial year and will continue to focus on building affordable and quality homes and plans to further strengthen its presence in the market, particularly in Klang Valley, Perak, Johor and Seremban.

“The group will continue to ensure timely delivery of its projects, improve efficiency and seek new development opportunities towards progressively realising its vision of becoming one of the leading developers in Malaysia within the new future,” the statement said.

Its earning per share was 5.46 sen for the period ended June 30, 2010.