Hua Yang more than doubles 1Q net profit to RM11.48m

KUALA LUMPUR: Hua Yang Bhd more than doubled its net profit to RM11.48 million for its first quarter (1Q) ended June 30, 2012 from RM4.91 million a year ago, it announced to Bursa Malaysia on Thursday, July 14.

Its higher net profit was underpinned by a 65.9% growth in revenue to RM61.75 million from RM37.21 million, due to sales totaling RM163.8 million during the quarter, steady recognition of construction progress and the completion of a tract of land in Bandar Universiti Seri Iskandar to Tesco.

The group expects to perform better in the future in light of the current economy, steady growth, strong demand and encouraging sales.

In a separate filing, the group had also proposed a one-for-three bonus issue of up to 36 million new ordinary shares of RM1 each.

Hua Yang will fix the entitlement date later and expects to complete the corporate exercise in 3QFYE2012.