Hunza increase in revenue by 7% for 2Q

KUALA LUMPUR: Hunza Properties Bhd achieved an increase in revenue by 7% to RM63.7 million from RM59.3 million a year ago as reported in its 2Q financial statements ended Dec 31, 2010, the group announced on Wednesday, Feb 16.

However, net profit for the quarter under review dropped by 23% to RM10 million from RM13 million the previous year.

The group said that the increase in revenue "is mainly attributable to stronger sales and higher stage of physical construction from Gurney Paragon project. In addition, Mutiara Seputeh in Kuala Lumpur also recorded higher sales of its bungalow units". Profits, on the other hand were higher a year ago, due to the result of sales mix, the group said.

The basic earning per share dropped to 5.32 sen from 8.93 sen at year ago. Net assets per share at end of 2Q rose to RM2.37 from RM2.18 of the preceding financial year end.

Hunza, an investment holding company, engages in the development, construction, and investment of properties in Malaysia.