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Hunza Properties 3Q pre-tax profit rose 41%

KUALA LUMPUR: Penang-based Hunza Properties Bhd recorded a profit before tax (PBT) of RM18.5 million for its third quarter ended June 30, 2010, up 41% from RM12.93 million recorded in the same period last year.

The group’s revenue for the quarter rose 219% to RM73.6 million compared with RM23.05 million recorded in the same period a year ago.

According to its filing to Bursa on Tuesday, Aug 17, the group achieved a net profit of RM13.2 million, compared with RM11.2 million from the last quarter ended March 31, 2010. The increase is mainly attributable to faster pace of construction for Gurney Paragon residential blocks, the statement said.

The company said the increase in revenue and PBT was due to stronger sales, construction works on its Gurney Paragon project in Penang progressing well, contributing to higher revenue and attributable profit on percentage of work done as well as the 100% acquisition of Diamaward (M) Sdn Bhd contributing RM15.5 million revenue in the current year.

The developer is confident of a stronger performance ahead of financial year 2011.
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