Hunza’s quarterly profits after tax rises 83%

KUALA LUMPUR: Main board-listed Hunza Properties Bhd’s profits for its second quarter financial year ending June 30, 2010 surged 83% to RM12.95 million from RM7.06 million in the same period a year ago.

Quarterly revenue rose from RM24.61 million to RM59.4 million compared with the same quarter in its previous financial year, while basic earnings per share doubled from 4.67 to 8.93 for the same quarters.

The company’s total profit after tax for the six months ended Dec 31, 2009, meanwhile, rose more than 100% from RM12.45 million to RM25.77 million on the back of increased sales to RM116.5 million from RM49.82 million in the same period a year ago.

Total yearly basic earnings per share meanwhile rose from 8.52 sen to 17.65 sen.

The company said in an announcement to Bursa Malaysia that the increased sales for 2Q2010 was mainly driven by its full acquisition of Diamaward (M) Sdn Bhd, which contributed RM26.1 million in revenue to 2Q.

The statement added that its Infinity and Gurney Paragon projects also recorded an increase in sales; while profits also came from the construction of Gurney Paragon, which has progressed compared with the same quarter in its previous financial year.

On its prospects for the year, the company said it “continues to be positive, due to the improving market sentiment and pace of construction work”.

Hunza also said that it will not declare any dividend for shareholders for the past quarter.