#Update* Hua Yang 2Q net profit up 23% y-o-y

KUALA LUMPUR (Oct 17): Real estate developer Hua Yang Bhd’s net profit for the second quarter ended Sept 30, 2012 rose 22.8% year-on-year (y-o-y) to RM17.06 million as the company recognised higher contribution from its property projects.

Revenue for the quarter jumped 36.2% year-on-year to RM103.7 million helped mainly by its projects in the Klang Valley, Johor Bahru and Perak.

For the six months ended Sept 30, net profit attributed to shareholders rose 32.1% to RM33.53 million from RM25.38 million a year earlier, even as revenue jumped 46.3% to RM201.67 million.

Hua Yang expects its property development business to continue its growth momentum going forward given the strong underlying demand, its chief financial officer May Chan said in a statement on Wednesday.

"With the total unbilled sales of approximately RM471.38 million at the end of Sept 30, 2012, our earnings visibility in the remaining period of FY2013 is improved."

"We aim to launch a total of RM815 million worth of property projects in the FY2013, spreading across the Klang Valley and the states of Johor and Perak," Chan said.

The company will soon launch projects in Desa Pandan and Shah Alam worth RM160 million and RM175 million respectively, she added.

Its net asset per share stood at RM1.94 as at end-September.

Hua Yang added 1 sen or 0.62% to close at RM1.61 today (Oct 17).