Hua Yang 2Q net profit up 59% on higher revenue

TheEdge Wed, Oct 18, 2023 11:18pm - 5 months View Original

KUALA LUMPUR (Oct 18): Hua Yang Bhd’s net profit rose 58.75% to RM535,000 for the second quarter ended Sept 30, 2023 (2QFY2023) from RM337,000 a year earlier, amid a surge in revenue

Earnings per share increased to 0.12 sen from 0.10 sen, the property group's filing with Bursa Malaysia showed.  

Quarterly revenue more than doubled to RM56.77 million from RM25.54 million in 2QFY2022, underpinned by a steady construction progress of its Aston Acacia project in Bukit Mertajam, Penang.

For the first six months of FY2023, the group’s net profit jumped to RM2.52 million from RM564,000 in the same period last year, as revenue climbed 87.18% to RM91.64 million from RM48.96 million.

Moving forward, Hua Yang said it will continue to ensure cost efficiencies in its operations and will remain vigilant in addressing any uncertainties in the escalating cost of building materials in its business activities.

“The group will remain prudent and will take all steps to closely monitor current and forward market sentiments prior to launching any new housing projects to meet the demand of house buyers,” it said.
Hua Yang shares closed 0.005 sen or 1.7% higher at 30 sen on Wednesday, giving the group a market capitalization of RM132 million.

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