Hua Yang 3Q earnings jump amid steady construction progress to Penang apartment project

TheEdge Mon, Feb 05, 2024 10:00pm - 2 months View Original

KUALA LUMPUR (Feb 5): Hua Yang Bhd net profit for the third quarter Dec 31, 2023 (3QFY2024) more than tripled to RM2.38 million from RM769,000 a year ago, thanks to steady construction progress of its apartment project in Bukit Mertajam, Penang.

Earnings per share (EPS) grew to 0.54 sen for 3QFY2024 from 0.2 sen a year ago, according to the property developer’s stock exchange filing on Monday (Feb 5).

Hua Yang’s revenue nearly doubled to RM58.66 million for 3QFY2024, from RM29.84 million for 3QFY2023.

For the cumulative nine-month period (9MFY2024), net profit jumped three times to RM4.9 million from RM1.33 million in the previous corresponding period, while revenue nearly doubled to RM150.3 million from RM78.8 million over the same period.

Going forward, Hua Yang is “optimistic” of an improvement in the property sector, but cautioned that the continuation of global geopolitical tensions and inflationary pressure on construction costs continues to challenge business operations.

“We continue to closely monitor operational cost efficiencies and remain sensitive to market sentiments in the timing and pricing of any new project launches,” it said.

Shares of Hua Yang closed unchanged at 31 sen on Monday, valuing it at RM136.4 million.

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