Hua Yang Q2 revenue rises 25.7 pct to RM101.2 mln

by **Cals** Thu 24 Oct 2013, 00:52

Business & Markets 2013

Written by Bernama

Wednesday, 23 October 2013 19:46

KUALA LUMPUR (Oct 23): Hua Yang Bhd posted a revenue of RM101.2 million for the second quarter ended Sept 30, 2013 (2QFY14) — an increase of 25.7 per cent compared to RM80.5 million in the previous quarter.

Revenue for the first half of 2014 was RM181.7 million — a slight decrease of 9.9 per cent from RM201.7 million in the previous comparable period, the company said in a statement today.

The company recorded a second quarter profit after tax and minority interest (PATMI) of RM12.3 million.

Meanwhile, its unbilled sales amounted to RM558.9 million — an all-time high for the company.

Hua Yang said according to past figures, unbilled sales are on an uptrend, which can be expected to increase, in anticipation of new project launches in 2HFY14.

"Hua Yang's sales momentum is on track, to deliver its targeted RM600 million sales for FY14. The unbilled sales amount indicates a clear visibility of earnings, in the next few years," said Chief Executive Officer Ho Wen Yan.

Hua Yang's total estimated gross development value (GDV) for all projects planned in FY14, are estimated at about RM1.08 billion.

"We have only launched about 21 per cent of our total FY14 launches, so far.

"The remainder will come, in the second half. We have quite a number of new projects in the pipeline, and we expect this will further strengthen our results, by the end of our financial year,” Ho said.