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Hua Yang confident of near 50pc revenue growth

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Hua Yang confident of near 50pc revenue growth Empty Hua Yang confident of near 50pc revenue growth

Post by hlk Sat 20 Aug 2011, 11:48

KUALA LUMPUR: Hua Yang Bhd is confident of achieving its targeted revenue of between RM280 million and RM330 million this year, thanks to its affordable housing projects.

Its chief executive officer Ho Wen Yan said this is almost a 50 per cent jump from the RM189 million revenue it posted last year.

For the first quarter ended June 30 2011, Hua Yang registed RM61.75 million revenue, up from RM37.21 million in the same period a year ago.

Group pre-tax profit for the quarter under review grew to RM15.25 million from RM6.74 million pre-tax profit previously.

"The growth rate is in tandem with our expectation of achieving revenue of RM500 million by 2014. Only then will we consider to take up projects abroad," Ho told reporters after Hua Yang's annual and extraordinary general meeting here yesterday.

The company is constantly looking at buying more land in secondary locations that have development potential.

"We are on the lookout to buy more land in mainland Penang and in Kota Kinabalu ... but not to participate in the Malaysian My Second Home project," he added.

Currently, Hua Yang's landbank stands at 320ha with a gross development value of RM2.4 billion .

The company is also keen on participating in the government's first home scheme, Ho said.
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