KUALA LUMPUR (Jan 18): HUA YANG BHD []’s earnings jumped 90% to RM14.57 million in the third quarter ended Dec 31, 2011 from RM7.68 million a year ago underpinned by better sales of its homes. It also recorded unbilled sales of RM505 million.
It said on Wednesday its revenue rose 70.8% to RM84.25 million from RM49.30 million while earnings per share were 10.12 sen versus 5.33 sen.
Chief financial officer, May Chan said total sales achieved for the third quarter was RM175 million, an increase of 141% from a year ago.
For the nine-month period, the property company chalked up strong growth in earnings and revenue.
Its earnings rose 136% to RM39.94 million from RM16.90 million in the previous corresponding period while its revenue increased 81.8% to RM222.13 million from RM122.15 million.
Chan said the strong financial performance was due to better sales achieved for phases under development and steady recognition of CONSTRUCTION [] progress. There was a strong demand for its projects nationwide, she added.
“Our homes in the Klang Valley, Ipoh and Johor have received positive response from the mass, middle-income segment consisting of first-time homebuyers and up-graders. The My First Home Scheme (MFHS) has also contributed to sales, particularly for our projects outside of the Klang Valley,” she said.
Cumulative sales for the period stood at RM451 million, surpassed the sales of RM310 million in FY ended March 31, 2011.
“With unbilled sales for the financial quarter standing at approximately RM505 million, we are confident of improved earnings visibility for the group going forward. We will continue to strive for a stronger finish in our next financial quarter,” said Chan.
It said on Wednesday its revenue rose 70.8% to RM84.25 million from RM49.30 million while earnings per share were 10.12 sen versus 5.33 sen.
Chief financial officer, May Chan said total sales achieved for the third quarter was RM175 million, an increase of 141% from a year ago.
For the nine-month period, the property company chalked up strong growth in earnings and revenue.
Its earnings rose 136% to RM39.94 million from RM16.90 million in the previous corresponding period while its revenue increased 81.8% to RM222.13 million from RM122.15 million.
Chan said the strong financial performance was due to better sales achieved for phases under development and steady recognition of CONSTRUCTION [] progress. There was a strong demand for its projects nationwide, she added.
“Our homes in the Klang Valley, Ipoh and Johor have received positive response from the mass, middle-income segment consisting of first-time homebuyers and up-graders. The My First Home Scheme (MFHS) has also contributed to sales, particularly for our projects outside of the Klang Valley,” she said.
Cumulative sales for the period stood at RM451 million, surpassed the sales of RM310 million in FY ended March 31, 2011.
“With unbilled sales for the financial quarter standing at approximately RM505 million, we are confident of improved earnings visibility for the group going forward. We will continue to strive for a stronger finish in our next financial quarter,” said Chan.
