Hua Yang’s net profit declines 65.45% on lower revenue

Its revenue dropped 52.28% to RM73.95 million in 3QFY17 from RM154.98 million a year ago.

In a filing with Bursa Malaysia today, it said its total unbilled sales at the end of the quarter under review stood at RM215.63 million.

Its 3QFY17 revenue for its property development segment stood at RM73.36 million compared with RM154.44 million in 3QFY16.

The group has declared a second interim dividend of two sen per share for the financial year ending March 31, 2017.

“The dividend entitlement and payment date will be announced in due course,” it said.

For the cumulative nine-month period ended Dec 31, 2016 (9MFY17), its net profit was down 42.21% to RM51.28 million or 14.57 sen per share, against RM88.73 million or 25.21 sen per share in the same period of FY16. Revenue also fell by 32.02% to RM304.68 million compared with RM448.17 million a year earlier.

Going forward, the group said the outlook for the property industry remains challenging amidst uncertain global economic conditions.

“However, the board is positive that the performance for the remaining period will be satisfactory,” it said.

Shares in Hua Yang closed down one sen or 0.92% at RM1.08, giving it a market capitalisation of RM383.68 million. — theedgemarkets.com