It saw its net profit for the second financial quarter ended Sept 30, 2014 (2QFY15) double to RM25.98 million or 9.84 sen per share from RM12.33 million or 4.67 sen per share a year ago, driven by the strong uptake of its developments in Kuala Lumpur, Johor and Perak.
Revenue for 2QFY15 jumped 38% to RM139.49 million from RM101.25 million a year ago.
On segmental basis, the group’s property development division continued to be the major revenue contributor, the bulk of it contributed by projects in the Klang Valley (45%), Johor (33%), Perak (20%) and Negri Sembilan (2%).
For the six months ended Sept 30, 2014 (1HFY15), Hua Yang’s net profit doubled to RM49.92 million from RM24.65 million in the same period last year, on higher revenue which surged 52% to RM275.96 million from RM181.74 million in 1HFY14.
As at Sept 30, 2014, Hua Yang’s total unbilled sales stood at RM717.86 million.
It also has 543 acres (219.74ha) of undeveloped land-bank, with a total estimated gross development value of RM3.5 billion.
Looking ahead, Hua Yang anticipates further population growth in the northern region and hence, its recent acquisition of four parcels of land worth RM25 million in Ipoh, Perak.
The group also launched three new phases – Ceria 2, D’ecolake, and Lavender 2 – in Bandar Universiti Seri Iskandar in Perak.
In the Klang Valley, Hua Yang launched the final development phase at One South, Zeta Residence. The entire One South project has an estimated total GDV of RM1 billion, which is expected to be completed in 2017.