KUALA LUMPUR (May 18): Property developer Hua Yang Bhd saw its net profit for the fourth financial quarter ended March 31, 2016 (4QFY16) fall 28% to RM21.39 million or 8.1 sen per share, from RM29.71 million or 11.25 sen a share a year ago, due to lower sales and slower construction progress.
In a bourse filing today, Hua Yang reported a 4Q revenue of RM127.57 million, which was 16.1% lower from its 4QFY15 revenue of RM152.11 million.
Net profit for its full financial year ended March 31, 2016 (FY16) was 0.4% lower at RM110.12 million or 41.71 sen a share, compared to RM110.57 million or 41.88 sen a share a year ago.
Hua Yang’s FY16 revenue stood at RM575.74 million, which was 1.3% lower than its FY15 revenue of RM583.58 million.
On prospects, Hua Yang said outlook for the property industry continues to be challenging, with subdued consumer sentiments.
“Hence, the board remains cautious, but positive on the group's prospects for the financial year ending March 31, 2017,” its filing read.
Hua Yang shares ended the day one sen or 0.55% lower at RM1.82, for a market capitalisation of RM480.48 million.
HUAYANG (5062) - Hua Yang's 4Q net profit falls 28% on lower sales
http://www.theedgemarkets.com/my/article/hua-yangs-4q-net-profit-falls-28-lower-sales
