PETALING JAYA: Hua Yang Bhd
will continue to ensure there are cost-efficiency measures in place for its operations as the group looks to remain resilient in the coming months.
In a filing with Bursa Malaysia, the property developer said it would be vigilant in addressing any uncertainties in the escalating costs of building materials for its business activities.
“The group will remain prudent and will take all necessary steps to closely monitor current and forward market sentiments prior to launching any new housing projects to meet the demand of house buyers,” it said.
The group added that the country’s gross domestic product had grown moderately at 2.9% in the second quarter this year.
This was on the back of domestic demand, supported by private consumption, growth in employment, expansion in capacity of projects and a higher fixed-asset spending by the government.
Hua Yang said Bank Negara’s decision to maintain the overnight policy rate at 3% was also supportive of growth prospects.
Meanwhile, the group said it registered a revenue of RM56.8mil for the second quarter ended Sept 30, 2023, compared with RM25.5mil in the preceding year’s corresponding quarter.
The group recorded a higher net profit of RM535,000 compared with RM337,000 for the same quarter last year.
Hua Yang said the increase in revenue was mainly on the back of a steady construction progress of its Aston Acacia development in Bukit Mertajam.
It said revenue and profit from other operations consisted mainly of rental income from the operation of commercial properties under the “build, operate and transfer” concession with local authorities, operation of franchised food and beverage and laundry outlets as well as trading of building materials.
