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| Hua Yang confident of recording a pre-tax profit of RM37.7mil for the year ending March 31, 2003. [ 01/10/2002 ] |
| KLSE main board candidate, property-based Hua Yang Bhd, is confident of achieving a pre-tax profit of RM37.7mil for the year ending March 31, 2003. Hua Yang chief executive officer Chor Eng Choon said the forecast was based on RM166.1mil turnover to be achieved from sales of houses at its flagship projects in Johor and in Lumut, Perak. ''As at July 31, 2002, we have already achieved RM40mil in sales,'' he said after the launch of Hua Yang’s prospectus in Kuala Lumpur yesterday. Hua Yang saw a 100% increase in turnover for the year ended March 31, 2002 to RM99.5mil, from RM49.7mil achieved previously. Chor said sales of houses at Taman Pulai Indah in Johor Baru and Bandar Universiti, Seri Iskandar, Perak had been encouraging since last year. ''We believe our land bank is strategically located and demand for affordable housing remains strong,'' he said. Hua Yang has completed projects worth over RM471mil and has ongoing projects worth over RM372mil. The two township projects are expected to keep the company busy for the next five to eight years. ''The group has a land bank of about 1,200 acres and the expected value of future project currently stands at about RM1.4bil,'' Chor said. He said the company would continue to look for opportunities to further expand its land bank in strategic locations such as the Klang Valley. ''Our recent soft-launch of Medan Selayang in Batu Caves demonstrates the company’s commitment to further expand its development projects in Klang Valley,'' he said. For its listing exercise, the company made a public issue of 12.871 million RM1 shares at an issue price of RM1.75 each, of which 8 million shares have been placed out. There is also be an offer for sale of 27 million RM1 shares, all of which are to be allocated by the Ministry of International Trade and Industry to approved bumiputra investors. Proceeds from Hua Yang’s public issue, amounting to RM22.5mil, will be used mainly for repaying bank loans (RM15mil), working capital (RM5mil) and to defray the listing expenses (RM2.5mil). Hua Yang plans to be listed on Nov 11. On the property market outlook, Chor said the government had been doing a lot to boost the sector via the expansionary fiscal and monetary measures such as the lowering of interest rate, the waiver stamp duty as well as a more flexible and higher margin for financing. ''These measures are proven effective to stimulate demand for property,'' he said. He added that the company was positive on continued strong demand, particularly for affordable houses. Source : The Star 1/10/2002 |
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