Hua Yang shares down on poor Q1 results

PETALING JAYA: Hua Yang Bhd's share price fell 3.43% this morning after its net profit plummeted 92.8% to RM1.72 million for the first quarter ended June 30, 2017 from RM23.91 million in the previous corresponding period.
As at 11.36am, Hua Yang was the 27th top loser on Bursa Securities. It plunged 3.5 sen to 98.5 sen, with 686,300 shares changing hands. The company has a market capitalisation of RM359 million.
Hua Yang yesterday said the drop in its net profit was due to due to fewer ongoing projects while newly launched projects are still in the early stage of construction.
Revenue declined 4.8% from RM127.96 million to RM47.94 million.
The developer said the outlook for property industry continues to be challenging. However, the board remains positive on the group's prospects for the financial year ending March 31, 2018.