♦ Slightly below expectations. Hunza’s 1QFY11 estimated core net profit
of RM12.5m (-1.8% yoy; -10.4% qoq) came in slightly below our
expectation by 6% but in line with consensus estimate. Sequential
turnover fell 12.4%, continued to be underpinned by progressive billings
from the two residential towers of Gurney Paragon. Headline net profit of
RM34.7m, however, was skewed by an exceptional item, mainly made up
of a revaluation surplus amounted to RM22.1m arising from Gurney
Paragon mall, office and a piece of land. As expected, no dividend was
declared in 1QFY11.
Hunza Properties Berhad : Headline Net Profit Skewed by EIs - 25/10/2010
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