♦ Above expectations. Hunza Properties’ FY06/10 net profit of RM50.9m came
in above our and consensus estimates by 10% and 6%, respectively.
Sequential turnover and net profit rose 25.8% and 23.2%, respectively, mainly
attributed to faster pace in the construction of Gurney Paragon residential
blocks. Sales for Hunza’s built-then-sell bungalow project - Mutiara Seputeh
has also picked up with a take-up rate of 34%. Full year FY10 revenue and net
profit increased remarkedbly by 171.1% and 84.6%, as property sales were hit
by the global economic crisis last year. As at Jun 2010, Hunza’s unbilled sales
stood at RM103m, declined by 38.6% from RM167.7m in the previous quarter.
Hunza declared a final dividend of 5.6 sen. Including the 2.5 sen special interim dividend in 3QFY10 (to commemorate its 10th year anniversary), total dividend amounted to 8.1 sen, translating into a yield of 5.8%.
Hunza Properties Berhad : Above expectations again… - 18/08/2010
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