Hua Yang Bhd announced unaudited consolidated earnings results for the first quarter ended June 30, 2016. For the quarter, the company announced revenue of MYR 127,961,000 compared to MYR 142,574,000 for the same period a year ago. Operating profit was MYR 32,664,000 compared to MYR 40,429,000 for the same period a year ago. Profit before taxation was MYR 32,223,000 compared to MYR 40,185,000 for the same period a year ago. Profit for the period was MYR 23,905,000 compared to MYR 29,891,000 for the same period a year ago. Profit attributable to owners of the company was MYR 23,905,000 compared to MYR 29,891,000 for the same period a year ago. Earnings per share attributable to owners of the company, basic were 9.05 sen compared to 11.32 sen for the same period a year ago. Net cash used in operating activities was MYR 39,549,000 compared to net cash from operating activities of MYR 25,568,000 for the same period a year ago. Purchase of property, plant and equipment and intangible assets was MYR 5,000 compared to MYR 10,000 for the same period a year ago. Net cash outflow on acquisition of a subsidiary was MYR 52,532,000. Land and development expenditure was MYR 3,960,000 compared to MYR 6,724,000 a year ago. Revenue and profit before tax decreased by 10% and 20% respectively as compared to the previous financial year corresponding quarter due to lower sales achieved.

The outlook for property industry continues to be challenging with tight liquidity and subdued consumer sentiments. Despite the uncertainties, the Board remains positive on the Group's prospects for the financial year ending 31 March 2017.