KUALA LUMPUR: HUNZA PROPERTIES [] BHD [] net profit for the first quarter (1Q) ended Sept 30, 2010 surged 273% to RM34.69 million from RM12.69 million a year ago, on the back of a 13% increase in revenue to RM64.53 million.

Earnings per share was 18.39 sen while net assets per share was RM2.36.

Hunza attributed the higher revenue and profit mainly to improvement to FRS 140 Investment Properties, whereby it measures investment property under CONSTRUCTION [] at fair value on a yearly basis.

It also said the physical construction for the two residential towers of Gurney Paragon had been progressing well and cumulative percentage of sales was now higher at this juncture, contributing to higher attributable revenue.

On its prospects, the company said it was confident of a strong performance for the 2011 financial year.