KUALA LUMPUR: HUNZA PROPERTIES [] BHD [] shares advanced on Monday, Oct 25 after the company's net profit for the first quarter 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.

At 9.23am, Hunza was up 10 sen to RM1.61.

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.

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