Sunway Q3 net profit up 5% to RM151mil
PETALING JAYA: Sunway Bhd‘s net profit rose 5% to RM150.85mil in the third quarter ended Sept 30 from RM143.6mil a year ago, aided by a stronger revenue growth although property development was sluggish.
Revenue, meanwhile, increased by 16% to RM1.32bil from RM1.13bil a year ago due to a higher contribution from most business segments, particularly the property investment, construction and trading, and manufacturing segments.
However, profit before tax (PBT) fell 5.7% to RM196.70mil from RM208.54mil previously due to the property development and quarry segments which registered lower profits, it said.
Earnings per share was at 7.38 sen compared with 7.02 sen previously.
“The property development segment reported a revenue of RM162.2mil and a PBT of RM35.5mil in the current quarter compared to a revenue of RM247.6mil and PBT of RM62.2mil a year ago,” it said in a statement.
It pointed out that this was a decline of 34.5% in revenue and 43% in PBT mainly due to lower sales and progress billings from local development projects.
Sunway said its property investment segment reported an 18.7% increase in revenue to RM225.4mil and 9% rise in PBT to RM50mil.