Sun­way Q3 net profit up 5% to RM151mil

The Star Malaysia - StarBiz - - News -

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.

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