Sunsuria records Q4 profit of RM24.8m

Earnings fall mainly due to one-off RM29.5mil provision for impairment

PETALING JAYA: Sunsuria Bhd recorded a net profit of RM24.8mil for the fourth quarter, while revenue came in at RM133.7mil.

For the full-year, the group’s net profit was up 11.9% at RM101.6mil, on the back of 23.3% higher revenue of RM491.4mil.

In its filing to the stock exchange, the group noted that its revenue for the fourth quarter had increased 24% to RM133.8mil.

Its projects at Sunsuria City contributed RM127.7mil to revenue, led by The Olive, Monet Lily and Bell Suites SOHO and Retails.

“Sunsuria City handed over its first vacant possession to the purchasers of Bell Avenue retail shops in September 2018, ahead of the scheduled completion date of December 2018,” it said.

Net profit for the period, however, was down 17.7%, mainly due to a one-off RM29.5mil provision

for impairment in the value of investment properties, and a goodwill impairment of RM0.93million.

For FY18, the group said its improved performance was attributed to the completion of three projects - Suria Residence at Bukit Jelutong, The Forum 1 at Setia Alam and Bell Avenue at Sunsuria City during the period.

Other on-going projects that also contributed to the increase in revenue and profit before tax, it said, were Jasper Square, The Olive, Bell Suites SOHO, Monet Lily, Monet Springtime and Monet Garden.

Moving forward, the group said it will be rolling out projects in the RM300,000 to RM500,000 range in 2019.

“This offers prospective buyers the opportunity to capitalise on the recently announced stamp duty exemption and experience Sunsuria homes that are built upon our values of integrity, quality and reliability.

“This demonstrates our continual commitment to stay relevant to market needs and deliver unparalleled customer service excellence,” Sunsuria CEO Koong Wai Seng said in a statement.

The group is set to launch a serviced apartment block under Phase 2 of Sunsuria Forum @ 7th Avenue by year-end.

Located in the commercial hub of Setia Alam, Setia Eco Park and Shah Alam, Sunsuria Forum is a freehold integrated development consisting of serviced apartments, corporate offices, SOHO suits and a lifestyle mall.

“Looking back, it has been a fruitful year for Sunsuria.

“Besides completing a number of key residential, commercial and integrated developments, we remain committed to enriching the communities we serve through education-related partnerships, such as the internship collaboration with Xiamen University Malaysia, and plans to operate an international school,” Sunsuria executive chairman Tan Sri Ter Leong Yap said.