Sunway’s third quarter earnings up 7.72%
PETALING JAYA: Sunway Bhd’s net profit for the third quarter ended Sept 30, 2016 rose 7.72% to RM143.61 million from RM133.31 million a year ago due to better performance across all major divisions except for the quarry division.
In a filing with Bursa Malaysia last Friday, the group said its quarry division registered a lower profit of RM6.7 million during the quarter compared with RM10.4 million a year ago. Revenue was also lower at RM54 million compared with RM66.8 million a year ago.
“The lower performance in the current quarter was mainly due to a drop in selling prices for both aggregates and premix,” it said.
Revenue for the quarter rose 19.60% to RM1.14 billion from RM951.04 million a year ago mainly due to the lower elimination of intra-group construction revenue and additional contribution from the Winstar group of companies under the trading and manufacturing segment.
“In view of the uncertain economic outlook, the group will continue to adopt a cautious business strategy. However, given the group’s diversified business portfolio, it is well positioned to meet the challenges ahead. Barring any unforeseen circumstances, the group’s performance for the fourth quarter is expected to remain satisfactory,” it said.
For the nine months ended Sept 30, 2016, net profit fell 22.73% to RM400.07 million from RM517.76 million a year ago while revenue rose 10.14% to RM3.36 billion from RM3.05 billion a year ago.