Friday 29 Mar 2024
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KUALA LUMPUR (Nov 27): Sunway Bhd's net profit climbed 5% year-on-year to RM150.85 million in its third quarter ended Sept 30, 2017 (3QFY17) from RM143.61 million, as revenue rose and income tax expense declined.

Quarterly revenue grew 16% y-o-y to RM1.32 billion from RM1.14 billion, on improved contribution from most of its business segments, its Bursa Malaysia filing today showed.

Income tax expense retreated 23% y-o-y to RM28.96 milllion from RM37.71 million.

Its property investment segment reported a 19% rise in revenue to RM225.4 million, on additional contribution from the new Sunway Velocity Mall and improved results from Sunway Pyramid Hotel, which had been re-opened progressively this year following a refurbishment in 2016.

Meanwhile, its construction segment recorded a 45% revenue rise to RM416.6 million on higher progress billings from local construction projects, and lower intra-group eliminations.

Its trading and manufacturing segment also improved with a 42% revenue rise as better market sentiment resulted in higher sales and profit.

However, the group’s property development segment registered a 35% decline in revenue on lower sales and progress billings from local projects.

Its quarry segment also saw revenue dragged down by RM3.7 million to RM50.3 million, on lower sales volume for aggregates and premix, as well as a temporary halt in operations due to closure of an access road at one of its sites.

For the cumulative nine-month period ended Sept 30, 2017 (9MFY17), Sunway recorded a 14% y-o-y rise in net profit to RM455.71 million from RM400.07 million, as revenue grew 9% to RM3.65 billion from RM3.36 billion.

Going forward, the group said the government's reaffirmed commitment in Budget 2018 to roll out infrastructure projects and promote tourism and healthcare tourism industries augurs well for the group.

It expects to continue to deliver satisfactory performance in the final quarter of FY17.

Shares in Sunway closed up 3 sen or 1.86% at RM1.64 today, giving the group a market capitalisation of RM8 billion.

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