KUALA LUMPUR (May 22): Sunsuria Bhd reported a net profit of RM9.02 million or 1.01 sen per share for the second quarter ended March 31, 2020 (2QFY20).

This was sharply lower than the RM91.58 million or 11.46 sen per share  for 2QFY19, when there was an adjustment in the reporting of earnings in accordance with the Malaysian Financial Reporting Standards (MFRS).

“For that reporting quarter, revenue and profit before taxation of RM149.36m and RM95.47m respectively from Jasper Square, which were previously recognised on a progressive basis, was restated to be recognised in the quarter when the project was completed due to the adoption of MFRS 15,” the group explained in a filing with Bursa Malaysia. 

Jasper Square is the group’s commercial development project in Sunsuria City, Sepang.

Sunsuria said total revenue for 2QFY20 was RM68.08 million, down 72.66% from RM249.01 million for 2QFY19.

Net profit for the cumulative six months ended March 31, 2020 (6MFY20) fell 82.25% to RM18.15 million, from RM102.25 million for the previous corresponding period. 

Six-month earnings per share (EPS) came in at 2.03 sen, from 12.8 sen previously. 

Half-year revenue declined by 65.24% to RM115.58 million, from RM331.96 million last year.

Shares in Sunsuria finished one sen or 2.2% higher at 44.5 sen today, giving the group a market capitalisation of RM389.68 million.