Sunway property records higher revenue Sunway property records higher revenue
Share this on WhatsAppSunway Bhd’s property arm has recorded sales of RM613 million to date this year, an improvement on the RM478 million it... Sunway property records higher revenue

Sunway Bhd’s property arm has recorded sales of RM613 million to date this year, an improvement on the RM478 million it registered for the same period last year.

The group announced that unbilled sales for its property development division remain healthy at RM2.0 billion, providing good profit visibility for the foreseeable future.

The company recorded a  revenue of RM315.1 million and profit before tax of RM60.6 million in the current quarter, in line with the revenue of RM324.2 million and profit before tax of RM53.1 million reported in the corresponding quarter of the previous financial year.

Overall, Sunway recorded an increased revenue of 11 per cent, at RM1,155.7 million for the current quarter ended June 2016, compared to a revenue of RM1,041.5 million in the corresponding quarter of the previous financial year.

However, nett profit was lower at RM154.4 million compared to a nett profit of RM237.9 million in the same quarter of last year mainly due to share of lower fair value gains from the annual revaluation exercise done on Sunway REIT properties.

Although the revenue was lower, the performance of the property development division in the current quarter was better mainly due to higher profit recognition from local projects including Sunway Velocity and Sunway Geo Residences.

The property investment division reported revenue of RM160.1 million and profit before tax of RM41.3 million in the current quarter compared to revenue of RM144.8 million and profit before tax of RM132.9 million in the corresponding quarter of the previous financial year.

“The increase in revenue was mainly contributed by higher rental contribution and better occupancy recorded from the portfolio of investment properties. Sunway Pyramid Hotel West and Nickelodeon Lost Lagoon were also opened in 2016, and have begun contributing to the Group’s revenue,” the group said.

The group expects to put in a satisfactory performance for the second half of the financial year, underpinned by its resilient and diversified businesses, although the market outlook remains uncertain.

Property 360 Online

Property 360 Online is a news portal focused on major issues, views and major market movements in the Malaysian real estate sector.

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