KUALA LUMPUR (March 1): Sunway Bhd’s fourth quarter net profit fell 1.08% to RM183.8 million from RM185.82 million a year ago, as its property development, trading and manufacturing, and quarry segments registered lower profit contributions. 

Earnings per share for the quarter ended Dec 31, 2017 (4QFY17) declined to 3.82 sen from 3.89 sen in 4QFY16, the group said in a filing with Bursa Malaysia. 

Revenue for the quarter rose 33.21% to RM1.72 billion, from RM1.29 billion previously, amid an increase in segmental revenue from all businesses except quarry. 

Sunway said a lower profit recognised from local projects had dragged down the property development segment, which in 4QFY16 had also benefited from the sale of land in Penang to Sunway Real Estate Investment Trust. 

The trading and manufacturing division had also seen a boost in 4QFY16 due to a provision write-back for inventories of the Winstar group of companies, the group said. 

The construction segment saw its revenue contribution double to RM583.3 million, and pre-tax profit jump 82.2% to RM54.1 million, on higher progress billings from local projects and lower intra-group eliminations. 

However, the quarry segment experienced a decline in both revenue and profit due to lower sales volume for aggregates and premix, affected by the temporary halt in operations at the Rawang quarry, as roads were closed due to the construction of a new highway. 

For the full year FY17, Sunway’s net profit rose 9.15% to RM639.51 million from RM585.88 million in FY16, due to improved contributions from all segments except the property development and quarry segments. Revenue climbed 15.45% to RM5.37 billion from RM4.66 billion in FY16. 

The group proposed a second interim dividend of three sen per share, bringing its full year payout to six sen. 

Sunway’s share price closed up two sen or 1.23% at RM1.65 yesterday, leaving the group with a market capitalisation of RM8.12 billion. — theedgemarkets.com

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