Sunsuria posts higher profit in 3Q

KUALA LUMPUR (Aug 25): Property developer Sunsuria Bhd posted a net profit of RM6.73 million in the third quarter ended June 30, 2016 (3QFY16), 11.8% higher than RM6.02 million it achieved in 3QFY15.

Revenue soared 3.38 times to RM58.35 million from RM17.28 million.

Sunsuria attributed the higher revenue and profit to its ongoing property development projects.

For the nine-month period ended June 30, 2016, Sunsuria’s net profit jumped 122% to RM19.29 million from RM8.67 million, boosted by the gain from disposals of leasehold land and shares in a subsidiary. Revenue increased 115.01% to RM114.68 million from RM53.32 million.

Sunsuria is confident of an improved performance for FY16 despite the unfavourable economic environment.

“It is believed that there will be continuing demand for the right property development mix in prime locations for which the group has lined up [a] series of new launches in Sunsuria City,” it added.

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This article first appeared in The Edge Financial Daily, on Aug 25, 2016. Subscribe to The Edge Financial Daily here.