KUALA LUMPUR (Feb 28): Sunway Bhd’s net profit for the fourth quarter ended Dec 31, 2016 dropped 13% to RM185.84 million, or 9.08 sen per share, from RM214.69 million, or 12.04 sen per share a year ago, mainly due to lower contributions from local construction projects.

“Nevertheless, strong growth is expected for the segment as the construction outstanding order book remains healthy at RM4.8 billion” it said in a statement yesterday.

While its quarterly revenue fell marginally to RM1.36 billion from RM1.40 billion a year ago, its property investment arm had performed better with 8.3% higher revenue on higher rental contributions, and better occupancies the group said in a filing with Bursa Malaysia.

The group said its property development segment’s unbilled sales stood at RM1.5 billion as at Dec 31, 2016, which will provide earnings visibility for the division over the next one to two years.

For its full financial year ended Dec 31, 2016, Sunway’s net profit declined 20% to RM585.91 million from RM732.45 million a year ago.

This article first appeared in The Edge Financial Daily, on Feb 28, 2017.

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