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Sunsuria’s 3Q net profit up 373% year-on-year

KUALA LUMPUR (Aug 25): Main Market-listed Sunsuria Bhd’s net profit for the third financial quarter ended June 30, 2017 (3QFY17) jumped 373% to RM31.9 million, or 3.99 sen per share, compared with RM6.73 million or 0.85 sen per share a year ago.

Quarterly revenue has more than doubled to RM122.74 million from RM58.35 million previously.

The improved earnings underlining the group’s solid business performance resulted from positive response from the market for its products, according to its statement this evening.

For the cumulative nine-month period ended June 30, 2017, Sunsuria’s net profit climbed 214% to RM60.55 million or 7.58 sen per share, from RM19.29 million or 2.56 sen per share. Revenue soared 153% to RM290.22 million from RM114.68 million a year earlier.

“Our financial performance remains on the uptrend and we are grateful to our customers for continuing to show strong support for our developments, particularly at Forum 1 Setia Alam and Suria Residences in Bukit Jelutong as well as Jasper Square, Bell Avenue, The Olive and Bell Suites at Sunsuria City. We hope to maintain this momentum and end the year on a high,” said its chief executive officer Koong Wai Seng.

Moving forward, the group is also planning for more new launches in the coming quarters and expects the revenue and profit to continue improving and contributing to improved performance for FY2017.

Sunsuria share price gained one sen at RM1.43 yesterday for a market capitalisation of RM1.14 billion. Year to date, the counter has gained about 45%. — theedgemarkets.com

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