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Sunsuria FY17 net profit doubles to RM90.75 mil on positive take-up rate

KUALA LUMPUR (Nov 22): Property developer Sunsuria Bhd’s net profit in the fourth quarter ended Sept 30, 2017 (4QFY17) grew 23% to RM30.2 million or 3.78 sen per share compared with RM24.55 million or 3.07 sen per share a year earlier.

Quarterly revenue jumped 23% to RM108.26 million in 4QFY17 from RM87.72 million previously as a result of new revenue streams from two new projects — The Olive and Bell Suites — launched in FY17.

For the full financial year ended Sept 30, 2017 (FY17), Sunsuria’s net profit more than doubled to RM90.75 million or 11.36 sen per share from RM43.84 million or 5.73 sen per share, while revenue came in 97% higher to RM398.48 million from RM202.40 million a year earlier.

The improved earnings were attributed to the positive take-up of Sunsuria’s residential and commercial developments, namely The Forum 1, Suria Residence, Bell Avenue, Jasper Square, The Olive and Bell Suites, according to its statement this evening.

“There will always be a demand for housing and real estate investments that offer outstanding value. With our properties’ competitive pricing, strategic location, innovative features and conscientious design, we will continue to chart positive growth in our financial performance” said its chief executive officer Koong Wai Seng.

Moving forward the group remains cautiously positive that there will always be demand for housing and real estate investments located at strategic locations.

“With a healthy level of unbilled sales and new projects lined up in FY18, we look forward to continuing this upward trajectory and touching more lives in the coming year,” he said.

Shares in Sunsuria closed unchanged at RM1.38, with a market capitalisation of RM1.1 billion. — theedgemarkets.com

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