Sunsuria's 1Q net profit soars 96% on new projects

KUALA LUMPUR (Feb 27): Sunsuria Bhd saw its net profit for the first quarter of its current financial year (1QFY18) soar 96% to RM20.84 million, from RM10.63 million a year ago, amidst revenue having risen 73.69% to RM110.82 million, from RM63.8 million.

In a filing with Bursa Malaysia, Sunsuria showed that the positive results for the quarter ended Dec 31, 2017 was due to two new projects, namely the Bell Suites SOHO and Monet Lily double-storey terrace.

Additional sales and work done from Forum 1, Suria Residence, Bell Avenue, Jasper Square and The Olive developments also boosted the group’s performance, Sunsuria said. Earnings per share for 1QFY18 was 2.61 sen versus 1.33 sen last year, the filing added.

Separately, group CEO Koong Wai Seng said its focus on customers and consistently delivering products relevant to the market, had put the company in good stead financially.

He said the group’s quarterly results is the perfect start to 2018, because it has given it the impetus to strive for excellence in the months ahead.

“We are also seeking shareholders’ approval to diversify beyond property development into construction and related businesses. The additional revenue and income stream would enhance our future profitability, improve our financial position and enhance shareholders’ value. The proposed diversification would also open up new business opportunities that are in the group’s best interest,” Koong said.

Moving forward, although the local property market remains soft, Sunsuria believes there would be continuous demand for real estate investments at strategic locations.

The management team will continue to tap innovation and roll out developments to attract existing and new buyers.

With the proposed diversification, Sunsuria said it expects to remain resilient and deliver healthy financial results, despite a challenging environment.

Sunsuria shares closed unchanged at RM1.30 today for a market capitalisation of RM1.03 billion. —

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