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Sunway 3Q net profit down 30% y-o-y, expects recovery in upcoming quarter

KUALA LUMPUR (Nov 26): Sunway Bhd saw its net profit in the third quarter ended Sept 30, 2021 (3QFY21) decline by 30.07% to RM81.10 million, from RM115.97 million a year ago where there was a one-off gain recognition of RM57.5 million. 

Consequently, earnings per share fell to 1.38 sen from 2.37 sen.

Its quarterly revenue, however, increased slightly by 3.68% to RM1.07 billion from RM1.03 billion, supported by higher revenue contribution from its property development, healthcare and other segments. 

For the cumulative nine months ended Sept 30, 2021 (9MFY21), the group’s net profit rose by 32.96% to RM210.07 million from RM157.99 million a year ago, while revenue increased by 19.35% to RM3.05 billion from RM2.56 billion in 9MFY20. 

On a quarterly basis (q-o-q), the group’s net profit rose 15% from RM70.52 million reported in the immediate preceding quarter, while revenue came in 4.04% higher than the RM967.91 million recorded in 2QFY21.

Moving forward, the group expects the recovery to strengthen further in the fourth quarter as most economic activities have resumed, especially social and local tourism-related activities.

“This augurs well for the group, particularly our leisure and hospitality operations, which were severely impacted by the extended lockdowns.

“The group expects the financial performance for the last quarter of the year to improve against the current quarter,” it said. 

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