SunCity net profit at RM138m for 3Q

KUALA LUMPUR: Sunway City Bhd (SunCity) has posted a net profit of RM138.1 million for its third quarter ended Sept 30, 2010, almost double its net profit of RM71.6 million posted in the last quarter on the completion of asset disposal to its associate Sunway Real Estate Investment Trust (SunREIT).

Its net profit grew on the asset disposal due to its share of profits from the REIT, interest saving and REIT management fees, it said in a filing to Bursa Malaysia on Wednesday, Nov 24.

It posted revenue of RM219.2 million, down 16.4% from RM262.3 million in the last quarter.

Year-to-date revenue stood at RM764.7 million while net profit stood at RM433.04 million.

The group expects to improve its performance this year, with stronger performance in the fourth quarter from its hospitality and leisure segments due to the year-end school holiday as well as steady income from SunREIT.

The group also stands to benefit from unbilled property sales of RM959 million as at Sept 30, with its newer launches such as Sunway SPK 3 Harmoni, A' Marine and Sunway Rymba Hills receiving good response.