Sunrise’s 3Q net profit down 23% on lower revenue

KUALA LUMPUR: Sunrise Bhd’s net profit for its third quarter ended March 31, 2010 dipped 23% to RM23.5 million from RM30.6 million recorded in the same period the previous year on lower revenue.

Its revenue for the quarter dropped 32.1% to RM112.16 million, from RM165.2 million a year earlier as several projects namely Mont’Kiara Meridin, 10 Mont’Kiara and Solaris Dutamas were completed and delivered in this financial period.

“Other significant contributors to the group’s financial performance for the quarter were 11 Mont’Kiara, The Residence and 28 Mont’Kiara. The construction progress of 11 Mont’Kiara and 28 Mont’Kiara are on schedule,” the developer said in a filing to Bursa Malaysia on Thursday May 13.

As at April 30, it has a locked-in unbilled sales of RM907 million. It also plans to launch several new residential and commercial projects in the near future to sustain longer-term profits.

Its basic earnings per share for the quarter fell to 4.75 sen, from 6.13 sen the previous year. It did not declare any dividend.
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