Sunrise posts net profit of RM132.9 million

KUALA LUMPUR: Sunrise Bhd posted revenue of RM590.7 million and net profit of RM132.9 million for its financial year ended June 30, 2010 (FYE 2010), compared to revenue of RM803.9 million and net profit of RM156.3 million in the preceding year.

The company said on Thursday, Aug 26 that excluding the one-off gains of RM19.4 million from the sale of office space in Plaza Mont Kiara and an Australian asset in the preceding, the current net profit would have decreased by only RM4 million.

It attributed the higher net profit in the previous financial year to the completion of Mont’Kiara Meridian and substantial recognition for 10 Mont’ Kiara and Solaris Dutamas.

Other significant contributors to its FYE 2010 performance are 11 Mont’ Kiara, The Residence and 28 Mont’ Kiara, the company said, adding that the construction progress of 11 Mont’ Kiara and 28 Mont’ Kiara are on schedule.

Comparing its current quarter results against the previous quarter, its net profit is up by RM14.3 million. The increase is mainly due to contributions from Solaris Dutamas and 11 Mont’Kiara.

The company said that it is confident of its prospects in the next financial year given its substantial locked-in unbilled sales of RM861.3 million as at June 30, 2010. It is also planning to launch new residential and commercial projects in the near future to sustain longer term profits.

The company has proposed a first and final dividend of 5%, less 25% tax amounting to RM18,577,000 in respect of FYE 2010. The dividend is pending approval by shareholders at the upcoming annual general meeting of the company.