Sunrise posts RM43.15m net profit in 4Q

KUALA LUMPUR: Sunrise Bhd posted net profit of RM43.15 million in the fourth quarter ended June 30, 2009 and it iis confident of its prospects for the new financial year given its substantial locked-in unbilled sales.

"Unbilled sales from ongoing projects amounted to RM971 million as at June 30, 2009.  Profits from these future billings will be recognised over the next two financial years and will sustain earnings in the near future," it said on Aug 14.

Revenue for 4Q was RM237.35 million while earnings per share (EPS) were 8.72 sen. It proposed a dividend of three sen per share.

In the previous corresponding quarter, net profit was RM44.87 million on the back of RM258.17 million in revenue while EPS were 9.98 sen.

Sunrise said in the 4Q, pre-tax profit was RM53.62 million, up 26% or RM10.9 million from 3Q ended March 31, 2009. The increase was mainly due to sales of 11 Mont’Kiara and Mont’Kiara Residence during the period whereby the group introduced innovative financing schemes.

"With the completion of Phase 2 of Solaris Dutamas, vacant possession has been obtained for purchasers of the five blocks of 8-storey stratified shop-lots and office suites, and three blocks of 8-storey stratified office suites. The construction progress of 11 Mont’Kiara, 10 Mont’Kiara and final phase of Solaris Dutamas are on schedule.

"The global economy is showing signs of recovery and sentiment for properties has improved in recent months. The group’s innovative financing packages for 11 Mont’Kiara and Mont’Kiara Residence have been well received," it said in a statement.

For the financial year ended June 30, Sunrise posted a record pre-tax profit of RM205.8 million, up 2% from RM201.1 million in the previous year. Revenue increased 17% from RM685.8 million to RM803.9 million, while net profit fell 2% from RM159.9 million to RM156.3 million.

Profits for the year were boosted by progress billings for the Group’s ongoing developments, notably 10 Mont’Kiara, 11 Mont’Kiara and Solaris Dutamas, as well as sales of fully completed luxury bungalows at Mont’Kiara Residence.

One-off gains from the sale of office, retail and cark park space at Plaza Mont’Kiara and an Australian asset amounted to RM19.4 million in the financial year 2009, compared with RM46.6 million in the previous financial year.

"Excluding these one-off gains, the group’s underlying pre-tax profit for the financial year would have increased by 21% to RM186.3 million," it said.

Sunrise said the main contributors to the group's financial performance for the year were its ongoing commercial and residential developments, mainly Solaris Dutamas, Mont'Kiara Meridin, 11 Mont'Kiara and The Residence.

"These projects have contributed positively to the group's performance during the year. Save for Mont'Kiara which was completed and handed over in February 2009, the construction progress of the remaining projects is on schedule," it said.