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Sunrise upbeat on prospects with locked-in unbilled sales

KUALA LUMPUR: Sunrise Bhd posted a net profit of RM34.52 million for the second quarter (2Q) ended Dec 31, 2009 and is upbeat for the remaining second half due to the locked-in unbilled sales of RM714.1 million as at Dec 31, 2009.

It said the board was confident of the company's prospects in the current financial year ending June 30, 2010 due to these unbilled sales while it also had in the pipeline other projects ready to be launched.

"Profits from these future billings would be recognized substantially over the current and the following financial year," it said on Thursday, Jan 28, when announcing its results. Revenue was RM158.32 million in 2Q while earnings per share were 6.97 sen.

It added the company recently soft launched 28 Mont'Kiara, a luxury condominium development in Mont'Kiara.  It said response was positive with bookings received for about 200 units.

"The company has a pipeline of other projects ready to be launched, including a commercial development in Kuala Lumpur, depending on market conditions.  Sales from 28 Mont'Kiara and the new planned projects will sustain the company's longer?term profits," it said.

For the first half ended Dec 31, 2009, net profit was RM71.78 million, which was 13% lower than the RM82.48 million a year ago which had included a one-off gain of RM19.4 million from the sale of office space in Plaza Mont'Kiara and an Australian asset.

"Excluding these one?off gains, the company's underlying net profit for the current period would have risen 14% year-on-year," it said. Revenue was RM348.58 million compared with RM401.35 million a year ago.

Sunrise said its earnings were sustained by progress billings for its ongoing developments, namely 10 Mont'Kiara, 11 Mont'Kiara and Solaris Dutamas, as well as strong sales of the completed Mont'Kiara Residence bungalows.
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