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.
TOP PICKS BY EDGEPROP
Residence [email protected] [Foc Mot & Free Furniture]
Bandar Botanic/Bandar Bukit Tinggi, Selangor
Ukay perdana house for sale 5 rooms 5 bathrooms
[ Europe Style Duplex Condo ] ROI 9% Cash Back
Ampang Superlink house fully furnisished for sale
Taman Melawati, Kuala Lumpur
[ READY TENANT INVEST] New Township Between Cyberj
[ READY TENANT+ COVER INSTALLMENT ] Hotel Suites
Shamelin, Ampang, Pandan Indah, Chan Sow Lin
Cheras, Kuala Lumpur
[ Confirm Rental Get RM 3000 ] Students Condo
Ukay perdana sierra hijauan ampang semi d
Student Rental RM1800 Cover Instalment! Freehold
(CORNER) 3 Sty Bungalow Corner Avenue 6, BTHO