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Sunway’s 2Q pre-tax profit up by 17%

KUALA LUMPUR: Sunway Holdings Bhd posted a pre-tax profit of RM59.2 million for its second quarter (2Q) ended June 30, 2010 on the back of a revenue of RM509.2 million.

The pre-tax profit for 2Q 2010 grew by 17% from RM50.4 million in the preceding quarter, while a pre-tax profit of RM109.6 million was recorded during the six-month period under review.

The quarter-on-quarter improvement in operating results was due to the recognition of profit from Sunway’s second property development project in Singapore as well as stronger margins from the trading division, Sunway said on Tuesday, Aug 24.

The construction, property development and trading divisions are expected to be the main contributors to its earnings this financial year. Sunway has unbilled sales of RM467 million from existing property projects and income from upcoming property launches locally and overseas.

It also expects a good year for its construction division with sustained activity in the local construction scene together with an existing outstanding order book of RM2.7 billion.
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