Sunway City records revenue of RM1.6 billion for FY2009

SELANGOR: Sunway City Bhd recorded revenue of RM1.6 billion and profit before tax of RM1.2 billion for FY2009. This is based on an 18-month period as its financial year-end was changed from June 30 to Dec 31.

According to a press release from the group, its profit before tax was RM428.4 million, excluding the revaluation gain of revaluation surplus of RM804.9 million, RM10.6 million adjustment for depreciation as well as upfront fees of RM10.5 million for banking facilities.

The revaluation gain, it said, was attributed to Sunway Pyramid Shopping Mall and Sunway Carnival Mall being revalued to RM2.24 billion and RM248.5 million respectively, for the current quarter. Twenty other investment properties were also revalued to RM847.6 million, registering a fair value gain of RM66 million.

“We are pleased that we have delivered yet another quarter of solid profits in spite of the challenging economy. This is attributed to positive demand for our property development projects, namely Sunway Damansara and Sunway SPK. Moving forward, the Property Development division will continue to launch quality homes with innovative features to solidify the Group’s position as a leading premier developer,” Sunway City managing director for its property development division Ngian Siew Siong said.

The group has appointed investment bankers to look into unlocking the value of its selected properties for the proposed real estate investment trust (REIT). It will also promote its property developments and introduce attractive financing packages at the right time, as well as actively source for new landbank and is optimistic of its prospects ahead.