Sunway’s unbilled sales seen to provide good earnings visibility

The group’s property development division reported an FY18 revenue of RM619.6 million (-31.8% y-o-y) and profit before tax (PBT) of RM158.6 million (-32.6%) mainly due to the adoption of the Malaysian Financial Reporting Standards (MFRS) 15 whereby profits of property development projects in Singapore and China can only be recognised upon completion.