Sunway’s 4Q net profit up 55% to RM219m
Business & Markets 2013
Written by Ben Shane Lim of theedgemalaysia.com
Friday, 01 March 2013 09:49
KUALA LUMPUR: Sunway Bhd saw its net profit for the fourth quarter of the 2012 financial year ended Dec 31 (4QFY12) rise 54.84% to RM219.29 million from RM141.62 million a year ago, on higher property sales and CONSTRUCTION [] revenue.
The group’s revenue rose by 30.12% during the quarter to RM1.199 billion. Earnings per share increased to 16.97 sen from 10.96 sen.
In a filing with Bursa Malaysia, Sunway said its property development segment posted revenue of RM397.9 million and a profit before tax (PBT) of RM142 million for the quarter, up 61.55% and 71.7%.
The higher revenue was mainly due to new sales and higher progressive billings. In addition, a strong performance of Singapore property projects boosted the property development segment’s profit.
The group’s property investment segment also reported higher revenue of RM168.5 million and PBT of RM47 million, up 7.2% and 14.4% from the year before.
Revenue for the construction segment gained 42.9% to RM360.3 million, while PBT was RM17.2 million against RM1.1 million a year ago. The sharp improvement in PBT was attributed to significant impairment provisions incurred in the previous quarter by Sunway Global in China.
For the full year, the group posted a net profit of RM532.35 million, up 37.36% from the previous year or earnings per share of 41.19 sen compared with 29.98 sen previously. The group’s revenue for the full year was also 5% higher at RM3.88 billion.
Sunway’s share price closed 2.35% lower yesterday at RM2.49 or a price-earnings ratio of six times.
This article first appeared in The Edge Financial Daily, on March 1, 2013.