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Buoyant sales push Sunsuria net profit up 471%

Posted on May 25, 2017

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In a filing with Bursa Malaysia, the property developer said revenue surged to RM103.68mil from RM38.82mil a year earlier.

PETALING JAYA: Sunsuria Bhd’s net profit for its second quarter ended March 31, 2017 jumped 471% to RM18.01mil from RM3.15mil in the previous corresponding period, mainly due to buoyant sales from its property projects.

In a filing with Bursa Malaysia, the property developer said revenue surged to RM103.68mil from RM38.82mil a year earlier.

“The revenue contribution was mainly from Suria Residence at Bukit Jelutong, The Forum 1 at Setia Alam and the group’s flagship projects at Sunsuria City, which contributed a commendable 45% of the revenue.”

In a statement, Sunsuria executive chairman Datuk Ter Leong Yap said the company’s second quarter numbers signalled its determination and confidence towards achieving unprecedented growth in 2017.

“This is only possible through the unwavering support of our customers, and it is testament to the operational quality of team Sunsuria.”

For the six-month period ended March 31, 2017, Sunsuria’s net profit increased to RM28.64mil from RM12.56mil in the previous corresponding period, while revenue grew to RM167.48mil from RM56.33mil.

“For the six-month period ended March 31, 2017, the group has five ongoing developments – Suria Residence, The Forum 1, as well as Bell Avenue, Jasper Square and The Olive in Sunsuria City, with total gross development value of RM1.19bil.”

On its prospects, Sunsuria said it is upbeat and would be lining up more projects in the forthcoming quarters.

“While the general market sentiment remains subdued, the group is nevertheless optimistic that with its right product mix at the right location, there will be a continuing demand for real estate assets.

“With all these positive factors, the group expects 2017 to be another year of continued financial growth in revenue and profit.”

Last month, Sunsuria acquired a 51% stake in Prosperspan Construction Sdn Bhd (now known as Sunsuria Asas Sdn Bhd) to expand into the construction business.

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