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Saturday, August 15, 2009

Sunrise Q4 net profit down to RM43mil

KUALA LUMPUR: Sunrise Bhd, known for its luxury high-rise projects in Mont’Kiara, reported a slightly lower net profit of RM43.1mil for the three months ended June 30 against RM44.9mil a year ago.

For the fourth quarter to June 30, the group’s pre-tax profit fell 3.4% to RM53.6mil from RM55.5mil on a turnover of RM237.3mil.

Earnings per share (EPS) fell to 8.72 sen from 9.98 sen in the previous corresponding period. The company declared a final dividend of 3 sen per share for the quarter.

In a filing to Bursa Malaysia, Sunrise said the group’s pre-tax profit of RM53.6mil achieved in the fourth quarter showed an increase of RM10.9mil, or 26% from the preceding quarter.

“The increase is mainly due to sales of The Residence during the period,” it said in the notes accompanying its results.

For the financial year ended June 30 (FY09), Sunrise posted a net profit of RM156.2mil on the back of a 17% growth in revenue to RM803.9mil.

Its EPS stood at 31.90 sen compared with 35.70 sen in the previous corresponding period.

Its total expenses for the financial year were 2% lower at RM81.5mil compared with RM83.2mil previously.

Net debt rose to RM445.7mil in the period under review from RM393.2mil previously due to funding for ongoing projects.


The developer’s executive chairman Tong Kooi Ong said the company had unbilled sales totalling RM971mil as at June 30 which would underpin its earnings till FY11.

He said the unbilled sales excluded sales of RM39.3mil recognised in July and another RM157.1mil pending sale and purchase agreement signing.

“Profits from future billings will be recognised over the next two financial years and will sustain earnings in the near future,” he said at a briefing to announce its quarterly results.

On new launches, Tong said the timing and pricing of future launches would be dictated by market conditions.

“We will take into consideration what the market demands and what the market is prepared to pay, to establish our cost and product mix,” he said.

Tong said property prices in Malaysia had been consistent with the country’s economic growth and did not see a property bubble in Malaysia for the time being.

Among the supportive factors for the property market are low unemployment and ample liquidity while the approval rate for mortgage loans is resilient with low interest rates, according to Tong.

However, he cautioned that there were some pockets of oversupply around the KLCC area.

By The Star (by Leong Hung Yee)

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