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Friday, January 29, 2010

Sunrise H1 profit falls 13pc to RM72m

Property developer Sunrise Bhd saw its net profit fall 13 per cent to RM71.8 million for the half-year ended December 31 2009.

Its executive chairman Tong Kooi Ong said the reason for its net profit decline was because the previous corresponding period had included a one-off gain from the sale of office space in Plaza Mont' Kiara and an Australian asset.

"Excluding these one-off gains, the company's underlying net profit for the current period would have risen 14 per cent year-on-year," he said during a briefing on company results in Kuala Lumpur yesterday.

Tong expects Sunrise to sustain its performance for the second half of its present fiscal year.

"Honestly, I don't think we will do a lot better but we will definitely not do any worse," he said.
Tong added that interest rates are likely to remain low, while loan approvals for mortgages will remain strong and building material prices to stay stable.

The company will continue to reduce its gearing, which has improved to 35.7 per cent in December 31 2009, from 45.7 per cent in June 30 2009.

For the July-December 2009 period, Sunrise's revenue declined 13 per cent to RM348.59 million due to the completion of its Meridin, Mon't Kiara 10 and part of Solaris Dutamas properties.

Its unbilled sales as at December 31 2009 was RM714 million.

By Business Times

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