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Friday, March 19, 2010

Sunway eyes record profits in 2010

MALAYSIAN builder Sunway Holdings expects record profits in fiscal 2010 as the government quickens the roll-out of public sector contracts and as the company’s overseas orderbook swells, said a top executive.

Sunway, ranked seventh among local builders with a market value of US$268 million, will tender for new jobs worth up to RM16 billion (US$4.84 billion) globally with its construction orderbook expected to grow by one-third to RM4 billion this year, said managing director Yau Kok Seng.

“Market conditions have improved over the last six months and we are confident of securing some projects that we have tendered locally,” Yau, a chartered accountant by training, said in an interview today.

Malaysia, home to Asia’s largest budget carrier AirAsia, is planning a new low-cost carrier terminal (LCCT) that will cost RM2 billion to build.
Sunway has submitted its tenders for some of the LCCT jobs and Yau expects the winning bids to be announced as soon as this month.

Sunway shares were up 2.72 per cent at the close of the early trading session today. The stock has risen 16 per cent so far this year, outpacing the construction sector index’s gain of 4.6 per cent.

The earnings forecasts by seven analysts surveyed by Thomson Reuters I/B/E/S put Sunway’s 2010 net profit at RM120.54 million and revenue at RM2.11 billion. Previous year comparisons were not available as Sunway changed its financial year-end to December last year.

By Reuters

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