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Friday, August 20, 2010

SunCity records impressive results

Sunway City Bhd's (SunCity) profit after tax and minority interest (PATMI) grew by 442 per cent to RM295 million for the period January-June 2010 from RM54 million in the same period last year.

Revenue rose to RM546 million from RM493 million previously.

In a statement today, SunCity said the positive performance was attributed to contributions by both the property development and property investment divisions.

"For the property development division in Malaysia, the major profit contributions were from Villa Manja in Sunway SPK Damansara, Sunway Giza in Sunway Damansara, Sunway Palazzio in Sri Hartamas and Sunway SPK 3 Harmoni in Sunway SPK Damansara.

"As a result of improved economic conditions and strong interest in the property market, all the group’s latest launches have recorded strong sales," it said.

SunCity said todate, it has successfully launched projects with a gross development value of RM966 million during the first half of 2010.

"The group’s first-half sales amounted to RM424 million and have surpassed the budgeted first-half sales of RM411 million.

"With strong sales for all new launches, the group is confident it will achieve the 2010 sales target," it said.

It said the group planned to expand to China to grow the international division.

For the hospitality division, the flagship hotel, Sunway Resort Hotel & Spa continued to enjoy high occupancy due to positive market sentiment which led to increased leisure and business travelling frequency, it said.

It said the leisure segment performed well for this period.
"Sunway Lagoon saw a significant increase in its visitors during the first half of 2010," it said.

Sunway Pyramid Shopping Mall, the crown jewel of its property investment division continued to generate the highest revenue for the group through stable rental income growth, it said.

By Bernama

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