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Thursday, October 28, 2010

Sunrise aims to sustain revenue growth

Sunrise Bhd hopes to achieve sustainable profit and revenue growth for financial year ending June 2011.

"We have good products for us to be sustainable and it will allow us to further grow further," executive chairman Datuk Tong Kooi Ong told a media briefing after the company's annual general meeting in Kuala Lumpur today.

Sunrise's pre-tax profit for financial year ended June 30, 2010, fell to RM180.876 million from RM210.911 million in the same period of 2009.

Revenue declined to RM590.742 million from RM803.922 million previously.

Tong said Sunrise would launch the second phase of Quintet in Richmond, Canada sometimes in February or March next year.

"The first phase was launched in early October.

"The gross development value (GDV) of the project is about C$400 million (C$1=RM2.92)," he said.

Sunrise, he said, would launch the MK 20, a mixed development along Jalan Kiara, consisting mostly of condominiums, serviced apartments and some retail units, in the middle of next year.
MK 20 has a GDV of about RM1 billion, he said.

Tong said Sunrise would also undertake another project, a landed and gated residential development in Kajang, Selangor, which is located near The Mines.

"The 23.3-hectare development involves an innovative concept of homes, beautiful landscape and facilities.

"The GDV of this project is about RM500 million," he said.
He said Sunrise would also venture into the hospitality business in operating serviced apartments.

By Bernama

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