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Wednesday, November 3, 2010

Sunrise Q1 pre-tax profit up 4pc

Sunrise Bhd's pre-tax profit for the first-quarter ended Sept 30, 2010, increased four per cent to RM52.214 million from RM50.244 million registered in the same quarter last year.

However, revenue fell 9.98 per cent to RM171.272 million against RM190.261 million chalked up previously, it said in a statement.

It attributed the higher profits to lower operating costs while the lower revenue was due to the fact that its projects, Mont'Kiara Meridin, 10 Mont’Kiara and most of Solaris Dutamas were completed in the previous corresponding period.

Sunrise said it has locked in substantial unrecognised revenue of RM863.8 million, as at Sept 30, 2010, with another RM351 million sales recorded in October, mainly from its Quintet project in Richmond, Canada.

The substantial lock-in sales would help sustain the group's earnings until 2013, it added.

The group has several residential and commercial projects in the pipeline with the immediate one being Menara Solaris in Kuala Lumpur, it said.

Publika, the retail gallery at Solaris Dutamas is expected to open mid-2011 offering 320,000 sq ft of net lettable space with 4,000 car park bays, it said.

The construction of 11 Mont’Kiara and 28 Mont'Kiara are on schedule, slated for completion in 2011 and 2013, respectively.

Sunrise is also venturing into the hospitality sector to operate service residences which would be a boon to existing home owners in generating yield occupancy for their properties through medium to long-term leasing, it said.

By Bernama

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