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KUALA LUMPUR (May 31): Sunsuria Bhd’s net profit surged almost 15 times to RM91.58 million for the second quarter ended March 31, 2019 (2QFY19) from RM6.26 million in the previous year’s corresponding quarter, partly due to the adoption of Malaysian Financial Reporting Standards 15 (MFRS 15).
Likewise, earnings per share shot up to 11.46 sen, from 0.78 sen a year ago.
Revenue for the quarter almost quadrupled to RM249.01 million, from RM67.37 million a year earlier.
“Revenue contribution for the current quarter was mainly from the group’s residential development, namely The Olive, Bell Suites SOHO, Monet Lily, Monet Springtime, Monet Garden and Forum 2 SOHO,” the group said in its filing with the bourse.
Due to the adoption of MFRS 15 which governs revenue recognition, contribution from the group’s commercial development project Jasper Square was also recognised during the quarter.
The contributions from Jasper Square was previously recognised on a progressive basis.
For the first half of its financial year (1HFY19), net profit stood at RM102.25 million versus RM3.44 million in the previous year, while revenue grew to RM331.96 million from RM117.06 million in 1HFY18.
Looking ahead, Sunsuria said the Malaysian economy remains resilient, despite prevailing uncertainties in both the external and internal operating environments.
“Although there is always a continuing demand for properties, the group will be cautious before undertaking new property launches and will continue to work towards increasing property sales, while exercising prudence on spending, to maintain a sustainable performance,” it said.
Sunsuria’s share price rose 1 sen or 1.54% to 66 sen today, giving it a market capitalisation of RM587.35 million.
