Update Sunway 2Q net profit up 7.1% to RM182.53 million, issues 5 sen dividend

by **Cals** Fri 29 Aug 2014, 00:43

Update Sunway 2Q net profit up 7.1% to RM182.53 million, issues 5 sen dividend

Business & Markets 2014

Written by Jonathan Gan of theedgemalaysia.com

Thursday, 28 August 2014 20:19

KUALA LUMPUR (Aug 28): Sunway Bhd’s net profit for the second quarter ended June 30, 2014 rose 7.1% to RM182.53 million from RM170.35 million a year ago.

Revenue for the quarter rose 6.6% to RM1.2 billion, from RM 1.12 billion a year ago.

The company announced a 5 sen dividend per share.

The group attributed its higher revenue from its property development, construction and healthcare segments.

For its property development segment, the company reported profit before tax (PBT) of RM75.7 million in the current quarter, compared to RM71.9 million a year ago.

Its construction segment recorded revenue of RM426.1 million and PBT of RM32.7 million in the current quarter, due to higher progress billings from its existing projects and elimination of inter-company transactions.

Its other segments, which included the healthcare business, recorded a revenue of RM111.1 million and PBT of RM23.8 million for the current quarter, compared to revenue of RM89.1 million and PBT of RM8.7 million a year ago.

For the six months to June 30, 2014, the group’s net profit rose 9.82% to RM286.52 million from RM260.9 million a year ago, while revenue rose 4.2% to RM2.23 billion from RM2.14 billion.

On its prospects, Sunway said that given a relatively buoyant domestic economy, the group is well positioned to benefit from such an economic environment.

“The Group is confident of delivering a stronger performance in the second half of this financial year,” Sunway said.