Sunsuria posts lower net profit for quarter ends March 31

by **Cals** Tue 19 May 2015, 22:21

Sunsuria posts lower net profit for quarter ends March 31

KUALA LUMPUR (May 19): Property developer Sunsuria Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)’s net profit shrunk 36.4% in the financial quarter ended Mar 31, 2015, to RM1.47 million from RM2.32 million from the corresponding period last year.
Revenue for the quarter was down marginally by 6.5% from RM22.47 million to RM21.02 million during the period under review.
As a result, the company’s basic earnings per share (EPS) for the quarter fell to 0.93 sen, from 1.69 sen the previous corresponding quarter.
Sunsuria said higher revenue was contributed mainly by the developments of Trivo, a commercial shop offices project, and Suria Residence, a serviced apartment project, both located in Suria Jelutong.
However, it did not reveal the factors that had caused the fall on its net profit.
For the cumulative period, net profit stood at RM4.45 million, a 24.8% improvement when compared to RM3.56 million achieved last year. Revenue for the cumulative period was RM77.05 million, doubling the corresponding period last year at RM35.46 million.
EPS for the cumulative period is higher at 2.81 sen versus 2.59 sen last year.
On its prospects moving forward, Sunsuria (fundamental: 2.5; valuation: 0.8) said, “The property development business shall continue to be the key growth driver for the group. As per announcements on Mar 10, 2015 and Apr 20, 2015, the group proposed to acquire certain projects and land banks, which will further enhance the property contribution once the acquisitions are completed.”
“The property development business is expected to contribute higher revenues and profits for the group,” it added in a filing with Bursa Malaysia.
Sunsuria’s share price closed at RM1.98 today up 6 sen, giving it a market capitalisation RM313.56 million.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)