Thursday, August 26, 2010

Sunrise remains bullish, to launch 2 new projects by year-end

KUALA LUMPUR: SUNRISE BHD [] remains bullish on its prospects going forward, after reporting a small 3% decline in underlying pre-tax profit for the full year ended June 30, 2010 (FY10).

The property developer had on Thursday, Aug 26 proposed a first and final gross dividend of five sen per share amounting to RM18.77 million in respect of FY10.

Pre-tax profit declined 2.5% to RM52.26 million in its fourth quarter ended June 30, 2010 (4QFY10) from RM53.62 million a year earlier.

Quarter-on-quarter, pre-tax profit rose 67% or RM21.1 million, mainly due to CONSTRUCTION [] progress from on-going projects like Solaris Dutamas and 11 Mont'Kiara, and further sales from Mont'Kiara Residence and 28 Mont'Kiara.

Due to higher taxes, however, 4QFY10 net profit dipped by a higher margin at 10.4% to RM38.65 million, or 7.8 sen per share, on the back of a 45.2% decline in revenue to RM129.99 million.

Pre-tax profit for FY10 fell 12.1% from RM205.76 million to RM180.88 million. Excluding one-off gains of RM19.4 million from the sale of office space in Plaza Mont'Kiara and an Australian asset in the preceding year, FY10's pre-tax profit decreased by a small margin of 3%.

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