Wednesday, November 24, 2010

Sunway Holdings 3Q net profit RM48.49m

KUALA LUMPUR: SUNWAY HOLDINGS BHD [] posted net profit of RM48.49 million on the back of RM489 million in revenue for the third quarter ended Sept 30, 2010, underpinned by its core activities of CONSTRUCTION [], property, manufacturing.

It said on Wednesday, Nov 24 the results included RM4.9 million gains arising from the adoption of FRS 139.

'The construction division is expected to record impressive profits backed by a healthy outstanding order book of RM2.3 billion of which about 60% are overseas construction contracts,' it said in its outlook.

Sunway also said the property development division had unbilled sales of RM400 million from existing property projects, both locally and overseas.

'This division will continue to contribute positively to the group's earnings in the current and coming year with income from upcoming property launches,' it said.

During the nine-month period under review, the group recorded revenue of RM1.49 billion and profit before taxation of RM170.6 million, which include RM15.7 million net non-operating income.

'The net non-operating income arose from the gains from adoption of FRS 139 of RM11.8 million, the gain on disposal of its sole hotel asset of RM13.4 million and net of provisions made for impairment losses on some of its non-core assets amounting to RM9.5 million,' it said.

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