Sunway Q3 earnings up 5%

PETALING JAYA: Sunway Bhd's net profit for the third quarter ended Sept 30, 2017 rose 5% to RM150.85 million from RM143.61 million a year ago helped by earnings from its property investment segment.
Profit before tax for the quarter however was marginally lower at RM167.78 million, compared with RM170.84 million for the same quarter in 2016 on lower profits from quarry and property development segments.
Revenue increased 16% to RM1.42 billion compared with RM1.14 billion in the previous year's corresponding quarter due to higher contribution from most business segments, particularly the property investment, construction and trading and manufacturing segments.
For the nine months period, net profit jumped 14% to RM455.71 million from RM400.07 a year ago due to higher contribution from most business segments, particularly the property investment, construction and trading and manufacturing segments.
Revenue increased 8.6% to RM3.65 billion compared with RM3.36 billion in the previous year's corresponding period.
On its prospects, Sunway said in the recent 2018 Budget, the government, besides reaffirming its commitment to roll-out infrastructure projects such as the MRT Line 3 and the High Speed Rail to Singapore, has also announced plans and various incentives to promote the tourism and healthcare tourism industries.
"Such developments augur well for the group given its strong presence in these sectors," said Sunway.
It added that while the property sector is still consolidating, the general market outlook of the other business segments within the group is positive.
Barring any unforeseen circumstances, the group is expected to continue to deliver satisfactory performance in the last quarter of 2017.
Sunway closed 1.86% higher at RM1.64 with 4.98 million shares traded.