Sunway Bhd's Q2 net profit marginally up

PETALING JAYA: Sunway Bhd’s second quarter net profit was marginally higher at RM199.44 million for the quarter ended June 30, 2018, compared with RM196.05 million for the quarter ended June 30, 2017 with lower share of minority interest profit for some local property development projects.
The group profit after tax and minority interest (patmi) would have been higher by 16.2% if not for the adoption of MFRS 15, which requires it to recognise the development profits upon its completion.
Property development, quarry and others segments all saw decreases in profit, while property investment, construction,and trading and manufacturing segment saw increases in profits.
Property development posted a 38% fall in profit before tax due to lower progress billings from local development projects, while profit before tax for its others segment was 30.8% lower primarily due to the performance of its treasury operations and building materials segment.
This was on a 4% jump in revenue to RM1.29 billion for the quarter under review, compared with RM1.24 billion for the same quarter in 2017.
Net profit for the six month period was 6% higher at RM321.36 million, compared with RM302.94 million. This was on revenue of RM2.60 billion, compared with RM2.33 billion for the same period in 2017.
The group, which would have seen 15.4% higher group patmi for the first half of 2018 if not for the adoption of MFRS 15, believes the current government's commitment and efforts in improving governance, accountability and transparency, will boost domestic consumer and business confidence, which will in turn augur well for the group’s diverse yet complementary businesses.