PETALING JAYA: Sunway Bhd saw a 26.6% jump in its net profit to RM183.42 million for the third quarter ended Sept 30, from RM144.92 million previously, mainly driven by higher contributions from property development, property investment, quarry and others segments.
Revenue, however, declined 13.4% to RM1.23 billion from RM1.42 billion.
In its filing, the group noted that contributions across most business segments had increased, except for its construction segment.
“The construction segment’s revenue and profit before tax (PBT) decreased 32.2% and 17.6% respectively. Revenue in the current quarter was lower mainly due to lower progress billings from local construction projects and higher intragroup eliminations which led to lower contribution from the construction projects to the current quarter profit before tax,” it said.
PBT for the property development segment expanded to RM59 million, due to higher progressive profit recognition from local development projects. PBT for the property investment segment was also higher at RM67 million, thanks to higher contribution from the group’s hospitality properties and higher share of profit from Sunway REIT.
The trading and manufacturing segment, however, posted a lower PBT of RM13.8 million, on the back of lower sales from subdued local and overseas market conditions.
PBT for the healthcare segment was flat at RM15.8 million, as the strong performance from the flagship hospital, Sunway Medical Centre was partly offset by the start-up operating losses from the newly opened Sunway Medical Centre Velocity which amounted to RM6.8 million in the current quarter.
For the nine-month period ended Sept 30, Sunway’s net profit went up 22% to RM566.32 million from RM464.27 million while revenue decreased 13.4% to RM3.43 billion from RM3.96 billion a year ago.
Looking ahead, the group said it will continue with its prudent business strategy to ensure sustainable growth amid an uncertain operating environment, and expects to continue performing well for the rest of the financial year.
