Higher earnings for Sunway in Q3 FY17

KUALA LUMPUR: Sunway Bhd's earnings rose 5% to RM150.85mil in the third quarter ended Sept 30, 2017 from RM143.60mil a year ago, aided by stronger revenue growth, though property development was sluggish.

It reported on Monday revenue increased by 16% to RM1.32bil from RM1.13bil a year ago due to higher contribution from most business segments, particularly the property investment, construction and trading and manufacturing segments.

However, profit before tax (PBT) fell 5.7% to RM196.70mil from RM208.54mil due to the property development and quarry segments which registered lower profits,” it said. Its earnings per share were 7.38 sen compared with 7.02 sen.

“The property development segment reported revenue of RM162.2mil and PBT of RM35.5mil in the current quarter compared to revenue of RM247.6mil and profit before tax of RM62.2mil a year ago,” it said.

 It pointed out this was a decline of 34.5% in revenue and PBT of 43% mainly due to lower sales and progress billings from local development projects.