KUALA LUMPUR: Sunway Bhd is expanding its healthcare business with six new hospitals in pipeline as the group reported improved earnings in financial year ending Dec 31, 2019 (FY19).
Net profit in FY19 rose 18.8% to RM766.6mil compared with RM645.5mil made a year ago.
Sales declined to RM4.78bil from RM5.41bil.
"Revenue was lower in the current period due to lower contributions from most business segments except quarry and healthcare," Sunway said in a filing with Bursa Malaysia today.
The Group has identified healthcare as one of its upcoming segments and plans to build six more hospitals in Malaysia, mainly located within the integrated townships of Sunway.
The healthcare segment reported revenue of RM584.8mil and profit before tax of RM61.8mil in FY19.
“We will continue with our prudent business strategy, while charting the Group’s expansion plans supported by our resilient and diversified business model. Barring any prolonged economic slowdown, we will continue to perform satisfactorily in 2020,” Sunway chief financial officer Chong Chang Choong said.
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