SunCon posts net profit of RM30.2mil in Q4

KUALA LUMPUR: Sunway Construction Bhd posted a net profit of RM30.2mil in the fourth quarter ended Dec 31, 2020, slightly lower than RM31.64mil in the previous corresponding quarter due to a provision made in the construction segment.

Revenue for the quarter was up 29.08% to RM627.24mil from RM485.94mil in the comparative quarter.

The group said in a filing with Bursa Malaysia that the construction segment posted 32.8% higher turnover of RM585mil due to the final settlement of its Uttar Pradesh project in India and progress in the Sunway Carnival Mall Extension and Sunway Medical Centre Seberang Jaya projects.

Pre-tax profit in the segment fell 1.8% to RM37.3mil due to provision made for a debtor.

Meanwhile, revenue in the precast segment fell 7% year-on-year (y-o-y) to RM42.2mil due to the circuit breaker and movement restriction in the foreign workers' dormitories in the earlier part of the quarter.

However, the segment registered a 7% higher profit margin of RM4.3mil y-o-y due to the recognition of higher yielding projects.

Over the full year, Sunway Construction's net profit came to RM72.79mil, sharply lower than RM129.32mil in the previous year due to inactivity as a result of the Covid-19 pandemic.

Sunway Construction's outstanding order book stands at RM5.1bil, with RM2.3bil in new orders secured up to December 2020.

The group has also secured RM366mil in new orders thus far in 2021.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Did you find this article insightful?


100% readers found this article insightful

Next In Business News

Geely Auto and Volvo Cars to launch powertrain venture after merger scrapped
Malaysia Airlines to introduce digital travel health pass
Rising aluminium prices lift Press Metal profits�
AEON Malaysia registers RM41.4mil net profit in FY20
AirAsia takes RM320mil hit due to Japan unit bankruptcy
Destini, KTMB in joint venture targeting rail MRO services
DRB-Hicom makes a net profit of RM554mil in FY20
Sunway joins global push for climate-related financial disclosures
Vitrox to expand capacity as Q4 revenue surges to new high�
Strong demand for steel products powers Prestar’s earnings

Stories You'll Enjoy