KUALA LUMPUR: Sunway Bhd
expects its leisure, hospitality and healthcare segments to benefit from the improving inbound leisure and medical-related tourism sectors.
Sunway group chief financial officer Chong Chang Choong said the improving domestic economic outlook augurs well for the group.
“With the anticipation of normalisation of international travel, the group expects its leisure, hospitality and healthcare segments to benefit from the improving inbound tourism sector.
“However, the recent monetary tightening policy undertaken by Bank Negara may affect sentiment of home purchasers, but its consequential impact may be mitigated by the sustained economic recovery.”
“Barring any unforeseen circumstances, the group is confident that its financial performance for the financial year 2022 will remain satisfactory,” he said in a statement.
Sunway’s net profit more than doubled to RM164.7mil in the third quarter ended Sept 30 against RM81.1mil a year ago.
Its earnings per share for the quarter rose to 2.80 sen from 1.38 sen last year.
Revenue jumped 48.3% to RM1.27bil versus RM856.9mil achieved in the same quarter a year ago.
Sunway said the improved performance from property investment, construction, trading and manufacturing and healthcare segments contributed substantially to the group’s improved performance.
However, lower profit contributions were noted in the property development and other segments, it said.
Pursuant to MFRS 15, development profit from two of the group’s on-going property development projects in Singapore will only be recognised upon completion and handover of the projects, which is expected to be in FY23.
“The accumulated profit of these projects amounted to RM101.7mil, of which RM14.2mil was recorded in the current quarter, but was not recognised,” Sunway said.
