PETALING JAYA: Sunway Bhd
is cautiously optimistic that most of its business units will continue to perform satisfactorily.
“In particular, the group expects its leisure, hospitality, and healthcare segments to continue to benefit from the improving in-bound leisure and medical-related tourism as more international airlines are resuming their flights to Malaysia,” chief financial officer Chong Chang Choong said in a statement.
The conglomerate’s net profit rose 3.7% to RM141.6mil, or earnings per share of 1.98 sen in the first quarter ended March 31 compared with RM136.5mil, or 1.89 sen.
Revenue rose 13.6% to RM1.26bil versus RM1.11bil a year prior, driven by higher contributions from most business segments except for construction and other segments.
Sunway said in accordance with MFRS 15, the property 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.
Hence, as at end-March 2023, the accumulated progressive profits related to these projects amounted to RM121.6mil is not yet recognised.
“The group registered strong financial performance for the first quarter of 2023, better than the pre-pandemic period, anchored by sustained domestic economic growth. While there may be downside risks to the economic growth outlook, the group has taken actions to make our business units more resilient to manage the headwinds,” Chong said.
