SUNWAY CITY, 24 May 2019 – Sunway Berhad reported a surge in its PATMI of 13.8% to RM136.4 million in its first quarter this year compared to RM119.9 million in the corresponding quarter of the previous financial year.
This is due to higher contributions from most business segments.
Sunway stated that the revenue for the period is recorded at RM1,123.6 million for the current quarter ended 31 March 2019 compared to revenue of RM1,281.5 million in the corresponding quarter of the previous financial year.
The lower revenue of 12.3% is due to lesser contributions from most business segments except property investment and healthcare.
“It should be noted that PATMI would have been higher by 46.7% compared to the corresponding quarter of the previous financial year if not for the adoption of MFRS 15 on one of the Group’s Singapore and China property development projects, for which the Group can only recognize the development profits upon completion,” it stated.
The progressive profits from these projects which amounted to RM39.5 million for the current quarter have to be deferred accordingly.
Sunway Berhad’s property development division managing director, Sarena Cheah said the company will launch projects worth RM2 billion for the 2019 financial year.
“We are confident that the launches would continue to do well as more than 70% of the new launches are either in integrated developments and townships,” she added.
The healthcare segment reported strong growth, registering a 24.4% and 43.4% increase in revenue and profit before tax respectively in the current quarter compared to the corresponding quarter of the previous financial year.
“Moving forward, the healthcare segment will be the area of growth for the Group with more medical centres in the pipeline in strategic locations like Kuala Lumpur, Penang, Perak and Iskandar Johor,” it said.
Sunway Medical Centre Velocity in Kuala Lumpur is targeted to open this August.