Sunway Q3 income jumps to RM164m as most of its business segments boost

KUALA LUMPUR, Nov 25 — Sunway Bhd observed its web gain for the 3rd quarter ended Sept 30, 2022 (Q3 2022) leaping 126 per cent to RM164.72 million from a yr previously, supported by more powerful contributions from most small business segments.

Revenue was 48.3 for every cent larger at RM1.27 billion vs . RM856.92 million formerly, contributed by bigger income recorded from all small business segments.

“The home financial investment, construction, buying and selling, manufacturing, and health care segments contributed significantly to the group’s enhanced overall performance.

“However, reduced earnings contributions ended up mentioned in the house advancement and other segments,” it claimed in a filing with Bursa Malaysia.

Sunway Team chief monetary officer Chong Chang Choong said the group’s strong financial overall performance was thanks to the robust economic rebound article-pandemic and from the very low base of detrimental economic growth in the preceding year.

“The strengthening domestic economic outlook augurs very well for the team.

“With the anticipation of normalisation of intercontinental travel, the group expects its leisure, hospitality, and health care segments to benefit from the increasing inbound tourism sector,” he included.

Chong pointed out that the modern monetary tightening policy undertaken by the central lender may have an effect on the sentiment of property purchasers, but the impression would be mitigated by the sustained financial recovery.

“Barring any unforeseen situations, the team is self-assured that its economic effectiveness for the economic calendar year 2022 (FY22) will continue being satisfactory,” he added.

Sunway stated pursuant to the Malaysian Economic Reporting Standard (MFRS) 15, the development income from two of its ongoing house progress jobs in Singapore would only be recognised upon completion and handover of the assignments, which is envisioned to be in FY23.

“The amassed revenue of these tasks amounted to RM101.7 million, of which RM14.2 million was recorded in the existing quarter but was not recognised,” it mentioned. — Bernama pic