Sunway reported a 30.3 percent fall in its 1Q16 net earnings to RM102.1 million, compared to RM146.5 million in the previous year, mainly due to an absence of a recognition of RM22.9 million capital gains from the disposal of two units of investment properties, Sunway Hotel Georgetown and Wisma Sunway.
Revenue, on the other hand, came in 0.8 percent higher at RM1.07 billion. In terms of operational performance, the group’s property development and property investment segments recorded better financial results, though other segments generally recorded lower profits.
Specifically, property development reported a near 30 percent year-on-year rise in revenue to RM234.1 million, mainly due to sales from its wholly-owned Avant Parc project in Singapore. Property investment revenue rose 21.5 percent on higher rental contribution and better occupancy among its properties, however it was offset by an absence of the aforementioned capital gains and profit before tax slipped 22.1 percent.
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Revenue, on the other hand, came in 0.8 percent higher at RM1.07 billion. In terms of operational performance, the group’s property development and property investment segments recorded better financial results, though other segments generally recorded lower profits.
Specifically, property development reported a near 30 percent year-on-year rise in revenue to RM234.1 million, mainly due to sales from its wholly-owned Avant Parc project in Singapore. Property investment revenue rose 21.5 percent on higher rental contribution and better occupancy among its properties, however it was offset by an absence of the aforementioned capital gains and profit before tax slipped 22.1 percent.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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