Sunway returns to the black in Q2 with net profit of RM70.52 mln

KUALA LUMPUR, Sunway Bhd has returned to the black with a net profit of RM70.52 million for the second quarter (Q2) ended June 30, 2021, against a net loss of RM20.38 million in the same quarter last year.

Revenue also surged to RM967.92 million from RM556.64 previously, the conglomerate said in a filing with Bursa Malaysia today.

The group said overall improvement in its financial performance for Q2 was mainly due to its business units being able to adjust and adapt to continue operating, albeit at a lower capacity, when the Movement Control Order (MCO) was reinstated due to the resurgence of COVID-19 cases.

“However, the hospitality and leisure businesses under the property investment segment continued to be impacted by the consequences of the MCO,” it said.

Sunway noted that the property development segment, construction segment, trading and manufacturing segment, and other segments of the group recorded an increase in revenue as well as profit before tax, respectively.

Meanwhile, the property investment segment, quarry segment and healthcare segment recorded an increase in revenue, but experienced a loss before tax, respectively.

For the six-month period ended June 30, 2021, the group recorded RM1.98 billion revenue and profit before tax of RM166.2 million, compared with a revenue of RM1.53 billion and profit before tax of RM92.6 million in the corresponding period last year.

“The improved revenue in the current period was due to higher contributions from most business segments, except for the property investment segment.

“Profit before tax for the current period was higher mainly due to soaring profit contributions from most business segments, except for the property development and property investment segments,” it said.

In a separate filing, Sunway announced a first interim single-tier cash dividend of one sen per ordinary share in respect of the financial year ending Dec 31, 2021, which will be paid on Oct 21, 2021.

At the close today, Sunway’s share price remained unchanged at RM1.80 per share with 3.10 million shares changing hands.

Source: BERNAMA News Agency