22-05-2025
- Business
- New Straits Times
Sunway posts higher 1Q net profit of RM190.55mil
KUALA LUMPUR: Sunway Bhd recorded a higher net profit of RM190.55 million in the first quarter ended March 31, 2025 (1Q 2025), an increase of 11 per cent from RM172.22 million in the same period last year.
Revenue also rose by 67 per cent to RM2.36 billion from RM1.41 billion previously, mainly due to higher contributions from all business segments except for the property development segment.
Operating expenses, however, increased 69 per cent to RM2.19 billion in 1Q 2025 compared to RM1.30 billion in the previous corresponding quarter.
In a Bursa Malaysia filing, Sunway said its property development segment reported revenue of RM263.3 million compared to revenue of RM287.7 million in 1Q 2024, attributed to lower progress billings from local and overseas development projects.
"It should be noted that in compliance with the Malaysian Financial Reporting Standards (MFRS) 15, the development profits from one of the group's ongoing Singapore property development projects will only be recognised upon completion and handover of the project.
"As a result, the accumulated progressive profits of this project at the end of the current quarter of RM12.2 million were not recognised," it said.
Barring any unforeseen circumstances, the board is confident that Sunway will cautiously navigate the headwinds surrounding tariffs and policy uncertainties.
It added that the group's performance for the year is expected to remain strong.-- BERNAMA
