PETALING JAYA: Sunway Bhd’s net profit rose 3.76% to RM141.64 million in the first quarter ended March 31 (Q1 FY2023) from RM136.51 million in the corresponding quarter last year, driven by higher contributions from the property investment and healthcare segments.
Revenue increased 13.5% to RM1.26 billion in the quarter under review from RM1.11 billion previously, thanks to higher contributions from most business segments, it said in a statement to Bursa Malaysia today.
Sunway noted that the property development profit from two of its ongoing property development projects in Singapore would only be recognised upon completion and handover of the projects.
“Hence, as at end-March 2023, the accumulated progressive profits related to these projects amounting to RM121.6 million is not yet recognised,” it said.
Sunway group chief financial officer Chong Chang Choong said the group was “cautiously optimistic” that most of its business units would continue to perform satisfactorily.
“In particular, the group expects its leisure, hospitality, and healthcare segments to continue to benefit from the improving inbound leisure and medical-related tourism as more international airlines are resuming their flights to Malaysia,” he said.
Sunway’s share price closed two sen or 1.3% higher at RM1.55, valuing the group at RM7.75 billion.