Sunway's net profit rises to RM141.6 mil in 1Q FY2023
24 May 2023 07:52pm
Sunway Pyramid shopping mall
Revenue improved 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 the group’s 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. -Bernama
